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–)ReprintbyLRandallWrayandMathewForstater(eds),KeynesandMacroeconomicsafterYearsCriticalAssessmentsoftheGeneralTheoryThistheoryis builtroundtheconceptionof"liquiditypreference"asexplainingman'sdesiretoholdcashTheGeneralTheoryofEmployment,InterestandMoneytransformed economicsandchangedthefaceofmodernmacroeconomicsKAppeltKeynes’argumentisbasedontheideathatthelevelofemploymentisnotdeterminedby thepriceoflabour,butbythespendingofmoneyThispaperstudieswhytheGeneralTheoryhadsomuchimpactontheeconomicsprofessionthroughthes,why thatimpactbegantowaneinthes,andwhymanyeconomicpolicymakersclingtomanyofthetenetsoftheGeneralTheoryMrKeynes'"general"theoryis designedtoapplywhateverthelevelofemployment,includingtheclassicaltheoryasaspecialcaseEconomicsJohnMKeynes–theauthorofGeneralTheoryof Employment,InterestandMoney–assumedthattheinterestrateisthepricewhichbringsintoequilibriumthedesiretoholdwealthincashwiththeExpand Footnotes:(p)Cf.mypaperon"TheTheoryoftheRateofInterest"toappearinthevolumeofEssaysinhonorofIrvingFisher.[backtotext](p)Seebelow.[back totext](p)WhenProfessorVinerchargesmewithassigningtoliquidity-preference"agrosslyexaggeratedimportance,"hemustmeanthatIexaggerateitsinstability anditsTheGeneralTheoryofEmployment,InterestandMoneytransformedeconomicsandchangedthefaceofmodernmacroeconomicsCambridgeUniversity PressInRKahn,TheMakingofKeynes’sGeneralTheory(ppKeynes’argumentisbasedontheideaThispaperstudieswhytheGeneralTheoryhadsomuch impactontheeconomicsprofessionthroughthes,whythatimpactbegantowaneinthes,andwhyMrKeynes'"general"theoryisdesignedtoapplywhatever thelevelofemployment,includingtheclassicaltheoryasaspecialcaseCheltenham,UK:EdwardElgar,TheGeneralTheoryOfEmploymentInterestAnd MoneyThistheoryisbuiltroundthe‘TheGeneralTheoryofEmployment,InterestandMoney’BookSource:DigitalLibraryofIndiaItem:Keynes,John Keynes'TheoryoftheInterestRate:ACriticalApproach.