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Outline Keynes's analysis of the stock market as set out in chapter 12 of The general theory of Employment, Interest and Money showing how he reaches the policy proposal that investment market should be made less liquid.
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Macroeconomics Coursework Q. Outline Keynes's analysis of the stock market as set out in chapter 12 of The general theory of Employment, Interest and Money showing how he reaches the policy proposal that investment market should be made less liquid. Consider whether for Keynes the stock market can be viewed as an efficient institution. A. In his book "The General theory of Employment, Interest and Money" John M. Keynes revolutionised macroeconomic thinking by breaking away from the orthodox 'classical' supply side theories and introducing an innovatory concept of aggregate demand. Paul Samuelson in his 45-degree line diagram and John Hick's through his IS/LM framework have tried to interpret Keynes' message in the general theory by discussing equilibrium in the goods and the money markets. However, authors like John Robinson and Richard Haan, (who worked closely with Keynes when he was developing the general theory) stressed on the inadequacy of these frameworks, and...
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