By Allan H. Meltzer
During this rigorous learn of John Maynard Keynes's perspectives on monetary thought and coverage from 1920-1946, Professor Meltzer argues that a few of Keynes's major principles were overlooked or misstated. whereas awareness has interested by temporary countercyclical regulations, the most coverage implications were overlooked. Keynes put nice emphasis on ideas, predictability, and aid of uncertainty. in response to his theoretical paintings, he adverse discretionary financial adjustments and favorite ideas to minimize instability and raise the capital inventory. those rules are in line with, and supply proof for, the translation of Keynes's idea constructed right here.
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Additional info for Keynes's Monetary Theory: A Different Interpretation
819). The surplus rises each year from 1909 to 1913 and then falls in 1914. The prewar values were the largest current-account surpluses in British history up to that time. , 34 Keynes's Monetary Theory p. 826). Prices had risen by approximately 50 percent, so the decline in the current balance, measured in pounds of constant value, is approximately £130 million per year on average. These data give some support to Keynes's interpretation emphasizing the rise in the cost of British output after the war.
This permitted a high rate of investment that sustained progress and increased living standards. Although he had not yet developed a relation between saving and investment to replace the classical model, he believed that encouraging thrift was not the way to sustain investment in the new conditions that had replaced prewar conditions. In three essays written during the 1920s, Keynes applied his ideas to the broad issues of economics and economic policy. "Economic Possibilities for Our Grandchildren" (9, pp.
Real balances rose during the recession and continued to increase, on average, during the rest of the decade, but monetary velocity rose also. 25 percent per year compounded from 1922 or 1923 to 1929, slightly below the average rate at which output increased. 1 A, were not available at the time. IB. Keynes's data is used to show what Keynes knew at the time. Where there is doubt about which source I use, indication will be given. a. a. a. a. a. a. a. a. 97 98 100 108 103 108 108 113 112 103 103 42 112 120 112 106 99 100 101 100 100 101 102 101 100 99 Real Prices GNP Deflator Retail 110 107 95 91 94 97 100 105 101 108 110 112 112 107 106 54 117 142 126 109 102 100 100 99 97 96 95 94 92 90 59 123 142 129 104 99 100 100 98 95 95 94 90 84 82 Source: Data for money are from Capie and Webber (1985), Tables 1(9), 111(12).