A Treatise on Money: The Pure Theory of Money by John Maynard Keynes

By John Maynard Keynes

John Maynard Keynes (1883–1946) was once definitely probably the most influential thinkers of the 20th century. His paintings revolutionised the idea and perform of contemporary economics. It has had a profound influence at the means economics is taught and written, and on fiscal coverage, around the globe. The accumulated Writings of John Maynard Keynes, released in complete in digital and paperback layout for the 1st time, makes to be had in thirty volumes all of Keynes’s released books and articles. This contains writings from his time within the India workplace and Treasury, correspondence during which he constructed his principles in dialogue with fellow economists and correspondence when it comes to public affairs. Arguments approximately Keynes’s paintings have continued
long past his lifetime, yet his rules stay primary to any figuring out of recent economics, and some extent of departure from which every new iteration of economists attracts inspiration.

A Treatise on funds, accomplished in 1930, used to be the result of six years of extensive paintings and argument with D. H. Robertson, R. G. Hawtrey and others. As within the Tract on financial Reform, the critical issues of the Treatise are the motives and results of adjustments within the worth of cash and the technique of controlling such adjustments to extend health and wellbeing. The research is, although, significantly extra complicated and the utilized statistical paintings even more complicated. The Treatise has lengthy been of curiosity among economists, as a precursor of the final conception, as a major dialogue of the mechanics of inflationary and deflationary techniques and as a big assertion of the issues of nationwide autonomy within the overseas economic system. This version offers a brand new version of the unique, corrected at the foundation of Keynes's correspondence with different economists and translators. It additionally offers the prefaces to international variations.

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Extra resources for A Treatise on Money: The Pure Theory of Money

Sample text

005 THE PURE THEORY OF MONEY is like that between the king of England (whoever he may be) and King George. A contract to pay ten years hence a weight of gold equal to the weight of the king of England is not the same thing as a contract to pay a weight of gold equal to the weight of the individual who is now King George. It is for the State to declare, when the time comes, who the king of England is. Now by the mention of contracts and offers, we have introduced law or custom, by which they are enforceable; that is to say, we have introduced the State or the community.

CURRENT MONEY One of the fundamental elements in the theory of money is the total quantity of money of all kinds in the hands of the public; and it often makes but little difference whether the money in question is State money or bank money. The aggregate of both may be called current money. The relationship between current money and State money is as follows. The typical modern banking system consists of a sun, namely the central bank, and planets, which, following American usage, it is convenient to call the member banks.

The real subjects of the controversy were two. First, was it expedient to change the standard of sterling at such a time or in such a way that the transition would involve a significant alteration in the level of money incomes? Should not any change of standard be so made that the purchasing power of the new standard is, at the moment of transition, both equal to the purchasing power of the existing money of account and in equilibrium with money incomes, with the result that the change of standard, in itself and at the moment, does not involve any alteration, up or down, in the current level of money values?

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