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Essays in Persuasion
The essays in this volume show Keynes's attempts to influence the course of events by public persuasion over the period of 1919-40. In the light of subsequent history, Essays in Persuasion is a remarkably prophetic volume covering a wide range of issues in political economy. In articles on the Versailles Treaty. John Maynard Keynes foresaw all too clearly that excessive Allied demands for reparations and indemnities would lead to the economic collapse of Germany. In Keynes's essays on inflation and deflation, the reader can find ideas that were to become the foundations of his most renowned treatise, The General Theory of Employment, Interest and Money (1936). With startling accuracy Keynes forecast the economic fluctuations that were to beset the economies of Europe and the United States and even proposed measures which, if heeded at the time, might have warded off an era of world-wide depression. His views on Soviet Russia, on the decline of laissez-faire, and the possibilities of economic growth are as relevant today as when Keynes originally set them forth.
383 pages, Paperback
First published January 1, 1931
About the author
John Maynard Keynes
249 books612 followersJohn Maynard Keynes, 1st Baron Keynes (CB, FBA), was an English economist particularly known for his influence in the theory and practice of modern macroeconomics.
Keynes married Russian ballerina Lydia Lopokova in 1925.
NB: Not to be confused with his father who also was an economist. See John Neville Keynes.
Keynes married Russian ballerina Lydia Lopokova in 1925.
NB: Not to be confused with his father who also was an economist. See John Neville Keynes.
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Displaying 1 - 27 of 27 reviews
April 27, 2021
I'm far from being a Keynesian (or else I would have rated The General Theory of Employment, Interest, and Money above 2/5 stars...), but this is Keynes at his best. And when one of the most brilliant polemicists of the 20th century is at his best, you'd better sit back and enjoy the master-class.
This book, compiled in 1931 and consisting of articles, essays, excerpts and chapters going back to 1919, is essential reading for any one who pretends to have an idea of what Keynes meant and stood for. As Philip Cortney put it in his The Economic Munich, "this extraordinary man is a mixture of statesman and economist for whom monetary and economic doctrines must be political instruments of the art of governing men." I cannot think of a more accurate description for Keynes's approach to economic writing and rhetoric.
Granted, the General Theory is a labyrinth of fallacies, dirty polemics and conflicting definitions. But it was published in 1936, when Keynes was already one of the most widely acclaimed men of public affairs in the whole world. Essays in Persuasion is the real deal. This is where you feel the sting. Proceed with caution, for indeed the man is persuasive (and that might actually be a good, albeit counter-intuitive reason for starting with the General Theory: the present book is just too dangerous for innocent economists. At least the General Theory will leave you confused; this one might leave you in awe for "the Master").
Let me give you some nice quotes (in order as they appear in the book). Austrian economists are specially invited (you can find the whole book separated in chapters here):
"It is the method of modern statesmen to talk as much folly as the public demand and to practise no more of it than is compatible with what they have said, trusting that such folly in action as must wait on folly in word will soon disclose itself as such, and furnish an opportunity for slipping back into wisdom,—the Montessori system for the child, the Public. He who contradicts this child will soon give place to other tutors. Praise, therefore, the beauty of the flames he wishes to touch, the music of the breaking toy; even urge him forward; yet waiting with vigilant care, the wise and kindly saviour of Society, for the right moment to snatch him back, just singed and now attentive." (p. 46) [What a brilliant description of the modern democratic political procedures! The rest of this short chapter on "The Change of Opinion" (1921) is very much worth considering also]
(by the way, I skipped most of his factual discussions regarding the Versailles treaty, as well as some excerpts on monetary theory that were taken from A Tract on Monetary Reform. His famous "long-run we're all dead" catchphrase is not included in the present compilation, despite having originally appeared in the Tract - and not in the General Theory, as people are usually wont to think)
His 2 page chapter on "Inflation" (1919) is magnificent (even though, from what I understand, subsequent scholars have not been able to trace the quote therein attributed to Lenin).
