John Maynard Keynes contribution to macro economics Term Paper

John Maynard Keynes contribution to macro economics - Term Paper Example All these above theories he made when launching his book in 1936 â€Å"the general theory of employment, money and interest.† Keynes believed that the classical approach to macroeconomics was erroneous and had been interfered with by the outbreak of world war one. He also believed that the classical approach’s belief that the balance between supply and demand would ensure employment for everyone was false. This was caused by inadequate investment and the psychology held by many people about saving. People had fear of investments due to the looming uncertainties caused especially by the war. The classical approach had thus grown absurd and this is why John Keynes embarked on the project to come up with new economic theories to save the situation. The solution that Keynes brought to the above problem of the private fear of investment was to bring in public investment from the government albeit on deficit spending. This would in turn create jobs and soon the government wou ld pay off their debts. This therefore laid a foundation for macro- economics as it viewed the entire economy as one focusing on the government’s role in the economy as a whole. His research helped come up with ways that were used to measure an economy’s productivity. ... How Keynes went against say’s law Jean-Baptiste Say, a French man had earlier come up with a theory of his own. This theory stated that it is impossible for supply to outrun demand as supply is brought about by demand any way, which was part of one of the classical approaches to macro-economics that tried to explain the reasons behind recessions and depressions. Say stated that the main cause of a glut (overabundance of a product in the market) is the producer’s illiteracy on the nature of the demand. Another scholar - David Ricardo, furthered this argument to state that recessions are caused by overproduction of goods that are not what the customers wanted. Goods are therefore not sold because the goods produced are not what the customers wanted. Customer satisfaction is a key factor in matters production; therefore, a product cannot be bought if it does not satisfy customer requirements. Keynes misinterprets Say’s law by saying that supply creates its own deman d; this in essence interprets the law to state that whatever will be produced will be consumed which is not the case. Keynes omits the fact that in order for aggregate supply to meet the aggregate demand, the goods supplied must be those that are demanded by the market. This is how Keynes basically went against Say’s law. Keynes therefore, in his book â€Å"the general theory† states that deficiencies in demand are the main cause of economic recessions. The great misinterpretation of Keynes in Say’s laws was what created his legacy up until more economists came up and deduced the above as they made his theory not hold anymore. Economists nowadays have thrown almost all of Keynes theories out of the window and

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer Essay

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer - Essay Example George Saintsbury has rightly pointed out that â€Å"we perceive in the Canterbury Tales the completion of his command of verse† (George, 129). All the characters in the poem are individuals, reflecting the men and manners of the people of Chaucer’s time. His realistic vision embraces all, rich and poor, bringing out their inmost qualities through careful external descriptions. In this paper I have done an analysis of the â€Å"Miller’s Tale†, examining all the characters in it in order to see Chaucer’s attitude to love and sex. Miller is a down-to-earth man. When the Knight completed his story the Monk wanted to tell his story. But the Miller would not allow him. The host at the inn had doubts about Miller’s skill in narrating a story, and it was also not proper to give Miller the next chance after a Knight who holds respectable place in his society had just finished his noble story. The Miller was badly drunk too. He insisted that he must tell his story. I think here Chaucer cleverly manipulates the plot to escape from the moral responsibility of inserting a bawdy story immediately after narrating one which deals with courtly love. Chaucer is, however, praised for his realistic approach to literature. He believes that all should be given equal place in life and the success of the story lies in variety and contrast, be it moral and immoral. The best narrative devices are, he knows, humor and contrast. Hence, the Miller gets his chance immediately after the Knight. Chaucer is also able to use Miller to challenge the conventions deciding values in life or literature. Therefore, the study of Chaucer’s approach to love and lust reflected through the Miller’s story becomes significant. Though the Miller’s tale looks like a parody to the story narrated by the Knight, it deals with the serious subjects like marriage, love, and sexual relationships. I think Chaucer likes Alison