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The General Theory of Employment, Interest and Money
Keynes's 1936 masterwork demolishing the classical assumption that markets automatically tend toward full employment — the founding document of macroeconomics and the most consequential theoretical argument of the twentieth century.
The General Theory is the book that founded macroeconomics as a discipline. Its central argument is that aggregate demand — the total spending in an economy — is not automatically determined by aggregate supply but by spending decisions shaped by expectations, animal spirits, and institutional frameworks. The classical assumption that markets clear — that involuntary unemployment is impossible because wages will adjust downward to restore equilibrium — was demolished by Keynes's demonstration that wages are sticky, expectations are uncertain, and economies can settle into stable underperformance with no internal tendency toward correction. The book provides the analytical framework through which the AI transition must be understood if its consequences are to be managed humanely.
In The You On AI Field Guide
The General Theory was written during the 1930s against the backdrop of mass unemployment that classical economics could not explain and could not remedy. Keynes understood that classical theory's inability