On John Maynard Keynes’ "General Theory of Employment, Interest and Money"
New Books in Economics
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Kanes's Argument for a Working Economy
Kanes argued that the government could directly influence the level of demand by engaging in public investment programmes. He wanted to preserve people's confidence in business, especially during economic down turns like the great depression. And so he felt that it was the government's responsibility to boose spending through direct action. By thinking about it in that way, caines was, at one level, making a progressive and almost radical argument. But at another level, he was providing an alternative that was fundamentally within the existing system through which demand could be stabilized.
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