A Tract on Monetary Reform
Keynes on inflation, deflation and the management of money, written before the General Theory.
Keynes wrote this in 1923, a decade before the General Theory, and it remains the most direct statement of his monetary thinking. He examines inflation and deflation as instruments that redistribute wealth between classes, argues that neither should be left to chance, and makes the case for managing the currency deliberately. The source of the remark that in the long run we are all dead.
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Niall Ferguson
Part of the reason why we had deficits in the first place is that tolerance of deficits had come into Western economics through vulgar Keynesians. I use the term “vulgar Keynesian” deliberately, because I think Keynes would be rather appalled at the way his name is used these days to justify policies that are reckless.
Interview · April 2012
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