What Is the Happiness of the Market?—Keynes' Perspective
1The market is a vast mechanism that supports people's lives. Yet, it does not always function smoothly. John Maynard Keynes believed that economic happiness was not merely the total wealth of a nation but rather the ability of people to have jobs and earn income.
In theory, the free market adjusts itself. However, in reality, when demand falls, production slows, jobs disappear, and livelihoods are shaken. Keynes saw this vicious cycle as a fundamental flaw of capitalism. He argued that full employment is the key indicator of economic vitality and the foundation of a stable society.
Therefore, the government should not merely observe the market’s fluctuations but intervene when necessary—creating jobs, stimulating demand, and restoring balance. By building roads, constructing bridges, and returning work to people's hands, the gears of the economy turn once more. For Keynes, the true happiness of the market was not in the concentration of wealth but in the realization of a world where everyone could work and live securely.