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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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The Macmillan Committee: The exposition of the Treatise

The Macmillan Committee: The exposition of the Treatise

(p.103) 5 The Macmillan Committee: The exposition of the Treatise
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

The Treatise took shape as two volumes: Volume One, The Pure Theory of Money, and Volume Two, The Applied Theory of Money. When it was published, it was generally agreed that its most original contribution to economic analysis was the emphasis laid upon the distinction between saving and investment. What use could be made of monetary policy to encourage enterprise by facilitating investment? This was the practical question to which Keynes's theory gave rise. In the Treatise, Keynes declared that ‘the real task’ of monetary theory was ‘to treat the problem dynamically’ in order ‘to exhibit the causal process by which the price level is determined, and the method of transition from one position of equilibrium to another’.

Keywords:   Macmillan Committee, Keynes, saving, investment, monetary policy, price level

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