John Maynard Keynes, 1883-1946.

John Maynard Keynes

British economist John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics.  Keynes revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936).  This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society.  No other single book, before or since, has had quite such an impact.

Maynard (as he was commonly called) was the eldest son of the Cambridge economist and logician John Neville Keynes. An enormous influence, Keynes's father would remain a touchstone and frequent consultant during Maynard's future life and career. A sickly child, Maynard was raised in a solidly Victorian household in Cambridge.  W.E. Johnson, Henry Sidgwick and Alfred Marshall were frequent visitors to the Keynes' home.   Young Maynard showed an early aptitude for mathematics, and won a scholarship to the prestigious Eton school in 1897, where he quickly shone.  Keynes won numerous prizes at Eton, both in mathematics and classics, while maintaining a highly active participation in the school's committees and clubs.  Keynes's ability to juggle both high degrees of work and high degrees of extra-curricular play, and make it all seem effortless and easy, would be a feature of his life.

Maynard enrolled at King's College Cambridge in 1902, which he took to like a fish in water.  In his second term, Keynes was recruited into the "Apostles", a secretive, exclusive student conversation society. Through the Apostles, Keynes formed life-long friendships with future literary men Lytton Strachey and Leonard Woolf, and came to know hefty Cambridge philosophers like Bertrand Russell, Alfred North Whitehead and G.E. Moore. In his later 1938 memoir, "My Early Beliefs", Keynes would credit the influence of the utilitarian Moore in constructing his philosophical and moral outlook, as well as sparking his interest in probability theory.  Keynes was active in other areas - he became a member of the Cambridge Union debating society, eventually rising to the position of president.  The former president, Edwin Montagu, would become Keynes's life-long political mentor. Montagu introduced him to the political Liberal Club and had Keynes actively campaigning for the Liberal Party during the elections of 1906. Keynes may have had political career in mind when he composed a prize essay on Edmund Burke in 1904.

Keynes sat for the (Mathematical) Tripos examination in May, 1905, coming out as twelfth wrangler (a middling score, but better than expected, given his ample distractions).  Uncertain what to do next, Keynes began studying economics in the Summer of 1905, under the tutelage of Alfred Marshall, half in mind to complete an economics degree. Nonetheless, wary of being buried at Cambridge, and lured by London friends,  John Maynard Keynes decided to join the British civil service.  Keynes undertook the civil service examination in August 1906, but came only second, missing out on the prime spot at the Treasury, and consoling himself with a position at the India Office, under his old political mentor Edwin Montagu.

Keynes moved to London in October 1906 to begin work as a junior clerk in the India Office. Although Marshall had provided him the basic economic tools, it was his practical work at the India Office, much of it examining financial reports, that began to nudge Keynes in that direction. Handling large amounts of data led Keynes to direct some thoughts on the stubborn problem of index numbers.  Nonetheless, the light duties allowed Keynes to focus on writing a dissertation on probability theory, a subject brought out by Moore's philosophy.  Gradually finding Whitehall tiresome, Keynes began looking for opportunities to return to Cambridge and resuming the "student life".  Although Keynes failed to win a fellowship to a college, in June 1908, Marshall (then in the process of passing his professorial chair to Arthur Cecil Pigou) secured for Keynes a position as an informal lecturer in economics at Cambridge.  Thus, perhaps aptly, Keynes's entry into economics came not out of any prior passion (he still remained attached to philosophy and probability), but simply because he needed a job.   After a term of preparation, Keynes began lecturing in January 1909. Later that year, Keynes was finally elected fellow of King's College, won the Adam Smith Prize (with an essay on index numbers) and published his first major economics article (on the Indian economy).  Keynes's lectured primarily on money and banking, although in 1910 he would also take on the duties of Pigou's principles class.  A tireless and popular lecturer, Keynes was upgraded to Girdlers lecturer at Cambridge in 1911, and by the end of the year was appointed editor of the RES's The Economic Journal, taking over from the retiring Francis Ysidro Edgeworth on December 31, 1911.

At this stage, Keynes's economics was largely conventional Marshallian Neoclassicism.  Politically attached to the Liberal Party since his undergraduate days, Keynes was thoroughly orthodox in his ideas and policy positions - the gold standard (initially), the quantity theory, laissez faire, free trade, etc. - even more conservative than Pigou, who was then pushing economics into the socially activist realm via welfare theory.  On the other hand, Keynes was a bit of a novice - disinterested, Keynes had read very little on the topic outside of Marshall's Principles, before he began teaching it.  Keynes's education as an economist really began while editor of the Economic Journal, when he was forced to read the economics papers falling on his desk, and acquiring in that unique way a deeper and wider knowledge of the field..

Around the same time, Keynes found entry into a new social life in London - the "Bloomsbury Group", a set of non-conformist and iconoclastic upper class artists, writers and aesthetes that emerged around this time in London.  It had started back in 1905, with weekly dinners hosted by the children of the late Sir Leslie Stephen in their grand home on Gordon Square, to which Thoby Stephen (the eldest) invited fellow Cambridge students (Clive Bell, Lytton Strachey, Leonard Woolf) visiting London.  Although Thoby died tragically in 1906, the Cambridge men continued visiting, and the dinners continued, centered now around the Stephen sisters (novelist Virginia Woolf and painter Veronica Bell), and gradually evolved into a tight-knit intellectual discussion group.  Despite being in London during this early period and on friendly terms with most of them, Keynes was not one of the original members - his entry into the Bloomsbury group only came later, enabled by the painter Duncan Grant,  Keynes's homosexual partner at the time.  In 1909, Keynes had set up Grant with a studio nearby at Fitzroy Square, and was shortly after drafted into the group. Although their personal relationship was fizzling out, Grant cleared the way for Keynes's acceptance. By the time the Bloosmbury group congealed c.1911, Keynes was one of its core members.  The Bloomsbury group in London formed the center of Keynes's private and social life thereafter. With the exception of Gerald Shove (who overlapped both worlds), Keynes kept his Bloomsbury life strictly separate from his professional life as a Cambridge don or Treasury official.  Social/intellectual life in Cambridge was changing anyway, with the arrival of the Fabians and the eclipse of the Apostles.   Much of the male core of Bloomsbury - Keynes, Strachey, Woolf, Desmond McCarthy and E.M. Foster- had been Cambridge Apostles. In a sense, Bloomsbury was something of a Cambridge-in-exile for the old Apostles, and better reproduced the atmosphere Keynes had relished as a student than current Cambridge did. 

At the time, Keynes was working on his probability theory.  But he interrupted this to put out his first book, Indian currency and finance (1913).  This was written in a rush to respond to the "Indian silver scandal" that had broken out in late 1912.  In a nutshell, the British government in India was in need of making large silver purchases in 1912, but were afraid speculators might raise the price against it; so they avoided the standard channels for official bullion purchases, and had the private banking firm of Samuel Montagu & Co. discretely buy some £5 million of silver on their behalf.  When this was revealed in late 1912, it smelled of corruption, and the British press had a field day - Sir Stanley Samuel, the leading partner at Samuel Montagu & Co. was the elder brother of Herbert Samuel, a cabinet minister in Lord Asquith's Liberal government, who had been implicated earlier that summer in the separate "Marconi scandal", and both were cousins of Edwin Montagu at the India Office.  The press tied the scandals together, with anti-Semitic overtones, insinuating a "Jewish conspiracy" was afoot in the circles of government and high finance.  Keynes's 1913 book was designed to show the wisdom of the silver purchase scheme and defend the government (and his old mentor).  Keynes's deployed the intimate practical knowledge of financial matters acquired in the India Office years.  The main outcome of the affair is that Keynes was sought out by a grateful Asquith government.  Keynes was appointed to the Royal Commission on Indian Currency and Finance, which met over the summer of 1913, to consider whether India should convert to a full gold standard. Keynes was against it, and favored maintaining the current gold-silver exchange system.  The commission dragged on until early 1914.  Its report, delivered in March 1914, contained an annex written by Keynes, recommended the establishment of an India state bank (it did not come to be).

