Fundamentals of Economics. Доловова Н.Н - 48 стр.

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leading figure in the "Bloomsbury group," an avant-garde group of intellectual
luminaries who greatly influenced the artistic and literary standards of England.
Most importantly, Keynes was a prolific scholar. His books encompassed such
w idely rang ing topic s as probability theory, monetary ec onomics, and the economic
consequences of the World War I peace treaty. His magnum opus, however, was the
aforementioned General Theory which has been described by John Kenneth
Galbraith as "a work of profound obscurity, badly written and prematurely pub-
lished." Yet the General Theo ry convincingly attacked the classical economists'
contention that recession would cure itself. Keynes claimed that the capitalistic
system contained no automatic mechanism capable of propelling it toward full
employment. The economy might languish indefinitely in depression and poverty.
Indeed, the massive unemployment of the worldwide depression of the 1930s seemed
to provide sufficient empirical evidence that Keynes was right. His basic policy
recommendation—a startling one at the time—was for government to increase its
spending in order to induce more production and put the unemployed back to work.
Answer the questions
1. When was John Keynes born?
2. Where did he study? What do you know about these places?
3. What preceded John Keynes’s economic interests?
4. Describe his activities other than economics.
5. What is the “Bloomsbury group”?
6. Tell about John Keynes’s links with art.
7. Tell about John Keynes as a scholar.
8. What assessment did Galbraith give to John Keynes’s General Theory?
9. Was his approach different from that of classical economists’ contention?
10. What was his basic policy recommendation for the government to do?
Fill in the gaps using the words given
(poverty, monetary, generalize, expenditures, principles, aggregate, frequently)
1. The task of economic theory or analysis is to systematically arrange, interpret,
and ______ upon facts.
2. _____ and theories are meaningful statements drawn from facts, but facts, in
turn, serve as a constant check on the validity of principles already established.
3. Economic principles are therefore_____ stated in terms of averages or
statistical probabilities.
4. An _____ is a collection of specific economic units which are treated as if they
were one unit.
5. It is not surprising, then, to find that macroeconomics entails discussions of
such magnitudes as total output, the total level of employment, total income,

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