Keynes’s Monetary Theory: A Different Interpretation

Meltzer, Allan H. Keynes's Monetary Theory: A Different Interpretation. Cambridge, UK: Cambridge University Press, 1989.

From Cambridge University Press:

In this rigorous study of John Maynard Keynes’s views on economic theory and policy from 1920-1946, Professor Meltzer argues that some of Keynes’s main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes’s theory developed here.


Table of Contents:


1. Introduction

2. Keynes in the 1920s: ideas, beliefs, and events

3. Theories, implications, and conjectures in the 1920s

4. The General Theory: a different perspective

5. Monetary reform and international economic order

6. Other interpretations of The General Theory

7. Conclusion



Cambridge University Press