On August 2, 1914, two days before World War I broke out, at the pleading of his old commission friends, Keynes rushed to London to advise Lloyd George, the Chancellor of the Exchequer, on a mounting banking crisis.  The City had gone into a panic and a credit crunch was developing.  Lloyd George was contemplating suspending convertibility, effectively taking Britain off the gold standard, to maintain the Bank of England's gold reserves.  Keynes quickly apprised that the situation was not a genuine crisis, but a temporary panic, brought about by fear that the outbreak of war might bring the international payments system to a sudden stop, and prevent foreign debtors from remitting payments to London banks.  Keynes dissuaded suspension and advised the Chancellor to allow the Bank of England to use its gold reserves to maintain the international payments, while restricting payments internally. Banks caught temporarily short of funds could be bolstered by a government guarantee, and specially-issued Treasury notes.  The advice was largely followed, the panic subsided. 

Keynes brief experience as high government advisor whetted his appetite.  Keynes returned to Cambridge for the fall of 1914, but it was largely depleted of students, many of them having enlisted in the British army.  Keynes offered his services to the government, and in January 6, 1915, Keynes took leave of Cambridge and entered the Treasury, to assist with the financing of the British war economy.  His initial post was as assistant to the economic advisor Sir George Paish.  But Lloyd George was losing confidence in Paish.  Not wishing to be tied to a sinking ship, Keynes ditched Paish and made himself independently available, authoring memoranda and working on committees on his own account, and positioning himself as an indispensable expert on inter-allied finance.  After Lloyd George moved on to the ministry of munitions in May 1915, Keynes became particularly close his successor, Reginald McKenna, and by February 1916, Keynes was appointed head of A Division, basically in charge of anything to do with external finance, and had several fingers in other pies.  The external finance question was a vital one - Britain was not only paying for its own huge war effort, but also financially subsidizing the efforts of allies France, Russia, Italy, Belgium and Serbia. As the war dragged on, this became more acute, and British government had to borrow immense sums from private American banks, like J.P. Morgan, to continue.  But satisfying American lenders meant keeping the pound on the gold standard (for exchange rate stability) at all costs.  That meant British industries had to continue exporting as much as possible to bring in gold and foreign exchange and keep the pound from collapsing.  The McKenna-Keynes position brought them into conflict with Lloyd George (now PM) who wanted more and more resources diverted away from domestic industry and towards the war effort, and dismissed concerns about a pound depreciation, confident that the American banks would continue lending out of their own interest.  Keynes annoyed Lloyd George with his opposition to the new military conscription law (instituted May 1916), on the grounds that it hampered the British export industries. It was enough for Lloyd George to personally strike Keynes name out of the honors list in February 1917 (although Keynes eventually got his Companion of Bath honor three months later, when the Treasury refused to recommend any other name). 

The external finance question had reached crisis proportions in late 1916, when the US Federal Reserve instructed banks to curtail foreign lending.  At Keynes's urging, the Treasury came up with all sorts of schemes to keep war spending under control, raise new revenues, and lean on Allies to curb their demands.  The pressure was finally relieved when the United States entered the war in April 1917.  This gave the assurance that funding would now be guaranteed - at least in the long-term.  In the short-term, the British had to contend that private Americans savings were being diverted away from London to fund America's own wartime borrowing.  The US Treasury was also unwilling to release government money to fund Britain's debt to Morgan and private banks, preferring to tie them instead to purchases of US goods, like wheat. By the late summer, the foreign funding crisis was renewed.  Keynes undertook his first trip to the United States in early September 1917, to negotiate directly with the US Treasury on the terms for American loans.  He returned to England in late October.  Although the finance emergency was over, difficulties remained for Keynes to attend to - notably the inter-allied partition of funding.  The US had agreed to subsidize the Allies' purchases of American goods, but the rest of their borrowing needs were still sent to London.  Through early 1918, Keynes tried to negotiate with the Americans to take over a greater share of the funding of Allies, without however losing British control of it. 

The other item on the agenda, as the war was approaching its close with the armistice of November 11, 1918, was German reparations.  Keynes's Treasury memoranda insisted that reparations demands should be tailored to Germany's capacity to pay.  In January 1919, Keynes went to France as part of the British delegation to the Versailles Peace Conference.  Keynes was the official representative of the British Treasury at Versailles and sat on the Supreme Economic Council as the deputy of the Chancellor of the Exchequer.   His negotiations with German representatives for food relief in early 1919 is captured in his "Dr. Melchior" memoir.   Keynes was appalled at the vindictive nature of the peace settlement, and was particularly opposed to the devastating consequences of the heavy reparations payments imposed on Germany.  Exhausted and disgusted, Keynes resigned from the conference and the Treasury on June 7, 1919.  The treaty was signed a few weeks later (June 28), by which time Keynes was already back in England.

Keynes promptly set about writing his famous Economic Consequences of the Peace (Dec, 1919), denouncing the Treaty of Versailles.  It became an international best-seller and catapulted his name into the public spotlight.  Keynes condemned the Versailles terms for knocking out the central mast of the continental European economy - Germany being intimately intertwined by trade as both the major customer and supplier of neighboring countries and beyond, her economic ruin would impoverish Europe altogether.  He blamed the "Carthaginian peace" on the short-sightedness of the statesmen and delegates at Versailles, and his book is replete with excoriating sketches of their personalities.  He also articulated his worries about the massive war debt overhang of European governments crimping post-war recovery, and urged a "general bonfire" of these "paper shackles", i.e. the cancellation of inter-Allied debt.  Keynes ended his book with a prophetic warning that if the Allies insist on the impoverishment of Germany, "vengeance, I dare predict, will not limp" (p.268)  and ominously anticipates a future European war "before which the horrors of the late German war will fade into nothing".

Two years later, in his Revision of the Treaty (1922), Keynes crowed that public opinion had finally come around to him, and proposed a new plan to massively reduce German reparations bill (from 138 billion gold marks to 36 billion, to be paid in installments of 1,260 million per year for thirty years, paid principally to France and Belgium).  Keynes again urged both Britain and the US to waive their share of German reparations, and again went on to urge them to unilaterally cancel the debts owed them by other European governments.

In the interlude, Keynes finally got around to publishing his Treatise on Probability (1921).  Although it had been practically finished by 1913, Keynes had set it aside during the Indian commission, and then the war intervened, only allowing him to return to it now.  In the treatise, Keynes dismantled the classical theory of probability and launched what has since become known as the "logical-relationist" theory of probability, connecting probability to information.   Keynes's work caused something of a stir in philosophical circles.  It aroused the young Cantabrigian logician, Frank P. Ramsey, to outline his own "subjective" theory of probability

In 1923, Keynes published his Tract on Monetary Reform (1923), which was his contribution to the Cambridge cash-balance theory of money, then being developed by other Cambridge economists, Alfred Marshall, Arthur C. Pigou and Dennis H. Robertson.  It was also in a 1923 newspaper article that he first proposed his "normal backwardation" theory of hedging and speculation.

Throughout the 1920s, Keynes remained active in public policy debates, channeled mainly through his numerous articles in The Nation & Atheneum, a Liberal-Labour weekly magazine which he helped purchase in 1923 (it was later absorbed by the New Statesman in 1931).  The best of Keynes public policy writings was collected in his Essays in Persuasion (1931).  Keynes was on the forefront of the battle against returning Britain to the gold standard on a pre-war parity (e.g. "Economic Consequences of Mr. Churchill", 1925).  This led him to author two famous pieces in condemnation of laissez-faire economic policy (1925,1926).  In 1929, he wrote an election pamphlet with Hubert D. Henderson advocating the use of public works to reduce unemployment and condemning the Treasury's fear of "budget deficits".   In 1929, Keynes also entered into a small debate with Bertil Ohlin and Jacques Rueff on German reparations problem. 

Somewhere in all this, John Maynard Keynes found time to marry the Russian ballerina  Lydia Lopokova in 1925.

