1、JOHN MAYNARD KEYNES 约翰 梅纳德 凯恩斯 THE GENERAL THEORY OF EMPLOYMENT INTEREST AND MONEY 就业、利息和货币通论 Reprinted from the English Edition by Macmillan and Co., Ltd. 1936 据麦克米伦图书股份有限公司 1936 年英文版重印 CONTENTS 目 录 BOOK I 第一编 INTRODUCTION 引论 CHAPTER 1 第一章 THE GENERAL THEORY 3 何谓通论 3 CHAPTER 2 第二章 THE POSTULATES OF
2、 THE CLASSICAL ECONOMICS 4 古典经济系的假定条件 4 CHAPTER 3 第三章 THE PRINCIPLE OF EFFECTIVE DEMAND 23 有效需求原理 23 BOOK II 第二编 DEFINITIONS AND IDEAS 定义与理念 CHAPTER 4 第四章 THE CHOICE OF UNITS 37 单位的选择 37 CHAPTER 5 第五章 EXPECTATION AS DETERMINING OUTPUT AND EMPLOYMENT 46 决定产出与就业的预期 46 CHAPTER 6 第六章 THE DEFINITION OF I
3、NCOME, SAVING AND INVESTMENT 52 收入、储蓄和投资的定义 52 Appendix on User Cost 66 关于使用者成本的附录 66 CHAPTER 7 第七章 THE MEANING OF SAVING AND INVESTMENT, FURTHER CONSIDERED 74 对储蓄和投资涵义的进一步考察 74 BOOK III 第三编 THE PROPENSITY TO CONSUME 消费倾向 CHAPTER 8 第八章 THE PROPENSITY TO CONSUME: I. THE OBJECTIVE FACTORS 89 消费倾向：I .
4、主观因素 89 CHAPTER 9 第九章 THE PROPENSITY TO CONSUME: II. THE SUBJECTIVE FACTORS T07 消费倾向：II. 客观因素 107 CHAPTER 10 第 10 章 THE MARGINAL PROPENSITY TO CONSUME AND THE MULTIPLIER 113 边际消费倾向与乘数 113 BOOK IV 第四编 THE INDUCEMENT TO INVEST 投资诱导 CHAPTER 11 第 11 章 THE MARGINAL EFFICIENCY OF CAPITAL 135 资本边际效率 135 CH
5、APTER 12 第 12 章 THE STATE OF LONG-TERM EXPECTATION 147 长期预期状态 147 CHAPTER 13 第 13 章 THE GENERAL THEORY OF THE RATE OF INTEREST 165 利息率的一般理论 165 CHAPTER 14 第 14 章 THE CLASSICAL THEORY OF THE RATE OF INTEREST 175 古典学派的利息率理论 175 Appendix on the Rate of Interest in Marshalls Principles of Economics, Ric
6、ardos Principles of Political Economy and elsewhere 186 附录：马歇尔经济学原理、李嘉图赋税原理及其它著作中的利息率理论 186 CHAPTER 15 第 15 章 THE PSYCHOLOGICAL AND BUSINESS INCENTIVES to LIQUIDITY 194 流动性偏好的心理动机和交易动机 194 CHAPTER 16 第 16 章 SUNDRY OBSERVATIONS ON THE NATURE OF CAPITAL 210 关于资本性质的几点考察 210 CHAPTER 17 第 17 章 THE ESSENT
7、IAL PROPERTIES OF INTEREST AND MONEY 222 利息和货币的主要性质 222 CHAPTER 18 第 18 章 THE GENERAL THEORY OF EMPLOYMENT RE-STATED 245 一般就业理论的重新表述 245 BOOK V 第五编 MONEY-WAGES AND PRICES 货币工资与价格 CHAPTER 19 第 19 章 CHANGES IN MONEY-WAGES 257 货币工资的变动 257 Appendix on Prof. Pigous Theory of Unemployment 272 附录：关于庇古教授的失业
8、论 272 CHAPTER 20 第 20 章 THE EMPLOYMENT FUNCTION 280 就业函数 280 CHAPTER 21 第 21 章 THE THEORY OF PRICES 292 价格理论 292 BOOK VI 第六编 SHORT NOTES SUGGESTED BY THE GENERAL THEORY 通论引发的几点简短评论 CHAPTER 22 第 22 章 NOTES ON THE TRADE CYCLE 313 略论经济周期 313 CHAPTER 23 第 23 章 NOTES ON MERCANTILISM, THE USURY LAWS, STAM
9、PED MONEY AND THEORIES OF UNDER-CONSUMPTION 333 略论重商主义、禁止高利贷法、加印货币以及消费不足论 333 CHAPTER 24 第 24 章 CONCLUDING NOTES ON THE SOCIAL PHILOSOPHY TOWARDS WHICH THE GENERAL THEORY MIGHT LEAD 372 对通论引出的社会哲学的简要总结 372 INDEX 385 索引 385 PREFACE 序 THIS book is chiefly addressed to my fellow economists. I hope that
10、 it will be intelligible to others. But its main purpose is to deal with difficult questions of theory, and only in the second place with the applications of this theory to practice, For if orthodox economics is at fault, the error is to be found not in the superstructure, which has been erected wit
11、h great care for logical consistency, but in a lack of clearness and of generality in the premisses. Thus I cannot achieve my, object of persuading economists to re-examine critically certain of their basic assumptions except by a highly abstract argument and also by much controversy. I wish there c
