For his critique of classical economics, Keynes emphasizes that he places the word “General” in his title deliberately, aiming to highlight how his arguments encompass a broader range of economic conditions than the prevailing classical theories. These established doctrines are based on postulates that apply only in very particular circumstances—so-called “special cases”—rather than the realities of modern, complex economies. Keynes points out that the classical viewpoint assumes a natural convergence toward full employment and equilibrium, but he finds this assumption fundamentally flawed. By describing such theory as erroneous and ruinous when applied without nuance, Keynes signals the need for a new framework more attuned to the actual economic environment. His ideas will directly challenge the century-old assumptions taught in universities and used by governments, particularly those about wage levels, employment, and market self-correction. In these opening pages, Keynes prepares readers for a radical departure from the old orthodoxy, promising instead a theory that accounts for the full spectrum of possible economic outcomes rather than just an idealized or limited scenario.

Keynes critiques the foundational assumptions of classical economics concerning wage determination, employment, and the belief that supply creates its own demand.