In 1930, John Maynard Keynes brought out his heavy, two-volume Treatise on Money, which effectively set out his Wicksellian theory of the credit cycle.   In it, the rudiments of a liquidity preference theory of interest are laid out and Keynes believed it would be his magnum opus.   His bubble was soon pricked.   Friedrich von Hayek reviewed the Treatise so harshly that Keynes decided to set Sraffa to review (and condemn no less harshly) Heyek's own competing work.  The Keynes-Hayek conflict was but one battle in the Cambridge-L.S.E. war for supremacy in British economics.

The Treatise also led to the formation of a reading group, known as "the Circus", composed of the young Cambridge economists Richard Kahn, Joan Robinson, Austin Robinson, James Meade and Piero Sraffa.  Kahn dutifully delivered reports of the Circus's discussions to Keynes, who subsequently began revising his ideas.  One resulting criticism of the Treatise was that it failed to provide a theory of the determination of output and employment as a whole -- a particular pertinent question given the increasing amount of unemployment at the time.   

The key was provided to Keynes in a short article by Richard  Kahn (1931) -- the theory of the income-expenditure multiplier -- which was to be the basis of his future revolution.  Already in a few 1933 articles and pamphlets, Keynes began announcing the new idea, and began submitting the drafts of his new book to the Circus and several fellow economists for review and dissection.  His ideas on the marginal efficiency of investment took a little longer to work out.

In early 1936, the new book finally came out with the pretentious title of  The General Theory of Employment, Interest and Money.   Heavily anticipated, cheaply priced and propitiously timed for a world caught in the grips of the Great Depression, the General Theory made a splash in both academic and political circles.  As one American politician put it, everyone always knew that the economic policies recommended by the Neoclassical economists were bad policies; but now they realized it was also bad economics.

With the General Theory, as it became known, Keynes sought to develop a theory that could explain the determination of aggregate output - and as a consequence, employment. He posited that the determining factor was aggregate demand.  Among the revolutionary concepts initiated by Keynes was the concept of a demand-determined equilibrium wherein unemployment is possible, the ineffectiveness of price flexibility to cure unemployment, a unique theory of money based on "liquidity preference", the introduction of radical uncertainty and expectations, the marginal efficiency of investment schedule breaking Say's Law (and thus reversing the savings-investment causation), the possibility of using government fiscal and monetary policy to help eliminate recessions and control economic booms.  Indeed, with this book, he almost single-handedly constructed the fundamental relationships and ideas behind what became known as "macroeconomics".

The Keynesian Revolution split the economics world in two generations: the young climbed over themselves to line up behind Keynes; the old rallied to condemn it.  John Maynard Keynes responded to his most able critics -- Jacob Viner, Dennis Robertson and Bertil Ohlin -- in a series of 1937 articles, which helped him to expand upon some key aspects of his theory. A densely-written and difficult book, it was followed up immediately by elucidatory publications by the members of Keynes's Circus, such as Joan Robinson, and young economists elsewhere in Britain, such as Roy Harrod and Abba Lerner.  

Of particular importance was the 1937 article by John Hicks which introduced the "IS-LM" representation of Keynes's theory that launched the "Neoclassical-Keynesian Synthesis" that was to pervade in America (and elsewhere) as the dominant form of macroeconomics in the post-war era, particularly in the 1950s and 1960s.  However, the so-called "Cambridge Keynesians" -- which included veterans of Keynes's Circus -- and their American cousins, the Post-Keynesian school, would dispute the "Synthesis" twist on the Keynesian Revolution.  They posited up their own versions of the theory, which, they argued, was more faithful to Keynes's original message.

Keynes's health collapsed circa 1938, and, consequently, Keynes largely missed out participating in the debate which was then raging on the interpretation of his own grand work.  When World War II broke out in earnest, Keynes re-emerged and published his 1940 pamphlet, How to Pay for the War.  In that small tract, he identified the "inflationary gap" created by resource constraints during the war effort, and promoted the device of "compulsory saving" and rationing to prevent price inflation, proposals that were adopted in 1941.  The 1940 piece is notable for it provided the seeds of a theory of inflation to complement the "depression economics" of the General Theory.

During the course of the war, Keynes was at the Treasury and set himself to think about the post-war economic order.   In 1938, Keynes had warmed up to Benjamin Graham's proposals for an international "commodity-reserve" currency to replace the defunct Gold Standard.  In 1943, Keynes forged his ideas for "Bancor", a proposal for an international clearing union.    In consultation with the Americans, Keynes eventually relented on his idea and accepted the American "White Plan" for an international equalization "fund" held in the currencies of the participating nations.  However, several essential aspects of Keynes's clearing union idea were incorporated.

In 1944, Keynes led the British delegation to the international conference in Bretton Woods where the details of the system were hammered out.  The American "White Plan" was accepted, countries would retain fixed exchange rates against the dollar, while the dollar itself would be matched to gold.  Two institutions, the International Monetary Fund (IMF) and the World Bank (IBRD), were created to oversee the new international monetary system.   

All these exhausting official missions and work taxed Keynes's already precarious health.  The ailing Keynes undertook one last strenuous journey to America on behalf of the Attlee Labour government in September 1945, to negotiate a $5 billion American grant to war-torn Great Britain.  But Keynes met resistance from American officials, and only managed to arrange a guarantee of an American loan of $3.75 billion, but with 2% interest strings attached on trade concessions. He returned to England by sea (his heart unable to withstand the conditions of a return flight) to push for the ratification of the loan's terms by the British parliament. Keynes died on April 22, 1946, two months before the loan was ratified by Congress.

[The HET Website's Keynesian Revolution pages include an Essay on Keynes's General Theory and the post-1936 developments in the Neo-Keynesian World, Keynesian Growth Theory, Keynesian Business Cycle Theory.]

 

Major Works of John Maynard Keynes

[Keynes was a prolific writer. His wrote numerous anonymous and signed articles for Nation & Atheneum (N&A), the Manchester Guardian (MG), the Manchester Guardian Commercial, Reconstruction in Europe (MGCRE), The Listener, The New Republic, The New Statesman and Nation (NSN) and The Times, many of which are not yet included in the following list]

