New Economics (1922)

The New Economics is a book written by J. M. Keynes' contemporary, J. M. Keynes' contemporary, A. F. M. Cumberland and published in 1922. The book presents a critique of classical economics and proposes a new economic theory that emphasizes the importance of demand in determining economic activity. Cumberland argues that the classical economists' focus on supply and production ignores the role of consumer behavior in driving economic growth. He proposes a theory of ""effective demand"" that suggests that economic activity is determined by the level of demand in the economy, rather than by the level of supply. The book also discusses the role of money in the economy and argues that the quantity of money in circulation is a key determinant of economic activity. Overall, The New Economics is an important contribution to the development of modern economic theory and continues to be studied and debated by economists today.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.