"It follows, therefore, that a change in the value of money, that is to say in the level of prices, is important to Society only in so far as its incidence is unequal. Such changes have produced in the past, and are producing now, the vastest social consequences, because, as we all know, when the value of money changes, it does not change equally for all persons or for all purposes. A man's receipts and his outgoings are not all modified in one uniform proportion. Thus a change in prices and rewards, as measured in money, generally affects different classes unequally, transfers wealth from one to another, bestows affluence here and embarrassment there, and redistributes Fortune's favours so as to frustrate design and disappoint expectation." (p. 80, "Social Consequences of Changes in the Value of Money", 1923)
"How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and the intelligentsia who, with whatever faults, are the quality in life and surely carry the seeds of all human advancement? Even if we need a religion, how can we find it in the turbid rubbish of the Red bookshops? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values." (p. 300, "A Short View of Russia", 1925)
"The Labour Party contains three elements. There are the Trade-Unionists, once the oppressed, now the tyrants, whose selfish and sectional pretensions need to be bravely opposed. There are the advocates of the methods of violence and sudden change, by an abuse of language called Communists, who are committed by their creed to produce evil that good may come, and, since they dare not concoct disaster openly, are forced to play with plot and subterfuge. There are the Socialists, who believe that the economic foundations of modern society are evil, yet might be good." (p. 341, "Liberalism and Labour", 1926)
Of course, as you may imagine, I do not agree with many things in this book. And some germ of what would come to be called "keynesianism" is indeed already present, together with its awful vices. Take a look at this naive macroeconomic view:
"But not all credit-creation means Inflation. Inflation only results when we endeavour, as we did in the war and afterwards, to expand our activities still further after everyone is already employed and our savings are being used up to the hilt." (p. 124, "A Programme of Expansion", 1929)
But in 1927 he had already correctly explained that "What matters is, not some abstraction called the general level of prices, but the relationships between the various price levels which measure the value of our money for different purposes. Prosperity, in so far as it is governed by monetary factors, depends on these various price levels being properly adjusted to one another." (p. 238)
Keynes is quite right when, on page 123, he complains that "We are using our savings to pay for unemployment instead of using them to equip the country." This is a view he insists upon many times throughout the book. When put this way, the Keynesian logic is bound to win the fight (as it surely does in Keynes's brilliant "The Economic Consequences of Mr. Churchill", 1925, warning against a foolish return to gold convertibility at the pre-war parity). But the problem is the distorted, hampered labor market which causes the unemployment and thus the need for the unemployment dole...
His discussion of tariffs and international trade and finance also showcases his statesmanship and his intention to above all safeguard the British economy and the British international position. He was a political strategist and from that perspective there is a lot of great insights that you can take from this book, as long as you try to put things in due context. "Context" indeed seems to be a very important word to deal with Keynes.
So, all that being said, do not doubt for a moment that I took lots of disagreeing notes while reading this book. But, as you can see in the title, these are "Essays in Persuasion", and the author surely manages to show his artistic capabilities in the craft of persuading, thus deserving 4 starts for his entertaining and thought-provoking, (sometimes nerve-wrecking) selection of polemics.
Much more could be said, as with all things Keynes-ian...
This book, compiled in 1931 and consisting of articles, essays, excerpts and chapters going back to 1919, is essential reading for any one who pretends to have an idea of what Keynes meant and stood for. As Philip Cortney put it in his The Economic Munich, "this extraordinary man is a mixture of statesman and economist for whom monetary and economic doctrines must be political instruments of the art of governing men." I cannot think of a more accurate description for Keynes's approach to economic writing and rhetoric.
Granted, the General Theory is a labyrinth of fallacies, dirty polemics and conflicting definitions. But it was published in 1936, when Keynes was already one of the most widely acclaimed men of public affairs in the whole world. Essays in Persuasion is the real deal. This is where you feel the sting. Proceed with caution, for indeed the man is persuasive (and that might actually be a good, albeit counter-intuitive reason for starting with the General Theory: the present book is just too dangerous for innocent economists. At least the General Theory will leave you confused; this one might leave you in awe for "the Master").
Let me give you some nice quotes (in order as they appear in the book). Austrian economists are specially invited (you can find the whole book separated in chapters here):
"It is the method of modern statesmen to talk as much folly as the public demand and to practise no more of it than is compatible with what they have said, trusting that such folly in action as must wait on folly in word will soon disclose itself as such, and furnish an opportunity for slipping back into wisdom,—the Montessori system for the child, the Public. He who contradicts this child will soon give place to other tutors. Praise, therefore, the beauty of the flames he wishes to touch, the music of the breaking toy; even urge him forward; yet waiting with vigilant care, the wise and kindly saviour of Society, for the right moment to snatch him back, just singed and now attentive." (p. 46) [What a brilliant description of the modern democratic political procedures! The rest of this short chapter on "The Change of Opinion" (1921) is very much worth considering also]
(by the way, I skipped most of his factual discussions regarding the Versailles treaty, as well as some excerpts on monetary theory that were taken from A Tract on Monetary Reform. His famous "long-run we're all dead" catchphrase is not included in the present compilation, despite having originally appeared in the Tract - and not in the General Theory, as people are usually wont to think)
His 2 page chapter on "Inflation" (1919) is magnificent (even though, from what I understand, subsequent scholars have not been able to trace the quote therein attributed to Lenin).