  • "Note on rents, prices, and wages", 1908, EJ (Sep), p.472
  • "Index-numbers of real wages: reply to Yule", 1908, EJ, (Dec), p.655
  • "The method of index numbers" (Adam Smith prize essay), 1909
  • "The Recent Economic Events in India", 1909, EJ (Mar), p.51 [pdf]
  • "Review of Borel's Eléments de la Théorie des Probabilités", 1910, Mathematical Gazette, 1910, p.212
  • "Review of Webb's Rupee Problem", 1910, EJ (Sep), p.438
  • "Correspondence: Influence of Parental Alcoholism", 1911, J of Royal Statis Soc, (Jan), p.114 [av], (Feb) p.339 [av]
  • "Principal Averages and Laws of Error which Lead to Them", 1911, J of Royal Statis Soc, (Feb) p.322 [av, js]
  • "Review of Irving Fisher's Purchasing Power of Money", 1911, EJ (Sep), p.393
  • "Review of Morison's Economic Transition in India", 1911, EJ, (Sep) p.426
  • "Review of E. Czuber's Wahrscheinlichkeitsrechnung, v.2", 1911, Mathematical Gazette (Oct), p.161
  • "Review of W.S. Jevons's Theory of Political Economy", 1912, EJ (Mar), p.78 [HET: pdf]
  • "Official Papers: Report upon the Operations of the Paper Currency Department of the government of India during the Year 1910-11", 1912, EJ, (Mar), p.145
  • "Obituary - Gustave de Molinari", 1912, EJ (Mar), p.152
  • "Review of Huan-Chang's Economics of Confucius", 1912, EJ (Dec), p.584
  • "Review of McIlraith's Prices in New Zealand", 1912, EJ (Dec),p.595
  • "Official Papers: Tables showing for each of the Years 1900-1911, the estimated value of Imports and Exports of the United Kingdom", 1912, EJ (Dec), p.630
  • "Official Papers: Report of Departmental Committee on matters affecting Currency of the British West African Colonies and Protectorates", 1913, EJ (Mar), p.146
  • Indian Currency and Finance, 1913 (June) [bk, av]
  • "Review of Barbour's Standard of Value", 1913, EJ (Sep), p.390
    "Review of J.A. Hobson's Gold, Prices and Wages", 1913, EJ (Sep), p.393
  • "Currency in 1912", 1914, EJ (Mar), p.132
  • "Review of Fischel's Le Thaler de Marie-Thérèse", 1914, EJ (Jun), p.257
  • "Review of Morison's Economic Transition in India", 1914, WWA, p.557
  • "Review of Ludwig von Mises's Theorie des Geldes and Bendixen's Geld und Kapital", 1914, EJ (Sep), p.417
  • "Review of Innes's What is Money?", 1914, EJ (Sep), p.419
  • "War and the Financial System, August 1914", 1914, EJ (Sep), p.460 [hth]
  • "The City of London and the Bank of England, August 1914", 1914, QJE (Nov), p.48 [js, av]
  • "The Prospects of Money, November 1914", 1914, EJ (Dec), p.610
  • "The Trade of India in 1913-14", 1914, EJ (Dec), p.639
  • "The Works of Bagehot", 1915, EJ (Sep), p.369
  • "The Economics of War in Germany", 1915, EJ, 1915, EJ (Sep), p.443
  • [Pseud] "Face the Facts" by "Politicus", 1916, War and Peace.(Apr)
  • "Frederick Hillersdon Keeling (1886-1916)", 1916, EJ (Sep), p.319
  • "The New Taxation in the United States", 1917, EJ (Dec), p.345
  • "Note on the issue of Federal Reserve Notes in the United States", 1917, EJ (Dec), p.565
  • The Economic Consequences of the Peace , 1919 (Dec 12). [1920 repr; av] [McM, Lib] [German 1920 trans.Die wirtschaftlichen Folgen des Friedensvertrages, hth]; [French 1919 trans Les conséquences économiques de la paix. ucq]
  • "When the Big Four Met", 1919, The New Republic (US) (Dec 14), p.103 [unz], [reprint of ch. 3 of Keynes's 1919 ECP]
  • -- 1920 --
  • "Europe after the Treaty", 1920, The New Republic, (Jan 14), p.189 [unz] [reprint of ch. 6 of Keynes's 1919 ECP]
  • "The present state of foreign exchanges", 1920, Manchester and District Bankers' Institute Magazine (Jan 16)
  • "How to mend the Treaty", 1920, The New Republic, p.215 [unz] [reprint of ch. 7 of Keynes's 1919 ECP]
  • "Discussion - Suggested Remedies", 1920, The Famine in Europe, p.83 [av]
  • "Review of Hawtrey's Currency and Credit", 1920, EJ (Sep), p.362
  • "Review of Shirras's Indian Finance and Banking", 1920, EJ (Sep), p.396
  • "The Peace of Versailles", 1920, Everybody's Magazine, (Sep) p.36
  • "Economic Readjustment in Europe", 1920, Farm & Home (Oct)
  • "America at the Paris Conference: A delegate's story", 1920, Manchester Guardian (Dec 2), [repr. in Living Age, p.89]
  • -- 1921 --
  • "The Economic Consequences of the Paris 'Settlement'", 1921, Manchester Guardian (Jan 31 & Feb 1) [repr. as "German Reparation Again",  in Living Age, p.634]
  • "Dr. Melchior: a defeated enemy" (read Feb 3, 1921, pub. 1949, Two Memoirs)
  • "The latest phase of reparations", 1921, MG (Mar 5)
  • "Will the German mark be superseded? Reasons why permanent recovery is unlikely", 1921, MGCRE (Mar 24)
  • "The proposed occupation of the Ruhr", 1921, MG (Apr 26-27)
  • "The new reparation proposals", 1921, MG (May 6)
  • "Mr Keynes as a prophet", 1921, New Republic (Jun 8), p.48 [unz]
  • A Treatise on Probability, 1921 (Aug). [bk, av]
  • "Europe's Economic Outlook", 1921, Sunday Times, Pt. 1 (Aug 21), Pt.2 (Aug 28), Pt. 3 (Sep 4), Pt. 4 (Sep 11), Pt. 5 (Sep 18)
  • "Record depreciation of the mark: how speculators are more than paying the indemnity?", 1921, MG (Nov 9)
  • "Reparation payments. The suggested moratorium, time to drop the 'make-believe'", 1921, Sunday Times (Dec 4)
  • -- 1922 --
  • "The stabilisation of the European exchanges: A plan for Genoa", 1922, MG (Apr 6)
  • "On the way to Genoa: What can the conference discuss and with what hope?", 1922, MG (Apr 10)
  • "The conference gets to work", 1922, MG (Apr 12)
  • "Currency reform at Genoa", 1922, MG (Apr 15)
  • "Getting back to a gold standard", 1922, MG (Apr 17)
  • "Rubbish about milliards - the facts of the Russian reparation struggle", 1922, MG (Apr 18)
  • "A Plan for a Russian Settlement", 1922, MG (Apr 19)
  • "The theory of the exchanges and the 'purchasing power parit', 1922, MGCRE (Apr 20)
  • "The forward market in foreign exchanges", 1922, MGCRE (Apr 20)
  • "A chapter of miscalculations at the conference", 1922, MG (Apr 21)
  • "Letter to the Editor", 1922, NY Times Book Review (Apr 23)
  • "The reparation problem at Genoa", MG (Apr 24)
  • "The financial system of the Bolsheviks", 1922, MG (Apr 26)
  • "Financial results of Genoa", 1922, MG (Apr 27)
  • "The Russian rouble and the basis of future trade", 1922, MG (May 1)
  • "The proposals for Russia", 1922, MG (May 4)
  • "The Reconstruction of Europe: A general introduction", MGCRE (May 18)
  • "The Genoa Conference", 1922, MGCRE (Jun 15)
  • "Introduction to the Series", 1922, in D.H. Robertson, Money. p.v [av]
  • "Introduction", 1922, in M.E. Robinson, Public Finance, p.v [av]
  • "Introduction", 1922, in H.D. Henderson, Supply and Demand, p.v
  • A Revision of the Treaty: Being a sequel to the economic consequences of the peace, 1922 [bk, av] [1922 German trans, av], [1922 French trans, uqac]
  • "Economic Section President's Speech", 1922, in R. Pierpoint, ed, Report of the Fifth International Neo-Malthusian and Birth Control Conference, p.60 [av]
  • "Reparations and Inter-Allied Debt", 1922, Essays in Liberalism, p.51 [av]
  • "Russia", 1922, MGCRE (Jul 6)
