chapter  5
27 Pages

Good Management in Harmonic Stagnation: Business Economics and Ethology in John Stuart Mill

John Maynard Keynes illustrates Alfred Marshall's theories with modern examples, using the example of sugar prices to demonstrate price elasticity, the cotton industry to show the theory of profits, and modern banking statistics to illustrate the export of capital. Concerning G. E. Moore's interpretation of goodness, John Maynard Keynes wrote: 'It conveys the beauty of the literalness of Moore's mind, the pure and passionate intensity of his vision, unfanciful and undressed up'. Keynes considered that if business or its economic advisers were directly to respond to this challenge, the revolution would be a fact. The visible tendency of business to socialise itself should be exploited in the cause of 'full employment'. In his famous work The General Theory of Employment, Interest and Money, which appeared in 1936, Keynes sought to provide a new, but liberal and more hopeful, answer to the reigning problems. Keynes's General Theory provides only hope for those who stood in the unemployment lines outside the factories.