"It follows, therefore, that a change in the value of money, that is to say in the level of prices, is important to Society only in so far as its incidence is unequal. Such changes have produced in the past, and are producing now, the vastest social consequences, because, as we all know, when the value of money changes, it does not change equally for all persons or for all purposes. A man's receipts and his outgoings are not all modified in one uniform proportion. Thus a change in prices and rewards, as measured in money, generally affects different classes unequally, transfers wealth from one to another, bestows affluence here and embarrassment there, and redistributes Fortune's favours so as to frustrate design and disappoint expectation." (p. 80, "Social Consequences of Changes in the Value of Money", 1923)
"How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and the intelligentsia who, with whatever faults, are the quality in life and surely carry the seeds of all human advancement? Even if we need a religion, how can we find it in the turbid rubbish of the Red bookshops? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values." (p. 300, "A Short View of Russia", 1925)
"The Labour Party contains three elements. There are the Trade-Unionists, once the oppressed, now the tyrants, whose selfish and sectional pretensions need to be bravely opposed. There are the advocates of the methods of violence and sudden change, by an abuse of language called Communists, who are committed by their creed to produce evil that good may come, and, since they dare not concoct disaster openly, are forced to play with plot and subterfuge. There are the Socialists, who believe that the economic foundations of modern society are evil, yet might be good." (p. 341, "Liberalism and Labour", 1926)
Of course, as you may imagine, I do not agree with many things in this book. And some germ of what would come to be called "keynesianism" is indeed already present, together with its awful vices. Take a look at this naive macroeconomic view:
"But not all credit-creation means Inflation. Inflation only results when we endeavour, as we did in the war and afterwards, to expand our activities still further after everyone is already employed and our savings are being used up to the hilt." (p. 124, "A Programme of Expansion", 1929)
But in 1927 he had already correctly explained that "What matters is, not some abstraction called the general level of prices, but the relationships between the various price levels which measure the value of our money for different purposes. Prosperity, in so far as it is governed by monetary factors, depends on these various price levels being properly adjusted to one another." (p. 238)
Keynes is quite right when, on page 123, he complains that "We are using our savings to pay for unemployment instead of using them to equip the country." This is a view he insists upon many times throughout the book. When put this way, the Keynesian logic is bound to win the fight (as it surely does in Keynes's brilliant "The Economic Consequences of Mr. Churchill", 1925, warning against a foolish return to gold convertibility at the pre-war parity). But the problem is the distorted, hampered labor market which causes the unemployment and thus the need for the unemployment dole...
His discussion of tariffs and international trade and finance also showcases his statesmanship and his intention to above all safeguard the British economy and the British international position. He was a political strategist and from that perspective there is a lot of great insights that you can take from this book, as long as you try to put things in due context. "Context" indeed seems to be a very important word to deal with Keynes.
So, all that being said, do not doubt for a moment that I took lots of disagreeing notes while reading this book. But, as you can see in the title, these are "Essays in Persuasion", and the author surely manages to show his artistic capabilities in the craft of persuading, thus deserving 4 starts for his entertaining and thought-provoking, (sometimes nerve-wrecking) selection of polemics.
Much more could be said, as with all things Keynes-ian...
April 2, 2022
"During the war it was useful to refrain from from any avoidable expenditure because this would release resources for the insatiable demands of military operations. What are we releasing resources for today? To stand on street corners and draw the dole." (281)
This book is split into four sections. The first section The Treaty of Peace deals with the reparations imposed on Germany following WW1. Here Keynes argues that the debts imposed on them are injurious, and that the seeking of revenge will inevitably lead to war and worsening international tensions. Keynes unfortunately was proved right on this. Instead of imposing crushing sanctions, Keynes argues for peace talks and a less aggressive treatment of Germany. "Ruining Germany to enrich ourselves will only lead to chaos" is the main message.
The second part, Inflation and Deflation explores Keynes' take on (you guessed it) inflation and deflation. For Keynes inflation was preferable to deflation, as the former meant risking unemployment, something Keynes thought politically much more dangerous. However, inflation destroys the savings of people and is injurious to creditors.
The third part The Return to the Gold Standard explores Keynes' attacks on gold and his joy at the reversal of Churchill's policy to get us back on gold. Gold restricts government policy and forces wages to be in line with gold, which worked for the 18th century, where gold mining was steadily increasing with industry, but it has run its course argues Keynes. Also, relying on gold constrains policy to respond to the Federal Reserve, argues Keynes.
The fourth section Politics explores Keynes' dismissal and disgust at Russian communism, his dismay at the Conservative Party's policies, his ambivalent relationship with liberalism, and his support for an interventionist over a laissez faire economy.
Finally, the last section The Future, features two essays where Keynes looks optimistic towards Britain's ability to raise the productive forces and create an earthly utopia.
The essays are uneven, and some are much more engaging and relevant than others. Since Britain has had an on/off relationship to both Keynes and his ideas, some of the debates have lost their vigour. We aren't on gold, nor are America, so the spirit of the argument doesn't feel as fresh. However, Keynes essays on Germany take on a horrifying prescience when looking back after WW2...
This book is split into four sections. The first section The Treaty of Peace deals with the reparations imposed on Germany following WW1. Here Keynes argues that the debts imposed on them are injurious, and that the seeking of revenge will inevitably lead to war and worsening international tensions. Keynes unfortunately was proved right on this. Instead of imposing crushing sanctions, Keynes argues for peace talks and a less aggressive treatment of Germany. "Ruining Germany to enrich ourselves will only lead to chaos" is the main message.
The second part, Inflation and Deflation explores Keynes' take on (you guessed it) inflation and deflation. For Keynes inflation was preferable to deflation, as the former meant risking unemployment, something Keynes thought politically much more dangerous. However, inflation destroys the savings of people and is injurious to creditors.
The third part The Return to the Gold Standard explores Keynes' attacks on gold and his joy at the reversal of Churchill's policy to get us back on gold. Gold restricts government policy and forces wages to be in line with gold, which worked for the 18th century, where gold mining was steadily increasing with industry, but it has run its course argues Keynes. Also, relying on gold constrains policy to respond to the Federal Reserve, argues Keynes.