  • "Inflation of currency as a method of taxation", 1922, MGCRE (Jul 27), p.268
  • "The consequences to society of changes in the value of money", 1922, MGCRE (Jul 27), p.321
  • "A moratorium for war debts", 1922, Westminster Gazette (Aug 5),
  • "An economist's view of population", 1922, MGCRE (Aug 17), p.340
  • "Germany's difficulties: how the mark will go", 1922, MG, (Aug 26)
  • "German people terrified by uncertainty", 1922, MG (Aug 28)
  • "Is a settlement of the reparation question possible now?", 1922, MGCRE (Sep 28), p.462
  • "Speculation in the Mark and Germany's balances abroad", 1922, MGCRE (Sep 28), p.480
  • Lectures to the Institutes of Bankers, 1922 (Nov 15, 22, 29)
  • "The stabilization of the European exchanges - II", 1922, MGCRE (Dec 7), p.658
  • "The need for a constructive British policy", MG (Dec 9)
  • -- 1923 --
  • A Tract on Monetary Reform, 1923. [HET: pdf]
  • "The reparation crisis: Suppose the conference breaks down?", 1923, Westminister Gazette (Jan 1)
  • "The underlying principle", 1923, MGCRE (Jan 4), p.717
  • "Europe in decay", 1923, Times (Jan 8)
  • "Mr. Keynes on the economic outlook" 1923, Times (Feb 1)
  • "Letter to the Editor", 1923, Times (Feb 14)
  • "Professor Jevons on the Indian Exchange", 1923, EJ (Mar), p.60 [pdf]
  • "Some aspects of commodity markets", 1923, MGCRE, (Mar 29), p.784
  • "Statement of policy of The Nation and Athenaeum", 1923, MG, (May 4)
  • "Editorial Forward", 1923, N&A (May 5)
  • "British policy in Europe", 1923, N&A (May 5) and New Republic (May 23)
  • "The German offer and the French reply", 1923, N&A, (May 12)
  • "The suggested German reply to Lord Curzon", 1923, N&A, (May 16)
  • "Mr. Bonar Law - a personal appreciation", 1923, N&A (May 26)
  • "The international loan", 1923, N&A (May 26)
  • "The German loan delusion", 1923, New Republic (Jun 13)
  • "The diplomacy of reparations", 1923, N&A (Jun 16) and New Republic (Jun 27)
  • "Is credit abundant?", 1923, N&A (Jul 7) #
  • "Bank rate at four per cent", 1923, N&A (Jul 14)
  • "Bank rate and stability of prices - A reply to critics", 1923, N&A (Jul 21) #
  • "Mr Baldwin's prelude", 1923, N&A (Jul 21)
  • "The Measure of Deflation - An Inquiry into Index Numbers", 1923, N&A, (Jul 28)
  • "Is a settlement of reparations possible?", 1923, N&A, (Jul 28)
  • "Mr. Baldwin's task", 1923, New Republic, (Aug 1)
  • "The American debt", 1923, N&A (Aug 4)
  • "A reparations plan", 1923,  New Republic (Aug 8)
  • "Currency policy and unemployment", 1923, N&A (Aug 11)
  • "What can Great Britain do?", 1923, New Republic (Aug 15)
  • "The legality of the Ruhr occupation", 1923, N&A (Aug 18) and New Republic (Aug 29)
  • "Population and unemployment", 1923, N&A (Oct 6)
  • "Lord Grey's letter to the Times", 1923, N&A, (Oct 13)
  • [Anon] "The inflation bogey and the moral", 1923, N&A, (Oct 27)
  • "How much has Germany paid?", 1923, N&A, (Oct 27) and New Republic (Nov 7)
  • "Is Britain overpopulated?", 1923, New Republic (Oct 31)
  • "The Liberal Party", 1923, N&A (Nov 17)
  • "Free Trade", 1923, N&A (Nov 24)
  • "A Reply to Sir William Beveridge"  (on Population and Unemployment), 1923, EJ (Dec), p.476
  • "Free Trade and Unemployment", 1923, N&A (Dec 1)
  • "Free Trade for England", 1923, New Republic, (Dec 19)
  • -- 1924 --
  • "Gold in 1923", 1924, N&A (Feb 2) and New Republic (Feb 27)
  • "The French press and Russia", 1924, N&A (Feb 9)
  • "The Prospects of Gold", 1924, N&A (Feb 16) and New Republic (Mar 12)
  • "The speeches of the bank chairmen", 1924, N&A (Feb 23)
  • "France and the Treasury: M. Klotz's charges refuted, Mr Keynes's reply", 1924, Times (Feb 27)
  • "A Comment on Professor Cannan's Article", 1924, EJ (Mar), p.65 (on the Tract)
  • "The Franc", 1924, N&A (Mar 15) and New Republic (Mar 26)
  • "Mr J.M. Keynes's Speech", 1924, Unemployment in its national and international aspects (ILO conference, March 25-27)
  • "Newspaper finance", 1924, N&A (Apr 5)
  • "The experts' report I: The Dawes report", 1924, N&A (Apr 12)
  • "The experts' reports II: the McKenna report", 1924, N&A (Apr 19)
  • "How can the Dawes Plan work? A British view", 1924, New Republic (Apr 23)
  • "The meaning of 'bonus'", 1924, N&A (May 17)
  • "Investment policy for insurance companies", 1924, N&A (May 17)
  • "Does unemployment need a drastic remedy?", 1924, N&A (May 24), p.235
  • "Discussion on monetary reform", 1924, EJ (Jun), p.169 (with E. Cannan, Addis and Milner)
  • "Note on Robertson's Real Ratio of International Interchange", 1924, EJ (Jun) p.291
  • "A drastic remedy for unemployment: reply to critics", 1924, N&A (Jun 7), p.311
  • "The policy of the Bank of England", 1924, N&A (Jul 19), p.500
  • "The policy of the Bank of England: reply", 1924, N&A (Jul 26), p.500
  • "The London Conference and territorial sanctions", 1924, N&A (Jul 26), p.527
  • "Wheat", 1924, N&A (Jul 26), p.527
  • "Debt payments from ourselves to American and from Germany to the Allies", 1924, Daily Herald (Aug 5)
  • "Foreign investment and national advantage", 1924, N&A (Aug 9), p.584
  • "Alfred Marshall, 1842-1924", 1924, EJ (Sep), p.311 [reprinted in 1925, Memorials of Alfred Marshall] [HET: pdf]
  • "The Dawes scheme and the German loan", 1924, N&A (Oct 4), p.7 & "What the Dawes Plan will do", 1924, New Republic (Oct 22)
  • [Anon] "Notice on the movie Tess of the D'urbevilles", 1924, N&A, (Oct 11)
  • "Defaults by foreign governments", 1924, N&A (Oct 18), p.130
  • "The balance of political power at the elections", 1924, N&A (Nov 8), p.207 & "The balance of power in Great Britain", 1924, New Republic (Nov 26)
  • "Edwin Montagu", 1924, N&A (Nov 29), p.322
  • "Bibliographical List of the writings of Alfred Marshall", 1924, EJ (Dec), p.627
  • -- 1925 --
  • "The inter-allied debts", 1925, N&A (Jan 10), p.516 & New Republic (Jan 25)
  • "Some tests for loans to foreign and colonial governments", 1925, N&A (Jan 17), p.564
  • "The Balfour note and inter-allied debts", 1925, N&A (Jan 24), p.575
  • "The return towards gold", 1925, N&A (Feb 21), p.707 and New Republic (Mar 18)
  • "The bank rate", 1925, N&A (Mar 7), p.790
  • "The problem of the gold standard", 1925, N&A (Mar 21), p.866
  • "Is sterling over-valued?", 1925, N&A Pt 1 (Apr 4, p.28), Pt.2 (Apr 18, p.86),
  • "The gold standard", 1925, N&A (May 2), p.129
  • "Is the pound overvalued?", 1925, New Republic (May 6)
  • "An American study of shares versus bonds as permanents investments", 1925, N&A (May 2), p.157
  • "The gold standard: a correction", 1925, N&A (May 9), p.169
  • "England's gold standard", 1925, New Republic (May 20)
  • "The Committee on the Currency", 1925, EJ (Jun), p.299
  • "The Gold standard Act, 1925", 1925, EJ (Jun), p.311
  • "The arithmetic of the sterling exchange", 1925, N&A (Jun 13), p.338
  • "Unemployment and Monetary Policy", 1925, Evening Standard (July 22, 23 & 24) (expanded version reprinted as Econ Consequences)
  • The Economic Consequences of Sterling Parity, 1925, later re-titled The Economic Consequences of Mr. Churchill.
