A Tract on Monetary Reform (Summarized Edition)

Published in 1923, A Tract on Monetary Reform is a lucid diagnosis of post–World War I monetary disorder and a manifesto for stabilizing the domestic price level. Combining crisp polemic with empirical care, Keynes dissects inflation and deflation as "arbitrary and inequitable" redistributions, reframes the quantity theory as a practical guide to policy, and urges a managed currency over mechanica...