The fourth section Politics explores Keynes' dismissal and disgust at Russian communism, his dismay at the Conservative Party's policies, his ambivalent relationship with liberalism, and his support for an interventionist over a laissez faire economy.
Finally, the last section The Future, features two essays where Keynes looks optimistic towards Britain's ability to raise the productive forces and create an earthly utopia.
The essays are uneven, and some are much more engaging and relevant than others. Since Britain has had an on/off relationship to both Keynes and his ideas, some of the debates have lost their vigour. We aren't on gold, nor are America, so the spirit of the argument doesn't feel as fresh. However, Keynes essays on Germany take on a horrifying prescience when looking back after WW2...
November 16, 2023
Why did I read this
June 16, 2013
I read this book because it contains the essay "Economic possibilities for our grandchildren", written in 1930. Keynes predicts on that essay that within 100 years time mankind would solve its economic problem thanks to the increases on productivity, and would be able to cover the absolute needs leaving much more time for leisure.
The author distinguishes between absolute needs and relative needs. The needs of food, water or shelter, are absolute on the sense that we feel them whatever the situation of other human beings may be. Other needs satisfy the desire for superiority, and Keynes thinks that those may be insatiable, but he arrives to the conclusion that once the absolute needs are covered, we will prefer to devote our energies to non-economic purposes.
This is where his prediction, at least until now, has failed. The consumerist society where we live has convinced us that a second car, a bigger house or a flat TV will give us more satisfaction than more leisure time. I only hope that this will change before 2030 and the prediction becomes true in due time.
The other essays are also extremely interesting, visionary for the time and even applicable today.
In his 1919 essay "Proposals for the reconstruction of Europe" he says, literally, "A Free Trade union should be established under the auspices of the League of Nations of countries undertaking to impose no protectionist tariffs whatever against the produce of other members of the Union". He was proposing this union for the countries of central and southern Europe, and he hoped that the UK would also become an original member.
Some lines after, he writes: "By fixing he Reparation payments well within Germany's capacity to pay, we make possible the renewal of hope and enterprise within her territory"
When you see, in 20 lines of a 1919 essay, an early proposal of the European Union and a measure that could have avoided WWII, you get convinced that Keynes was a visionary genius.
Other interesting essays are the series about the return to the gold standard and its effects. UK returned to the gold standard in the 1920s, and this produced an increase on the value of the pound. UK exports became less competitive and the trade balance suffered. Keynes never agreed with the return to the gold standard, or with the policy of the government to restrict credit. He argued that the credit restriction would lead to a vicious circle where the investment would decrease, unemployment grow and wages would be lowered, affecting internal consumption. The benefits on the trade balance would be minimal compared with the disadvantages of a growing unemployed population.
It seems to me that the similarities between the situation in Keynes' time and today, and the accuracy of his forecasts, should make us look more into the recipes that he proposed almost 100 years ago and have proved successful since then.
The author distinguishes between absolute needs and relative needs. The needs of food, water or shelter, are absolute on the sense that we feel them whatever the situation of other human beings may be. Other needs satisfy the desire for superiority, and Keynes thinks that those may be insatiable, but he arrives to the conclusion that once the absolute needs are covered, we will prefer to devote our energies to non-economic purposes.
This is where his prediction, at least until now, has failed. The consumerist society where we live has convinced us that a second car, a bigger house or a flat TV will give us more satisfaction than more leisure time. I only hope that this will change before 2030 and the prediction becomes true in due time.
The other essays are also extremely interesting, visionary for the time and even applicable today.
In his 1919 essay "Proposals for the reconstruction of Europe" he says, literally, "A Free Trade union should be established under the auspices of the League of Nations of countries undertaking to impose no protectionist tariffs whatever against the produce of other members of the Union". He was proposing this union for the countries of central and southern Europe, and he hoped that the UK would also become an original member.
Some lines after, he writes: "By fixing he Reparation payments well within Germany's capacity to pay, we make possible the renewal of hope and enterprise within her territory"
When you see, in 20 lines of a 1919 essay, an early proposal of the European Union and a measure that could have avoided WWII, you get convinced that Keynes was a visionary genius.
Other interesting essays are the series about the return to the gold standard and its effects. UK returned to the gold standard in the 1920s, and this produced an increase on the value of the pound. UK exports became less competitive and the trade balance suffered. Keynes never agreed with the return to the gold standard, or with the policy of the government to restrict credit. He argued that the credit restriction would lead to a vicious circle where the investment would decrease, unemployment grow and wages would be lowered, affecting internal consumption. The benefits on the trade balance would be minimal compared with the disadvantages of a growing unemployed population.
It seems to me that the similarities between the situation in Keynes' time and today, and the accuracy of his forecasts, should make us look more into the recipes that he proposed almost 100 years ago and have proved successful since then.
April 15, 2014
Although this book was written between the World Wars, it is very much a book of our time. It has insight into where we are currently, what we ought to be doing now, and where we could well go next. There are three aspects of the book that are worth noting:
1. In the 1920s, the great currency question was German reparations. This is very similar to our current pattern of sovereign indebtedness. In both cases, the currency question - which is, essentially, a monetary question - led to an asset bubble.