  • "Am I a Liberal?", 1925, N&A Pt. 1 (Aug 8 p.563), Pt. 2 (Aug 15, p.587) [HET]
  • "Our monetary policy: rejoinder to Lord Bradbury's recent article", 1925, Financial News (Aug 18)
  • "Letter to the Editor", 1925, N&A (Aug 29), p.643
  • "Discussion on the National Debt" 1925, EJ (Sep), p.359
  • "The Economic Position of England" [pdf] and "The Economic Transition in England" [pdf] 1925, Lectures in Moscow for the Bicentennial Celebration of the Academy of Sciences, Sep. 14-15, 1925. [HET]
  • "Great Britain's 'Cross of Gold'", 1925, New Republic (Sep 16)
  • "Soviet Russia" 1925, N&A Pt. I (Oct 10, p.39), Pt. 2 (Oct 17, p.107), Pt. 3 (Oct 24, p.139) (also in New Republic, Oct 28, Nov 4, Nov 11)
  • A Short View of Russia, 1925.
  • "Relation of finance to British industry", 1925, MGCRE (Oct 15), p.393 [HET]
  • -- 1926 --
  • "The French Franc: an open letter to the French minister of finance (whoever he is or may be)", 1926, N&A (Jan 9), p.515 [repr. New Republic (Jan 27)]
  • "The French Franc: an reply to comments", 1926, N&A (Jan 16), p.544
  • "Review of Wallis Budge's Rise an Fall of Assyriology", 1926, N&A (Jan 16), p.564
  • "Some facts and last reflections about the franc", 1926, N&A (Jan 30), p.603
  • "Germany's coming problem: the prospects of a second Dawes year", 1926, N&A (Feb 6), p.635 [repr. New Republic (Feb 17)]
  • "Liberalism and labour", 1926, N&A (Feb 20), p.707 [repr. "Liberalism and Labour in England", New Republic (Mar 3)]
  • "Broadcast the budget!", 1926, Radio Times (Feb 26)
  • "Obituary: Francis Ysidro Edgeworth, 1845-1926", 1926, EJ (Mar), p.140
  • "Bagehot's Lombard Street", 1926, Banker (Mar), p.210
  • "Trotsky on England" 1926, N&A (Mar 27), p.884
  • "Coal: a suggestion", 1926, N&A (Apr 24), p.921
  • "Back to the coal problem", 1926, N&A (May 15), p.159
  • "The need of peace by negotiation", 1926, New Republic (May 19), p.395
  • "Review of Stock Exchange Official Intelligence for 1926", 1926, N&A (May 29), p.214
  • "The control of raw materials by governments", 1926, N&A (Jun 12), p.267
  • "Letter to the Editor" 1926, N&A, (June 12), p.316
  • "The first-fruits of the gold standard", 1926, N&A (Jun 26), p.344 [repr. New Republic (Jun 2)]
  • "Letter to the Editor", 1926, N&A, (Jun 28), p.381
  • "Mr Baldwin's Qualms", 1926, N&A (Jul 10), p.406
  • "The franc once more", 1926, N&A, (Jul 17), p.435 [repr. "The Future of the Franc",  1926, New Republic (Aug 11)]
  • "The End of Laissez-Faire", 1926, New Republic, Pt. 1 (Aug 25, p.13), Pt.2 (Sep 1, p.37)
  • The End of Laissez-Faire, 1926. [HET], [txt]
  • Laissez Faire and Communism, 1926.
  • (Editor) Official Papers by Alfred Marshall, 1926
  • "Obituary: A.A. Tschuprow (1873-1926)", 1926, EJ (Sep), p.517
  • "The progress of the Dawes Scheme", 1926, N&A (Sep 11), p.664 [repr. New Republic (Sept 29)]
  • "The Autumn prospects for sterling: should the embargo on foreign loans be reimposed?", 1926, N&A, (Oct 23), p.104
  • "The position of the Lancashire cotton trade", 1926, N&A, (Nov 13), p.209
  • "The prospects of the Lancashire cotton trade", 1926, N&A (Nov 27), p.291
  • "Will England restrict foreign investments?", 1926, New Republic (Dec 1)
  • "The Cotton Yarn Association", 1926, N&A, (Dec 24), p.443
  • -- 1927 --
  • "Clissold" 1927, N&A (Jan 22), p.561 [repr. "One of Wells's Worlds" (Clissold), 1927, New Republic (Feb 2)] (review of H.G. Wells)
  • "McKenna on Monetary Policy", 1927, N&A (Feb 12), p.651
  • "Letter to the Editor" 1927, N&A (Feb 19), p.720
  • "Mr Churchill on the War" 1927, N&A (Mar 5), p.754 [repr. New Republic (Mar 23)]
  • "Are books too dear?", 1927, N&A (Mar 12), p.786
  • "Liberalism and industry", 1927, in H.L. Nathan and H. Heathcote Williams, eds, Liberal Points of View, p.205
  • "The coming crisis on reparations", 1927, New Republic (Aug 3)
  • "A Note on Economy", 1927, N&A
  • "The Colwyn Report on Debt and Taxation", 1927, EJ (Jun), p.127
  • "A Model Form for Statements of International Balances", 1927, EJ (Sep), p.472
  • "The British Balance of Trade, 1925-27", 1927, EJ (Dec), p.551
  • -- 1928 --
  • "The financial reconstruction of Germany", 1928, New Republic (Jan 25) (review of Bergmann and Schacht)
  • "Note on the British Balance of Trade", 1928, EJ (Mar), p.146
  • "Lord Oxford", 1928, N&A and New Republic (Mar 14)
  • "He's a relation of mine", 1928, New Republic (May 16) (review of Gunn)
  • "A London view of the war debts", 1928, New Republic (May 23)
  • "The Stabilisation of the France", 1928, New Republic (Jul 18)
  • "Amalgamation of the British Note Issues", 1928, EJ (Jun), p.321
  • "How to Organise a Wave of Prosperity", 1928, Evening Standard (Jul 31) [HET]
  • "The United States Balance of Trade in 1927", 1928, EJ (Sep), p.487
  • "Review of F.C. Mills's Behavior of Prices", 1928, EJ (Dec), p.606
  • "Postwar Depression in the Lancashire Cotton Industry", 1928, J of Royal Statistical Society
  • "The Great Villiers Connection", 1928, N&A
  • "The French Stabilisation Law", 1928, EJ
  • "The War Debts", 1928, N&A
  • Réflexions sur le franc, 1926. [1928 French trans, ucq]
  • -- 1929 --
  • "The German Transfer Problem", 1929, EJ (Mar), p.1
  • "Review of Warren and Pearson's Inter-Relationships of Supply and Price", 1929, EJ (Mar), p.92
  • "A Rejoinder to Ohlin's Reparation Problem", 1929, EJ (Jun), p.179
  • "A Reply by Mr. Keynes" (to Rueff and Ohlin), 1929, EJ (Sep), p.404
  • Can Lloyd George Do It? An examination of the Liberal pledge, with H.D. Henderson, 1929. [HET: pdf]
  • "Winston Churchill", 1929, N&A
  • "Mr Churchill on the Peace", 1929, New Republic (Mar 27)
  • "The reparations crisis", 1929, New Republic (May 1)
  • "The bank rate", 1929, The Listener (Oct 2)
  • "A British view of the Wall Street slump", 1929, NY Evening Post (Oct 25)
  • -- 1930 --
  • Evidence to the Macmillan Committee on Finance and Industry, 1930 (Feb 20,21, 28 and Mar 6, 7)  [part in cleav]
  • "Unemployment", 1930, Listener (Feb 26)
  • "The question of high wages", 1930, Political Quarterly (Jan-Mar), p.110
  • "Ramsey as an Economist", 1930, EJ (Mar), p.153 [repr .1931  NSN ]
  • "Obituary: C.P. Sanger (1872-1930)", 1930, EJ (Mar), p.154
  • "The London Artists' Association: its origin and aims", 1930, Studio (Mar), p.235
  • "The draft convention for financial assistance by the League of Nations", 1930, N&A (Mar 8), p.756
  • "The draft convention for financial assistance by the League of Nations II", 1930, N&A (Mar 15), p.792
  • "The League and the Underdog", 1930, Saturday Review (Mar 30),  p.800 [unz]
  • "Review of the the Stock Exchange Official Intelligence for 1930", 1930, N&A (Apr 19), p.92
  • "A dupe as hero", 1930, N&A (May 3), p.144
  • "The Industrial Crises", 1930, N&A (May 10), p.163
  • "Obituary: the Earl of Balfour, Arthur Balfour (1848-1930)", 1930, EJ (Jun), p.336
  • "A.F.R. Wollaston (1875-1930)" 1930, N&A (Jun 15), p.345
  • "The future of the rate of interest", 1930, The Index (Sep)
  • "Fine Gold v. Standard Gold",1930, EJ (Sep), p.461
  • A Treatise on Money, 1930, (Oct), two volumes,
