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Postscript: When Keynes was a Monetarist

In: Monetarism and the Demise of Keynesian Economics

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  • G. R. Steele

    (University of Lancaster)

Abstract

It is significant that during the post General Theory period Keynes did not repudiate his early writings on money. Although, even before it went to press, Keynes recognised A Treatise on Money as the premature and confused expression of revolutionary new ideas, his earlier work — A Tract on Monetary Reform — is a masterpiece without blemish. It deserves greater attention. Indeed, Friedman has expressed the opinion that the Tract is ‘the most explicitly monetarist work amongst the writings of the Cambridge School’ (Presley, 1985, p. 2).1 The reasons derive from the book’s principal concern which is that savings, investment, production, and employment depend upon stability in the value of money; that, without a scientific understanding of money matters, the order of society is threatened.

Suggested Citation

  • G. R. Steele, 1989. "Postscript: When Keynes was a Monetarist," Palgrave Macmillan Books, in: Monetarism and the Demise of Keynesian Economics, chapter 13, pages 131-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09994-8_13
    DOI: 10.1007/978-1-349-09994-8_13
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