Summary:
The book lays out a framework for understanding economic fluctuations, arguing that insufficient aggregate demand can lead to prolonged periods of high unemployment. It proposes active government intervention, through fiscal and monetary policy, to manage economic cycles and stabilize output.
Key points:
1. Effective Demand: Keynes' concept of effective demand is the consumer's ability and willingness to buy goods and services at varying prices. He linked this to employment levels.
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