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A Tract on Monetary Reform

By John Maynard Keynes
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Economics

About This Book

The text analyzes how shifts in the value of money create unequal effects across investors, business, and earners, transferring wealth and heightening risk, unemployment, and economic waste. It treats inflation as a form of taxation, compares currency depreciation with capital levies, and re-states the quantity theory and purchasing-power parity while explaining exchange-rate behavior, including seasonal and forward markets. Competing policy aims—devaluation versus deflation and price stability versus exchange-rate stability—are weighed, and the author offers practical proposals for monetary reform in Britain, the United States, and other countries to reduce instability in the standard of value.

About the Author

Keynes, John Maynard portrait

John Maynard Keynes

John Maynard Keynes was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He is best known for his work "The Economic Consequences of the Peace," which critiqued the Treaty of Versailles and its economic implications for Europe after World War I. Keynes advocated for government intervention in the economy to mitigate the adverse effects of recessions, a concept that laid the groundwork for modern economic policies. His influential theories, often referred to as Keynesian economics, emphasized the importance of aggregate demand in driving economic growth and stability.

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