By Allan H. Meltzer
During this rigorous examine of John Maynard Keynes's perspectives on financial conception and coverage from 1920-1946, Professor Meltzer argues that a few of Keynes's major rules were overlooked or misstated. whereas recognition has excited by momentary countercyclical regulations, the most coverage implications were ignored. Keynes positioned nice emphasis on principles, predictability, and relief of uncertainty. based on his theoretical paintings, he adverse discretionary economic adjustments and favorite principles to lessen instability and elevate the capital inventory. those guidelines are in step with, and supply facts for, the translation of Keynes's thought constructed right here.
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Extra resources for Keynes's Monetary Theory: A Different Interpretation
644), and (3) seeing that buyers of financial assets have reasonable information about the businesses in which they invest.
295-306), published in 1925, is mainly a political document but contains Keynes's criticism of doctrinaire socialists and his reasons for not joining a socialist party. These papers are supplemented by other writing and speeches that, together, give a coherent picture of the beliefs that guided his policy proposals. Although "Economic Possibilities . . " was published during the depression of the 1930s, Keynes is optimistic. He notes that the capital stock grew despite the problems of the 1920s.
Mantoux (1946) makes a detailed criticism of Keynes's arguments and points out that Germany in the 1930s was able to spend on armaments more than would have been required to transfer as reparations under the treaty. 4 "The service of this debt will shortly absorb . . almost the entire yield of taxation . . the yield of taxation must be increased permanently by 30 percent" (4, pp. 58-9). Keynes in 1920s: ideas, beliefs, and events 21 banks would have to fall . . , p. 59). His general line of argument was, he replied to Carl Snyder, based on his analysis in the Treatise.