2. In 1929 and 2007, those asset bubbles burst. The contagion flowed from the monetary economy into the real economy with recession being the result. In the 1930s, governments responded by austere means. That mistake has been repeated, particularly in the Eurozone. Fiscal contraction has simply worsened the recession rather than encouraging a return to growth.
3. The path to recovery will be paved by fiscal expansion. This happened in the US in the 1930s, and is starting to happen in the US and UK now. Europe seems to be mired in a recessionary induced deflation, and one wonders how their debt will ever be repaid. This takes us back to the question of reparations.
Keynes writing is a joy to read. Some of the concepts he discusses are quite abstract, but he manages to put over the point with great clarity. Today, he would be seen as a great communicator. In my opinion, this book has as much relevance today as it had when it was written. Perhaps that is why we are seeing a revival of Keynes?
1. In the 1920s, the great currency question was German reparations. This is very similar to our current pattern of sovereign indebtedness. In both cases, the currency question - which is, essentially, a monetary question - led to an asset bubble.
2. In 1929 and 2007, those asset bubbles burst. The contagion flowed from the monetary economy into the real economy with recession being the result. In the 1930s, governments responded by austere means. That mistake has been repeated, particularly in the Eurozone. Fiscal contraction has simply worsened the recession rather than encouraging a return to growth.
3. The path to recovery will be paved by fiscal expansion. This happened in the US in the 1930s, and is starting to happen in the US and UK now. Europe seems to be mired in a recessionary induced deflation, and one wonders how their debt will ever be repaid. This takes us back to the question of reparations.
Keynes writing is a joy to read. Some of the concepts he discusses are quite abstract, but he manages to put over the point with great clarity. Today, he would be seen as a great communicator. In my opinion, this book has as much relevance today as it had when it was written. Perhaps that is why we are seeing a revival of Keynes?
December 22, 2019
How important is Keynes for the today's economy. My favorite economist, and one of the most important ones.
May 24, 2016
Wow. A truly exceptional intellect. The only amazingly frustrating thing about the book is that someone thought it was appropriate to use a typeface so large that you get dizzy. The average sentence is probably 70 words, yet each line fits maybe 7 words. Anyway, some excerpts:
"The power to become habituated to his surroundings is a marked characteristic of mankind"
the nature of assemblies...
"If all the parties to the Treaty are unanimously of opinion that it requires alteration in a particular sense, it does not need a League and a Covenant to put the business through"
on russia...
"But what counsels of hope can Revolution offer to sufferers from economic privation, which does not arise out of the injustices of distribution but is general?"
"To convert the business man into the profiteer is to strike a blow at capitalism, because it destroys the psychological equilibrium which permits the perpetuance of unequal rewards"
"It is not the miser who gets rich; but he who lays out his money in fruitful investment"
"We are not nearly so rich as we might be if we could manage our affairs better..."
"Our trouble is, then, not that we lack the physical means to support a high standard of life, but that we are suffering a breakdown in the organization and in the machinery by which we buy and sell to one another"
"we shall be able to rid ourselves of many... principals... by which have have exalted some of the most distasteful of human qualities into the position of the highest virtues."
"...man will be faced with his real, his permanent problem-how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well."
"The power to become habituated to his surroundings is a marked characteristic of mankind"
the nature of assemblies...
"If all the parties to the Treaty are unanimously of opinion that it requires alteration in a particular sense, it does not need a League and a Covenant to put the business through"
on russia...
"But what counsels of hope can Revolution offer to sufferers from economic privation, which does not arise out of the injustices of distribution but is general?"
"To convert the business man into the profiteer is to strike a blow at capitalism, because it destroys the psychological equilibrium which permits the perpetuance of unequal rewards"
"It is not the miser who gets rich; but he who lays out his money in fruitful investment"
"We are not nearly so rich as we might be if we could manage our affairs better..."
"Our trouble is, then, not that we lack the physical means to support a high standard of life, but that we are suffering a breakdown in the organization and in the machinery by which we buy and sell to one another"
"we shall be able to rid ourselves of many... principals... by which have have exalted some of the most distasteful of human qualities into the position of the highest virtues."
"...man will be faced with his real, his permanent problem-how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well."
November 7, 2017
Collection of Keynes' writings published in 1931, mostly concerned with topics that were already passing away (as he recognised): Versailles and the German war reparations; war debts generally; the Gold Standard; the struggles of European governments to adjust to new post-war economic conditions and the temptation of damaging policies aimed at restoring pre-1914 "normality". The Economic Consequences Of Mr Churchill is here, with its residual interest as a reminder that Winston wasn't always great, and that finance ministers can be mugged by special interests. Some ideas that became "Keynsianism" are in prototype form here, but the most interesting sections are the ruminations on culture, the challenge of Soviet Communism, and the future. Ideas about "post-work" in the age of automated production are present here already. JMK was aware of the prevailing gloom about the crisis of European civilisation and all that, but he had a great reserve of liberal optimism to counter it with. Jolly good chap, but take note of the traces of anti-semitism visible, all very respectably and discreetly expressed.
March 16, 2015
This is really a collection of Keynes' articles on a couple of economic subjects. Imagine if Paul Krugman wrote somewhat longer pieces. And then someone selected about 25 at random from a 10-year period between 1918 and 1935 (I know, not 10 years). That's roughly this collection.