    • vol. 1 - The pure theory of money.
    • vol. 2 - The applied theory of money.
  • "Economic Possibilities for Our Grandchildren", 1930, N&A, Pt. 1 (Oct 11, p.36), Pt.2 (Oct 18, p.96) [repr. Saturday Evening Post.] [HET] [pdf, txt]
  • "Review of G. Glasgow's English Investment Trust Companies", 1930, N&A (Oct 25)
  • "Sir Oswald Mosley's manifesto", 1930, N&A (Dec 13), p.367
  • "The Great Slump of 1930" 1930, N&A Pt. 1 (Dec 20, p.402), Pt. 2 (Dec 27, p.427)
  • "Economist analyses year", 1930, Christian Science Monitor (Dec 31)
  • -- 1931 --
  • "The Problem of Unemployment II - Saving and Spending", 1931, The Listener (Jan 14) [HET]
  • "An Economic Analysis of Unemployment", 1931, in Quincy Wright, editor, Unemployment as a World Problem., p.3
  • "Credit Control", 1931, in E.R.A. Seligman, editor, Encyclopaedia of the Social Sciences, v.4, p.550
  • "A Rejoinder to D.H. Robertson, 1931, EJ (Sep), p.412
  • "The Pure Theory of Money: A reply to Dr. Hayek", 1931, Economica, p.387 (Nov)
  • "On the Eve of Gold Suspension", 1931, Evening Standard
  • "The End of the Gold Standard", 1931, Sunday Express
  • "After the Suspension of Gold", 1931, Times
  • "Proposals for a Revenue Tariff", 1931, NSN
  • "Some Consequences of the Economy Report", 1931, NSN
  • Essays in Persuasion, 1931 [gut] [French trans., ucq]
  • -- 1932 --
  • "The World's Economic Outlook" , 1932, Atlantic Monthly (May), p.521 [HET],[atl, atl]
  • "The Prospects of the Sterling Exchange", 1932, Yale Review
  • "The Dilemma of Modern Socialism", 1932, Political Quarterly
  • "Member Bank Reserves in the United States", 1932, EJ (Mar), p.27
  • "Saving and Usury", 1932, EJ (Mar), p.135 (part of symposium)
  • The World's Economic Crisis and the Way of Escape with A. Salter, J. Stamp, B. Blackett, H. Clay and W. Beveridge, 1932.
  • "A Note on the Long-Term Rate of Interest in Relation to the Conversion Scheme", 1932, EJ
  • -- 1933 --
  • "A Monetary Theory of Production", 1933, in G. Clausing, ed., Der Stand und die nächste Zukunft der Konjunkturforschung: Festschrift für Arthur Spiethoff. [HET]
  • "Mr. Robertson on Saving and Hoarding", 1933, EJ
  • "The Means to Prosperity", 1933, Times
  • "National Self-Sufficiency", 1933, Yale Review
  • "The Multiplier", 1933, NSN
  • Essays in Biography, 1933
  • The Means to Prosperity, 1933.
  • "An Open Letter to President Roosevelt, 16 December", 1933, New York Times [ndn]
  • -- 1935 --
  • "Commemoration of T.R. Malthus", 1935, EJ
  • "The Future of the Foreign Exchange", 1935, Lloyds Bank Review
  • -- 1936 --
  • "William Stanley Jevons", 1936, JRSS
  • "Herbert Somerton Foxwell", 1936, EJ (note:he didn't write this!)
  • "The Supply of Gold", 1936, EJ
  • General Theory of Employment, Interest and Money , 1936. [HET]
  • "Fluctuations in Net Investment in the United States", 1936, EJ (Sep), p.540 [HET  pdf]
  • -- 1937 --
  • "The General Theory of Empoyment", 1937, QJE (Feb), p.209 [HET, pdf]
  • "Professor Pigou on Money Wages in Relation to Unemployment", with N. Kaldor, EJ
  • "Alternative Theories of the Rate of Interest", 1937, EJ (Jun), p.241  [HET, pdf]
  • "The Ex Ante Theory of the Rate of Interest", EJ (Dec), p.663 [HET, pdf]
  • "The Theory of the Rate of Interest", 1937, in Lessons of Monetary Experience: In honor of Irving Fisher
  • "Some Economic Consequences of a Declining Population", 1937, Eugenics Review
  • -- 1938 --
  • "Comments on Mr. Robertson's `Mr Keynes and Finance'", 1938, EJ.
  • "Storage and Security", 1938, NSN
  • "The Policy of Government Storage of Foodstuffs and Raw Materials", 1938, EJ  (Sep), p.449
  • "Mr. Keynes's Consumption Function: A reply", 1938, QJE - reply to Holden (1938).
  • "Mr Keynes on the Distribution of Income and the Propensity to Consume: A reply", 1939, RES  
  • "Adam Smith as Student and Professor", 1938, EJ
  • "Introduction to David Hume, An Abstract of a Treatise on Human Nature", with P. Sraffa, 1938.
  • "James E. Meade's Consumers' Credits and Unemployment", 1938, EJ
  • -- 1939 --
  • "The Process of Capital Formation", 1939, EJ
  • "Professor Tinbergen's Method", 1939, EJ (Sep), p.558 [HET: pdf]
  • "Relative Movements of Real Wages and Output", 1939, EJ [HET, pdf]
  • "The Income and Fiscal Potential of Great Britain", 1939, EJ
  • -- 1940 --
  • "The Concept of National Income: Supplementary note", 1940, EJ
  • How to Pay for the War: A radical plan for the Chancellor of the Exchequer, 1940.
  • -- 1941 --
  • "The Objective of International Price Stability", 1943, EJ.
  • "El Plan Ingles", 1943, El Trimestre Económico, (Oct)
  • "Proposals for an International Clearing Union" (Second Draft), 1941 (Nov 18) [cleav]
  • -- 1944 --
  • "Mary Paley Marshall", 1944, EJ
  • "Note by Lord Keynes", 1944, EJ (Dec), p.429 [pdf] (on Frank Graham)
  • -- 1946 --
  • "The Balance of Payments of the United States", 1946, EJ
  • -- 1947 --
  • "Newton the Man", 1947, Newton Tercentenary Celebrations, 1947.
  • -- Posthumous --
  • The Collected Writings of John Maynard Keynes, (D.E. Moggridge, editor)
  • ,  1971-1989
    • v.1 - Indian Currency and Finance (1971)
    • v.2 - The Economic Consequences of the Peace (1971)
    • v.3 - A Revision of the Treaty (1971)
    • v.4 - A Tract on Monetary Reform (1971)
    • v.5 - A Treatise on Money, v.1 (1971)
    • v.6 - A Treatise on Money, v.2 (1971)
    • v.7 - The General Theory (1973)
    • v.8 - Treatise on Probability (1973)
    • v.9 - Essays in Persuasion (1972)
    • v.10 - Essays in Biography (1972)
    • v.11 - Economic Articles and Correspondence: Academic (1983)
    • v.12 - Economic Articles and Correspondence: Investment and Editorial (1983)
    • v.13 - The General Theory and After: Part 1 - Preparation (1973)
    • v.14 - The General Theory and After: Part 2 - Defence and Development (1973)
    • v.15 - Activities 1906-1914: India and Cambridge (1971)
    • v.16 - Activities 1914-1919: the Treasury and Versailles (1971)
    • v.17 - Activities 1920-1922: Treaty Revision and Reconstruction (1977)
    • v.18 - Activities 1922-1932: The End of Reparations  (1978)
    • v.19 - Activities 1922-1929: The Return to Gold and Industrial Policy, Part 1 & 2 (1981)
    • v.20 - Activities 1929-1931: Rethinking Employment and Unemployment Policies (1981)
    • v.21 - Activities 1931-1939: World Crises and Policies in Britain and America (1982)
    • v.22 - Activities 1939-1945: Internal War Finance (1978)
    • v.23 - Activities 1940-1943: External War Finance (1979)
    • v.24 - Activities 1944-1946: The Transition to Peace (1979)
    • v.25 - Activities 1940-1944: Shaping the Post-War World: the Clearing Union (1980)
    • v.26 - Activities 1941-1946: Shaping the Post-War World: Bretton Woods and Reparations (1980)
    • v.27 - Activities 1940-1946: Shaping the Post-War World: Employment and Commodities (1980)
    • v.28 - Social, Political and Literary Writings (1982)
    • v.29 - The General Theory and After: A Supplement (1979)
    • v.30 - Bibliography and Index (1989)
  • []

