Some Reflections on Changes in Keynes’s Analysis between the Treatise and the General Theory
This chapter explores some of the differences in the treatment of money and interest rates by Keynes in A Treatise on Money (hereafter TM) (Keynes, 1930) and in The General Theory of Employment, Interest and Money (hereafter GT) (Keynes, 1936). The analysis of money is much more extensive in TM than in GT, and it could be argued that the treatment of money in GT is relatively brief (e.g. it does not discuss banks in any detail) because it was not necessary to repeat the lengthier treatment of TM (and Keynes assumed his readers knew TM).
KeywordsInterest Rate Central Bank Price Level Banking System Natural Rate
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