In today's environment, Keynes's argument for inflation to increase employment seems timely. And he can be an engaging writer—from time to time.
But some of the argument seems muddled by the dignified language. It is much less direct than necessary.
This is not reproduced well. New articles begin midway through a page with only a year in parenthesis to denote the change. There's not any sort of typographical indication (e.g., a larger font size or bold text) that a particular phrase is an article heading or, for that matter, a section heading. And there are some places where there are numbers that appear to be substituting for some other character.
In today's environment, Keynes's argument for inflation to increase employment seems timely. And he can be an engaging writer—from time to time.
But some of the argument seems muddled by the dignified language. It is much less direct than necessary.
This is not reproduced well. New articles begin midway through a page with only a year in parenthesis to denote the change. There's not any sort of typographical indication (e.g., a larger font size or bold text) that a particular phrase is an article heading or, for that matter, a section heading. And there are some places where there are numbers that appear to be substituting for some other character.
September 26, 2016
What a clear-headed human!
The compilation of essays by JM Keynes is best taken in instalments. It is an omnium gatherum of pellucid and well reasoned predictions, positions and commentaries on politics, economy, philosophy, and a bonus review of H.G. Wells's book - The World of William Clissold.
I will definitely read it more than twice.
The compilation of essays by JM Keynes is best taken in instalments. It is an omnium gatherum of pellucid and well reasoned predictions, positions and commentaries on politics, economy, philosophy, and a bonus review of H.G. Wells's book - The World of William Clissold.
I will definitely read it more than twice.
September 7, 2021
The Essays in Persuasion is an interesting collection which is often referred to as prophetic. Keynes was not prophetic, he simply understood his field to a standard that Buffett understands finance, Einstein understood physics and Scipio Africanus understood war. All of these individuals were and are specialists in their field, and it is always interesting to read about them. Keynes' essays though allow us to delve deeper into his perception of the world and what could be done and what should not be done on a macro level with finance, politics, population and their interactions; in one word, economics.
John Maynard Keynes was the one of the greatest economists of his day and is still viewed in the same light. Economics along with all other social sciences, sciences and mathematics continues to evolve as our perception, interactions, and instrumentations for analysis evolve. China, at its core and by the standards of its social contract is Keynesian at heart, and any time there is a blip in global markets, China reacts in that manner. No handouts, simply a massive cash inject into industrial and structural growth to ensure people are working for what they earn and are able to spend that on what they want = continued growth and development.
There is though, a lot of push back against the growth fetish associated with Keynes' style of economic stimulation. Most importantly that is all it is - push back. Why? Keynes was right. People need to work to give them the ability to develop and sustain themselves - pride and food are the individuals base sustenance. This then filters into a community, region and nation with positive effect. The opposite also occurs when fiscal validity is reversed or removed, with the slowing down and or stagnation of the economy. An economy is no different to an ecosystem, while it is in balance it is sustainable, and when it becomes unhealthy it will need nutrition and guidance to bring it back into balance.
Keynes' essays demonstrate all of these fascinating tools that economists and politicians can and should use to maintain and sustain the economy. This is evident in Keynes' opinion on the gold standard, which is something akin to building a brick wall around a forest and wondering why it won't grow with the forest. The essays view on the treatment of debt, and especially the debt associated with World War 1 is revealing and fascinating. Keynes also spells out how best to manage the nearly failed state of Germany, but he looks at the problem logically and the politicians looked at emotionally and opportunistically. Hence we are ingloriously led into World War 2.
Essays in Persuasion is interesting and fascinating read that i have found revealing and stimulating, well beyond what i had expected. I hope whoever reads it also finds the same the same interesting perceptions of an interesting economist.
November 27, 2019
John Maynard Keynes. Economist, statesman, philosopher. Indeed, one of the greatest men ever to grace this earth, and certainly one of the most important men of the 20th century.
Essays in Persuasion is certainly a refreshing breather from Keynes' academic works (General Theory, Treatise of Money, etc.) This is because the intended audience of Essays in Persuasion were the general public, and the collected articles in Essays were published in none other than newspapers or non-academic journals. Nevertheless, the genius of Keynes does not fail to shine from these pages. I never fail to be positively thrilled from Keynes' writings, and the same applies for Essays. Notably free from academic jargon, Essays allows the general public (indeed, the economic agents that drive the economy!) a chance to peer into one of the greatest minds of all time, and marvel at his prescient thoughts and eloquent discourse.
Apart from the detailed arguments that Keynes' strenuously lays out for his thoughts on monetary policy for most of the book, the last essay in particular struck me, as though God dropped a mallet on my head. With startling prescience, Keynes laid out his predictions for the hundred years to come. In short, he predicted the coming loom of creative destruction (he calls it technical unemployment), the coming exponential improvement of human standards of living and the resolution of the fundamental economic problem (which has yet to come, unfortunately). It is simply too hard to believe, that a man who lived a hundred years ago, saw the events that are unfolding today as though from a crystal ball.
Also throughout the book we can see glimpses of his thoughts that would later present itself as the venerable Keynesian theory of economics. Namely, he urges people to spend, spend, spend, and open the floodgates of money to gush the economy. Keynes was also a stark dissenter to traditional liberalism, and counters the argument for capitalism vehemently.
