This book argues that, if enough capital has been accumulated such that its marginal efficiency is below the interest rate, then directing held wealth towards anything physical would be more productive for society than continuing to hold it Â– hence, paying people to (*) dig holes in the ground may be rational.
This book cites Eli Heckscher's work in highlighting 17th century insights which were denounced by classical scholars as absurd in its section "Notes on Mercantilism." This book argues that, if enough capital has been accumulated such that its marginal efficiency is below the interest rate, then directing held wealth towards anything physical would be more productive for society than continuing to hold it Â– hence, paying people to (*) dig holes in the ground may be rational. This book explains equity markets' behavior through the analogy of a newspaper competition in which viewers pick the face they think others will think is most handsome, a competition called its author's namesake "beauty contest." This book refers to not-entirely rational influences on consumer confidence with the term "animal spirits" and argues that these can prompt a fall in demand that leads to recessions. For 10 points, identify this magnum opus of John Maynard Keynes.
This book cites Eli Heckscher's work in highlighting 17th century insights which were denounced by classical scholars as absurd in its section "Notes on Mercantilism.
The General Theory of Employment, Interest, and Money [accept "Keynes's General Theory"]