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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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The Coming of J. M. Keynes

The Coming of J. M. Keynes

(p.250) Chapter 16 The Coming of J. M. Keynes

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter examines John Maynard Keynes's views with respect to money. It first considers Keynes's argument that, left to itself and given time, the economic system would find its equilibrium with all or nearly all its willing workers employed. If Keynes's instinct were right, the hopes of the monetary radicals would also destroyed. A change in the gold content of the dollar or an increase in banks' reserves would not mean more borrowers, more deposits, more money and a surge of the economy back to full employment. It followed that monetary policy would not work. What was needed was a policy that increased the money supply available for use and then ensured its use. The chapter considers Keynes's theoretical justification for his views in the 1936 book The General Theory of Employment Interest and Money, the fiscal policies he advocated, his repudiation of Say's Law, and Keynesian policies on taxation.

Keywords:   money, John Maynard Keynes, banks, gold, employment, monetary policy, money supply, The General Theory of Employment Interest and Money, Say's Law, taxation

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