Why though, in the face of Keynes' absolute ingenuity, do people still wail that Keynes has failed us? Is it not undisputed that this man was a literal genius to the likes of Newton and Darwin, a reformer of economics, God's representative on earth? I think, it is not a defect of his ideas, but a defect of society itself. Society has been rapidly deforming itself to be an unfit recipient of Keynesian economics (artificially inflated asset prices, serious income inequality, liquidity traps etc.) For now, Keynesian theory will have no other place but to stand by the sidelines, and allow other schools of economics to run rampant with their theories.
Essays in Persuasion is certainly a refreshing breather from Keynes' academic works (General Theory, Treatise of Money, etc.) This is because the intended audience of Essays in Persuasion were the general public, and the collected articles in Essays were published in none other than newspapers or non-academic journals. Nevertheless, the genius of Keynes does not fail to shine from these pages. I never fail to be positively thrilled from Keynes' writings, and the same applies for Essays. Notably free from academic jargon, Essays allows the general public (indeed, the economic agents that drive the economy!) a chance to peer into one of the greatest minds of all time, and marvel at his prescient thoughts and eloquent discourse.
Apart from the detailed arguments that Keynes' strenuously lays out for his thoughts on monetary policy for most of the book, the last essay in particular struck me, as though God dropped a mallet on my head. With startling prescience, Keynes laid out his predictions for the hundred years to come. In short, he predicted the coming loom of creative destruction (he calls it technical unemployment), the coming exponential improvement of human standards of living and the resolution of the fundamental economic problem (which has yet to come, unfortunately). It is simply too hard to believe, that a man who lived a hundred years ago, saw the events that are unfolding today as though from a crystal ball.
Also throughout the book we can see glimpses of his thoughts that would later present itself as the venerable Keynesian theory of economics. Namely, he urges people to spend, spend, spend, and open the floodgates of money to gush the economy. Keynes was also a stark dissenter to traditional liberalism, and counters the argument for capitalism vehemently.
Why though, in the face of Keynes' absolute ingenuity, do people still wail that Keynes has failed us? Is it not undisputed that this man was a literal genius to the likes of Newton and Darwin, a reformer of economics, God's representative on earth? I think, it is not a defect of his ideas, but a defect of society itself. Society has been rapidly deforming itself to be an unfit recipient of Keynesian economics (artificially inflated asset prices, serious income inequality, liquidity traps etc.) For now, Keynesian theory will have no other place but to stand by the sidelines, and allow other schools of economics to run rampant with their theories.
November 26, 2020
Short polemics on war reparations, the treasury view, gold standard, other stuff. I really don't get how anyone could like Keynes style or very muddle headed way of trying to make points. Some more amusing stuff as well, from his review of H. G. Wells "The World of William Clissold":
...Why do practical men find it more amusing to make money than to join the Open Conspiracy? I suggest that it is much the same reason as that which makes them find it more amusing to play bridge on Sundays than to go to church. They lack altogether the kind of motive, the possession of which, if they had it, could be expressed by saying that they had a creed. They have no creed, these potential open conspirators, no creed whatever. That is why, unless they have the luck to be scientists or artists, they fall back on the grand substitute motive, the perfect Ersatz, the anodyne for those who, in fact, want nothing at all—Money. Clissold charges the enthusiasts of Labour that they have "feelings in the place of ideas." But he does not deny that they have feelings. Has not, perhaps, poor Mr. Cook something which Clissold lacks? Clissold and his brother Dickon, the advertising expert, flutter about the world seeking for something to which they can attach their abundant libido. But they have not found it. They would so like to be Apostles. But they cannot. They remain business men.
December 21, 2021
This collection of essays starts in early 1919 with him railing against the Treaty of Versailles. He explains repeatedly that Germany can't possibly pay the reparations. Even if the Allies could enforce them, they were in his words immoral for punishing the children of your enemies. The Allies were doing nothing but setting up Europe for failure and something even worse than the recent Great War. Further, the US and Britain were the only ones left standing with the ability to rebuild the continent. He pushed for this to be the plan instead of the deadly route that was taken. At least Gen Marshall must have read his thoughts at some point before the end of the next war.
Unfortunately, a large section is dedicated to essays trying to explain the folly of the gold standard. Which pretty much everyone by now has figured this out. However, he is writing from that time where nations were still struggling with the issue. If you're wondering why no nation is going to go back to it this might be worth reading.
Unfortunately, a large section is dedicated to essays trying to explain the folly of the gold standard. Which pretty much everyone by now has figured this out. However, he is writing from that time where nations were still struggling with the issue. If you're wondering why no nation is going to go back to it this might be worth reading.
December 8, 2019
"And here emerges more clearly what is in truth his central thesis throughout,—the profound conviction that the Economic Problem, as one may call it for short, the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and an unnecessary muddle. For the Western World already has the resources and the technique, if we could create the organisation to use them, capable of reducing the Economic Problem, which now absorbs our moral and material energies, to a position of secondary importance.
