Classical economic theory misleading and disastrous for real-world application.
The General Theory challenges classical economic ideas by showing they only apply to specific situations, not the real world. The authors argue that relying on these outdated theories can lead to harmful consequences when trying to understand and manage our economy. By emphasizing the prefix "general" in the title, the researchers aim to contrast their broader approach with the narrow focus of classical economics. They highlight the importance of considering factors like employment, interest rates, and money in a more comprehensive way to better reflect the complexities of our modern society.