The most recommended books about John Maynard Keynes

This choice is obvious and tough.

The book is notoriously difficult. However, it ranks with Darwin’s Origins of the Species, and Einstein’s General Theory of Relativity as among the most important and revolutionary books ever.

It’s no exaggeration to say that Keynes changed everything in the same way that Darwin and Einstein had. It will change the way you see the world if you make the substantial effort. Keynes argues that it is the organization of our economy around money that causes unemployment—not high wages or lazy workers.

Here’s my one sentence summary: firms only hire the number of workers they need to produce the output they expect to sell at a profit. If they cannot make money from hiring you, you are unemployed.

My fourth pick is another biography, of the economist John Maynard Keynes. Richard Davenport-Hines has divided up his account into ‘seven lives’. Yet by taking his personal life and sexual identity seriously, Davenport-Hines achieves an outstanding unification. Seriousness is not solemnity: readers will find here a delightful story about Keynes admiring Alan Turing’s fingernails at King’s College, Cambridge. There is much more to illustrate the extraordinary King’s College ambiance in which Turing found his home, and deeper connections: in late 1946, both were crossing the Atlantic, Keynes to rescue the British economy, Turing on his start-up of the computer industry. Keynesian economics are newly relevant now, but the liberal élite culture in which it was hatched may still surprise readers. When Turing started war work at Bletchley Park, he wrote to Keynes’s circle that Dillwyn Knox was ‘his boss’. Did he know, as Richard Davenport-Hines explains, that Knox had been… show more.

Are you looking for a good introduction to Economics?

Then, as I did, start with a brilliant survey of the main thinkers, who have shaped our understanding of the economic system. These economists’ thoughts ranged from addressing how to improve the quality of life for all, to understanding the source of value and the functioning of the economy.

Although they were not always accurate, their influence on contemporary Economics is tremendous, and Heilbroner's writing style will captivate you. I recommend this book to all of my students and colleagues.

In fact, after reading this book during my University studies, I became inspired to study Economics in depth and engage in scholarly research. Even switched from Engineering, Mathematics, and Physics to Economics, Finance, and Data Science.

I would have recommended John Maynard Keynes, The General Theory of Employment, Interest, and Money, which is one of the great masterworks of the twentieth century, but reading Keynes himself can be difficult.

Hansen’s book is the best summary available despite being more than 70 years old. And understanding Keynes is essential if you want to understand how certain economic policies continue to lead us astray.

Hard to find, but not impossible. 

Biographies of economists can be dull and technical, but not if their subject is John Maynard Keynes. The flamboyant British economist was a member of the Bloomsbury Group of Virginia Woolf and E.M. Forster, married the famous Russian ballerina Lydia Lopokova, and had a group of followers known as the Cambridge circus. The great skill of Skidelsky is his ability to integrate the many facets of Keynes life, from the exciting intellectual milieu of Cambridge and the cultural milieu in London to the economic problems of war, peace, and the Great Depression. This book demonstrates in vivid terms that economics is done by economists with an underlying vision. In Schumpeter’s words that of Keynes was that of: “the arteriosclerotic economy whose opportunities for rejuvenating venture were in permanent decline.”

This is the story of the momentous wartime meetings in New Hampshire that mapped out the new institutions that were to guide the global economy through the Cold War and after: the International Monetary Fund and the World Bank. It is an absorbing intellectual battle between arrogant British aristocratic John Maynard Keynes and the scrappy US Treasury official Harry Dexter White. (Spoiler alert: White won, but spoiled his reputation by likely being a Soviet spy.)

Similarly, like John Maynard Keynes is considered to be “father of macroeconomics”, Irving Fisher is considered to be “father of money illusion”, which is a failure to perceive that the dollar expands or shrinks in value.

Although this book is older, it is highly topical for me, because of the rapid development of behavioral macroeconomics, which brings back attention to the resurrected concept of money illusion.

Fisher remarkably demonstrates, with the help of illustrative examples, direct harm which might be experienced in real life by people who suffer from money illusion in financial markets or labor markets. Fisher uses persuasive case studies based on his own observations. 

He also utilizes money illusion and its indirect harms in order to explain the nature of the business cycle, in which case money is not neutral in the short run.

Professor Peters was my first and foremost guide when it came to framing the ethics of globalization from within my own religious perspective.

She helped all of us later writers by mapping the academic terrain, describing two dominant theories of globalization and two resistance theories. The two dominant theories are neoliberalism (as exemplified by Thomas Friedman) and reformist social development (as exemplified by John Maynard Keynes), while the two resistance theories stem from ecological and postcolonial perspectives.

She evaluates all four theories according to how they contribute (or don’t) to human flourishing. While I don’t always agree with her conclusions, she is asking the right questions and applying them to the most important perspectives on globalization.

Philosophies of simple living are often addressed primarily to the individuals who is seeking happiness. This is largely true, for instance, of both Epicureanism and Stoicism. How Much Is Enough? shows how the questions raised by such philosophies also bear on the economic policies and political culture of rich, modernized societies. The basic argument of the book is that it is foolish for these societies to strive for endless economic growth. They are already wealthy enough to provide the basic conditions of the good life for all their citizens, including a radical reduction in the hours that people need to work. But this isn't happening because capitalism continually inflames people's misguided desire for more stuff and higher status. So the machine just keeps on pointlessly creating desires while plutocrats keep creaming off the wealth of society which could otherwise be distributed more equitably and more rationally. The book offers a… show more.

I admire Keynes and I love this book. Not only is it beautifully written and fun to read but it is also important.

Keynes’ thought remains relevant and Carter does an excellent job of connecting Keynes’ ideas to our present-day predicaments. I feel much of Keynes’ work was motivated by a desire to prevent a repeat of World War I. When this failed, he set about doing his best to make sure that World War II ended with a more durable peace.

Keynes brought a skeptical eye to economic orthodoxy. I regret he died relatively young and was unable to weigh in on the events of the 1970s. Indeed, I regret he is not able to comment on the events of the 2020s but at least this book is. Not to be missed.