Thus the author of these essays, for all his croakings, still hopes and believes that the day is not far off when the Economic Problem will take the back seat where it belongs, and that the arena of the heart and head will be occupied, or re-occupied, by our real problems—the problems of life and of human relations, of creation and behaviour and religion."
Thus the author of these essays, for all his croakings, still hopes and believes that the day is not far off when the Economic Problem will take the back seat where it belongs, and that the arena of the heart and head will be occupied, or re-occupied, by our real problems—the problems of life and of human relations, of creation and behaviour and religion."
May 26, 2023
There are some really good explanations of concepts that could easily be made more complicated, but that would not be beneficial. It is important that regular people can understand at least enough of things that affect them and the decisions that get made.
While these essays are coming from a very specific time period -- between two world wars, with one not quite predicted yet -- that doesn't make them seem dated really; many contemporary issues are the same.
There is some dated language ("milliards" instead of "billions", for example), and Keynes is writing from within a colonial empire and not judging it, but the attitude he displays throughout makes me think he would have been able to adapt to better views.
While these essays are coming from a very specific time period -- between two world wars, with one not quite predicted yet -- that doesn't make them seem dated really; many contemporary issues are the same.
There is some dated language ("milliards" instead of "billions", for example), and Keynes is writing from within a colonial empire and not judging it, but the attitude he displays throughout makes me think he would have been able to adapt to better views.
December 12, 2022
Essays on Inflation and deflation are still relevant even after almost 100 years…clarity on macroeconomics are quite thoughtful as well as the last essay on the future (100 years from 1930)…
However, some other essays on war and it’s implications to the world in general as well as British empire related topics (including politics) seem outdated and too much written to make a point…
However, some other essays on war and it’s implications to the world in general as well as British empire related topics (including politics) seem outdated and too much written to make a point…
August 29, 2020
Economics lessons for today
Provides valuable insights into today’s economic issues. Economic Consequences of the Peace resonates uncomfortably with the current state of the Brexit negotiations.
Provides valuable insights into today’s economic issues. Economic Consequences of the Peace resonates uncomfortably with the current state of the Brexit negotiations.
January 6, 2018
Awesome book.
Want to read
January 26, 2023Warrent Buffet recomendation
This entire review has been hidden because of spoilers.
June 29, 2023
I agree with many of his arguments from the gold standard, overburdening the states that lost via reparations, communism, and the future outlook of a post industrial society.
March 30, 2010
Peter Keller, president of polling company YouGov has chosen to discuss John Maynard Keynes's
Essays in Persuasion
, on FiveBooks as one of the top five on his subject - British Democracy, saying that:
"Every essay is readable and compelling. This volume spans the aftermath of the First World War and his assault on the Versailles Treaty and the damage it was going to cause – as it did, because in humiliating Germany it led, arguably, to Germany choosing Adolf Hitler – right through to the 1920s and 30s and the arguments over the gold standard, through some of the essays he wrote in preparation for his General Theory, right to his writing on how to pay for the Second World War.”
The full interview is available here: http://five-books.com/interviews/Peter-Kellner
"Every essay is readable and compelling. This volume spans the aftermath of the First World War and his assault on the Versailles Treaty and the damage it was going to cause – as it did, because in humiliating Germany it led, arguably, to Germany choosing Adolf Hitler – right through to the 1920s and 30s and the arguments over the gold standard, through some of the essays he wrote in preparation for his General Theory, right to his writing on how to pay for the Second World War.”
The full interview is available here: http://five-books.com/interviews/Peter-Kellner
December 30, 2016
I originally picked this up in preparation for a class that ended up being cancelled. It is difficult to review this from an economic standpoint, as my knowledge of this area is woefully lacking, but what I can speak to is the clarity of the mind that wrote the 30+ essays included in the book. This book is dense, it has taken me a good 5 months of dipping in and out to complete this book, but what stands out is Maynard's ability to research articulate very complex and in some cases technical ideas for public consumption (all be it for an educated public). Seeing as the essays in the book were all originally published between 1919 and 1939, a good number of them deal with economic consequences of WWI. My favourite however was 'Economic Possibilities for our Grandchildren' (1930) where he looks to the future. If you have to read one essay, read this one (find it online), and as you read it consider where we are now, and as you do you'll be left asking, where did we go so wrong.
That's your lot for 2016!
That's your lot for 2016!
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August 11, 2015Keynes' essay at the end on the economic future of the world was the most fascinating essay in the book by far.
Some of this was quite dense, and a bit too much about currencies, monetary policies, and politics than I care for.
Overall, I thought it was a good primer on Keynes himself.
He was quite prescient with regards to the end of WWI and treaties as well as the long-term economic growth of the modern world.
Some of this was quite dense, and a bit too much about currencies, monetary policies, and politics than I care for.
Overall, I thought it was a good primer on Keynes himself.
He was quite prescient with regards to the end of WWI and treaties as well as the long-term economic growth of the modern world.
June 13, 2012
Easily my favourite work by Keyenes.
Shelved as 'read-in-part'
October 29, 2015Para el documento que presentamos con Julio en San Pablo usamos el ensayo "Economic Possibilities for our Grandchildren" que está publicado en este libro.
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September 23, 2010Essays in Persuasion by John Maynard Keynes (1991)
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