12、ould have been less of the latter. But I have thought it important, not only to explain my own point of view, but also to show in what respects it departs from the prevailing theory. Those, who are strongly wedded to what I shall call (“the classical theory.“, will fluctuate, I expect, between a bel
13、ief that I am quite wrong and a belief that I am saying nothing new, It is for others to determine if either of these or the third alternative is right. My controversial passages are aimed at providing some material for an answer; and I must ask forgiveness if, in the pursuit of sharp distinctions,
14、my controversy is itself too keen. I myself held with conviction for many years the theories which I now attack, and I am not, I think, ignorant of their strong points. 本书主要是为我的同行经济学家所写，我希望其他人也能看懂。但是，本书的主要目的是探讨理论上的难题，至于该理论在实际中的应用则居于次要地位。因为，如果正统经济学有错误之处，那么其错误之处不在于建立在精心构筑的逻辑一致性基础之上的上层建筑，而在于其假设前提缺乏明确性和
15、普适性。因此，除非通过高度抽象的论证和进行大量辩论，我无法达到我的目的，即规劝经济学家批判性地重新审视他们的某些基本假设。我本希望这种论证和辩论能少些，但我认为重要之处在于：不仅要阐释我自己的观点，还要指出我的观点在哪些方面有别于现在流行的理论。我预料，那些深深沉迷于我称之为“古典理论”的人将彷徨于两种意见，一种意见认为我完全错了，另一种意见认为我并未提出任何新见解。这两种意见，或许还有第三种意见，究竟孰是孰非还要由他人予以判断。我所写的辩论段落旨在为作出判断提供一些素材。另外，如果我在辩论中的文字过于尖锐，我请求谅解，那不过是为了让分歧更为明确。对于我现在抨击的理论，我本人曾多年奉为圭臬，因
16、而，我想我不至于忽视该理论的有力之处。 The matters at issue are of an importance which cannot be exaggerated. But, if my explanations are right, it is my fellow economists, riot the general public, whom I must first convince. At this stage of the argument the general public, though welcome at the debate, are only eave
17、sdroppers at an attempt by an economist to bring to an issue the deep divergences of opinion between fellow economists which have for the time being almost destroyed the practical influence of economic theory, and will, until they are resolved, continue to do so. 所辩论问题的重要性是无以复加的，但是，如果我的阐释是正确的，我必须首先说
18、服我的同行经济学家，而不是去鼓噪普通民众。在当前这个辩论阶段，虽然欢迎民众参加讨论，但他们只能作为旁听者，倾听一位经济学家陈述他与同行经济学家之间深刻的观点分歧，这些分歧在目前几乎摧毁了经济理论的实践影响力，而且，在这些分歧得到解决之前，这种破坏作用还将持续下去。 The relation between this book and my Treatise on Money, which I published five years ago, is probably clearer to myself than it will be to others; and what in my own
19、mind is a natural evolution in a line of thought which I have been pursuing for several years, may sometimes strike the reader as a confusing change of view, This difficulty is not made less by certain changes in terminology which I have felt compelled to make. These changes of language I have point
20、ed out in the course of the following pages; but the general relationship between the two books can be expressed briefly as follows. When I began to write my Treatise on Money I was still moving along the traditional lines of regarding the influence of money as something so to speak separate from th
21、e general theory of supply and demand. When I finished it, I had made some progress towards pushing monetary theory back to becoming a theory of output as a whole. But my lack of emancipation from preconceived ideas showed itself in what now seems to me to be the outstanding fault of the theoretical
22、 parts of that work (namely, Books III PREFACE and IV), that I failed to deal thoroughly with the effects of changes in the level of output. My so-called “fundamental equations“ were an instantaneous picture taken on the assumption of a given output. They attempted to show how, assuming the given ou
