The General Theory of Employment, Interest and Money: Gunnar Knapp

Posted At : March 2, 2009 1:00 AM
Related Categories: Science & Social Science

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Excerpted from The General Theory of Employment, Interest and Money by John Maynard Keynes, published in 1936.

Contributed and read by Gunnar Knapp. Gunnar considers himself lucky to be part of a wonderful family who tolerates his attempts to pursue far more interests than he has time for, including singing, cross-country skiing, and all kinds of learning. He is also a Professor of Economics at the University of Alaska Anchorage Institute of Social and Economic Research (ISER), where he studies the Alaska fishing industry. Gunnar enjoys listening to radio stations on the internet in various foreign languages at: www.listenlive.eu.

Why do economic theories matter? Here is what the great British economist, John Maynard Keynes, wrote in 1936.

"[T]he ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.

Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.

Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back... [S]oon or late, it is ideas, not vested interests, which are dangerous for good or evil."

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