23、tput, forces could develop which involved a profit-dis-equilibrium and thus required a change in the level of output. But the dynamic development, as distinct from the instantaneous picture, was left incomplete and extremely confused. This book, on the other hand, has evolved into what is primarily
24、a study of the forces which determine changes in the scale of output and employment as a whole; and, whilst it is found that money enters into the economic scheme in an essential and peculiar manner, technical monetary detail falls into the background. A monetary economy, we shall find, is essential
25、ly one in which changing views about the future are capable of influencing the quantity of employment and not merely its direction. But our method of analysing the economic behaviour of the present under the influence of changing ideas about the future is one which depends on the interaction of supp
26、ly and demand, and is in this way linked up with our fundamental theory of value. We are thus led to a more general theory, which includes the classical theory with which we are familiar, as a special case. 本书与我五年前出版的货币论之间的关系，我可能会比其他人认识地更加透彻。本是我经过数年求索而得到的思想上的自然演进，有时却被读者看成使人深感迷惑的观点变更。尽管我迫于需要对名词术语作了某些
27、变动，但对消除读者的困惑并不会起太大作用。我将在下面的行文中指出用词上的这些变化，至于两书之间的关系可以简要总结如次。当我开始撰写货币论时，我依然沿袭传统思路，把货币的影响看成是独立于供给和需求的一般理论之外的东西。该书完成之时，我在将货币理论拓展成总产量理论方面取得了一些进展。然而，由于我当时尚未摆脱传统理论的先入之见，因而未能透彻探讨产出水平改变的后果，这正是该书理论部分（即第三编和第四编）的显著缺点。我所谓的“基本方程”不过是在既定产出假设下的瞬时图，他们试图表明，假设产出是既定的，为什么会有各种力量造成利润失衡，产出水平也因此而必定发生变动。但不同于对瞬时图的分析，该书对于动态发展的论
28、述是不完备而且极其混乱的。与此相反，本书则演进为一本主要研究哪些力量决定整体产出和就业规模的著作，而且，在本书中，虽然货币在经济体系中占有极其重要和特殊的位置，但是对其技术细节则不作论述。我们将会看到，货币经济本质上是这样一种制度，在其中，对未来看法的改变不仅可以影响就业的方向，还可以影响就业的数量。但在考虑未来想法改变的影响的前提下，我们分析现实经济行为的方法仍以供给和需求的相互作用为基础。基于此，我们的分析方法和基本的价值理论就能相互结合，并因此而得到一个更具一般性的理论，我们所熟悉的古典理论则成为这个一般理论中的特例。 The writer of a book such as this
29、treading along unfamiliar paths, is extremely dependent on criticism and conversation if he is to avoid an undue proportion of mistakes. It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics (along with the other moral sciences), wh
30、ere it is often impossible to bring ones ideas to a conclusive test either formal or experimental. In this book, even more perhaps than in writing my Treatise on Money, I have depended on the constant advice and constructive criticism of Mr. R. F. Kahn. There is a great deal in this book which would
31、 not have taken the shape it has except at his suggestion. I have also had much help from Mrs. Joan Robinson, Mr. R. G. Hawtrey and Mr. R. F. Harrod, who have read the whole of the proof-sheets. The index has been compiled by Mr. D. M. BensusanButt of Kings College, Cambridge. 撰写像这样一本自辟蹊径的著作，如果作者想避免
32、过多的错误，那么他在很大程度上必须依靠批评和辩论。如果一个人单独思考的时间太长，那么他短时期内对愚蠢东西的相信甚至会达到令人吃惊的程度，对于经济学（以及其它伦理道德科学）尤其如此，因为在这些研究领域，经常无法对个人提出的理念进行决定性的规范性或实验性的检验。本书 比我写作货币论时更加得力于 RF卡恩先生经常性的建议和建设性的批评意见。如果没有他的建议，本书的很多地方不会不会取得现在的进展。我同样得到了琼 罗宾逊夫人、 RG霍特里先生和 RF哈罗德先生的许多帮助，他们阅读了全部清样。剑桥大学国王学院的 DM本苏珊巴特先生编写了本书的附录。 The composition of this book
33、 has been for the author a long struggle of escape, and so must the reading of it be for most readers if the authors assault upon them is to be successful,-a struggle of escape from habitual modes of thought and expression. The ideas which are here expressed so laboriously are extremely simple and should be obvious. The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds. 对作者而言，本书的写作是一个为了摆脱传统思想而长期奋斗的过程。如果作者对这些传统思维和表达方式的攻击是成功的，那么大多数读者在阅读本书时也会