 


HET

 

Resources on J.M. Keynes

Contemporary

  • Portrait of the Cambridge Trio (Sraffa, Keynes and Robertson).
  • "Index-numbers of real wages", by G. Udny Yule, 1908, EJ (Dec), p.653
  • "Announcement of Keynes's editorship", 1911, Economic Journal (Dec), p.665
  • "Review of Keynes's Indian Currency and Finance", by Harold Reed, 1913, AER (Dec), p.941 [js]
  • "Review of Keynes's Indian Currency and Finance", by Herbert S. Foxwell, 1913, EJ (Dec), p.561 
  • "Keynes' Indian Currency and Finance", by E.W. Kemmerer, 1914, QJE (Feb), p.373, [js, av]
  • "Review of Keynes's Indian Currency and Finance" by E.M. Patterson, 1914, AAPSS (May), p.329 [js]
  • "A Carthaginian Peace?", 1920, Weekly Review (Feb 14), p.155
  • "The real indemnity imposed upon Germany by the Peace Treaty", D.H. Miller, 1920, Economic World (Feb 14), p.233
  • "The Fairness of the provisions regarding coal and peace treaty with Germany: A reply to J.M. Keynes animadversion on this point" by D.H. Miller, 1920, Economic World,  (Feb 21), p.269
  • "Paris and the Critics", 1920, The Independent (US) (Mar 13), p.414
  • "What Germany Ought to Pay" by J.M. Evans, 1920, Christian Register, (Apr 8) p.363
  • "Keynes' Economic Consequences of the Peace" by Clive Day, 1920, AER (June), p.299 [av]
  • "Review of Keynes's Economic Consequences of the Peace" by Frank Taussig, 1920, QJE (Feb), p.381 [js, av]
  • "Review of Keynes's Economic Consequences of the Peace"  by D.H. Robertson, 1920, EJ (Mar), p.77
  • "Review of Keynes's Economic Consequences of the Peace"  by H.O.M (Meredith), 1920, JRRS (Mar)
  • "The Economic Consequences of the Peace: speeches delivered by the LFNA, March 27, 1920" (P. Cravath, A.A. Young, A.S. Johnson, D.H. Miller), 1920, Bulletin of the League of Free Nations Association (Apr), p.2
  • "Review of Keynes's Economic Consequences of the Peace", by Frederic A. Ogg, APSR (May)
  • "Review of Keynes's Economic Consequences of the Peace", by Clyde L. King, AAPSS, (Jul), p.173 [js]
  • "Review of Keynes's Economic Consequences of the Peace" by Thorstein Veblen, 1920, PSQ (Sep), p.456 [js],[McM]
  • "Review of Keynes's Economic Consequences of the Peace", by C.J. Bushnell, 1920, AJS (Sep), p.238
  • "Review of Keynes's Economic Consequences of the Peace" by David Davidson, 1920, Ekon Tidskrift
  • "Review of Keynes's Economic Consequences of the Peace" by Kurt Singer, 1920, WWA
  • "Review of Keynes's Die wirtschaftlichen Folgen des Friedensvertrages", by Ernst Regensburger, 1920, JNS
  • "Review of Keynes's Economic Consequences of the Peace", 1920, GdE (Nov)
  • "The Treaty and Its Critic", by Andre Tardieu, 1920, Everybody's Magazine (Nov), p.21
  • La juste paix, ou, la vérité sur le traité de Versailles by Raphaël Georges Lévy, 1920 [bk]
  • Les dévastations Allemandes en France et les inexactitudes de M. J.M. Keynes, by Henri Bernier 1921 [av]
  • "The truth about Andre Tardieu", 1921, Forum, p.85
  • "What France considers a Just Peace (review of Levy)" by P. Cravath, 1921, Forum, p.175
  • "The German Export Bugbear", 1921, Weekly Review (Mar 2), p.194
  • "Review of Keynes's Treatise on Probability", by A.C. Pigou, 1921, EJ (Dec), p.507
  • "Review of Keynes's Treatise on Probability", by F.Y. Edgeworth, 1922, JRRS (Jan), p.107
  • "Review of Keynes's Treatise on Probability", by C.D. Broad, 1922, Mind, (Jan), p.72
  • "Can Germany Pay Anything?" by Simeon Strunsky, Saturday Evening Post [1922 reprint]
  • "The Obstacles to European Recovery" by Alvin S. Johnson, 1922, New Republic (Mar 1), p.24
  • "Review of Keynes's Treatise on Probability", by C.I. Lewis, 1922, Philosophical Review (Mar), p.180
  • "Review of Keynes's Revision of the Treaty", by D.H. Robertson, 1922, EJ (Mar), p.77
  • "Review of Keynes's Treatise on Probability", by Bertrand Russell, 1922, Mathematical Gazette (Jul), p.119
  • "Review of Keynes's Treatise on Probability", by William S. Foster, 1922, American Journal of Psychology (Jul)
  • "Review of Keynes's Revision of the Treaty", by F.A. Ogg, 1922, APSR (Aug)
  • "Review of Keynes's Treatise on Probability", by W.L.C., 1923, JASA (Mar), p.678
  • "Review of Keynes's Treatise on Probability", by Harry T. Costello, 1923, J of Philosophy (May), p.301
  • "Review of Keynes's Treatise on Probability", by Raymond Pearl, 1923, Science (Jul 20), p.51
  • "Review of Keynes's Tract on Monetary Reform" by François Simiand, 1923-24, L’Année sociologique, p.778
  • "Limitation of Currency or Limitation of Credit?" by Edwin Cannan, 1924, EJ (Mar), p.52 (Review of Keynes's Tract).
  • "Review of Keynes's Tract on Monetary Reform" by J.C. Stamp, 1924, JRRS (May)
  • "Review of Keynes's Tract on Monetary Reform" by R.G. Hawtrey, 1924, EJ (Jun), p.227
  • "Review of Keynes's Tract on Monetary Reform" by O.M.W. Sprague, 1924, AER (Dec)
  • "Review of Keynes's Tract on Monetary Reform" by R.N. Owens, 1924, JPE (Dec)
  • "Review of Keynes's Tract on Monetary Reform" by Albert Hahn, 1924, WWA
  • "Review of Keynes's Tract on Monetary Reform" by R.P. (Roger Picard), 1928, RdHES
  • Stabilisation de la valeur de la monnaie, exposé critique des systèmes de Irving Fisher et de John-Maynard Keynes, by Marc de la Valette, 1924 [av]
  • "Review of Keynes's End of Laissez-Faire" by Ludwig von Mises, 1927, ZfGS
  • "Review of Keynes's End of Laissez-Faire" by Ludwig von Mises, 1927, ZfGS
  • "Review of Keynes's End of Laissez-Faire", by Umberto Ricci, 1926, GdE (Nov)
  • "Review of Keynes's Réflexions sur le franc", by R.P. (Roger Picard), 1928, RdHES
  • "The Reparation Problem: A discussion", by Bertil Ohlin, 1929, EJ (Jun), p.172  (reply to Keynes's "German Transfer Problem" in Mar, 1929; replied by Keynes, June)
  • "Mr Keynes's View on the Transfer Problem", by Jacques Rueff, 1929, EJ, (Sep), p.388
  • "A Rejoinder from Professor Ohlin",1929, EJ, (Sep) p.400 (replied by Keynes, Sep)
  • "Review of Keynes's Treatise on Money", by R.G.H. (Hawtrey), 1931, JRRS, p.618
  • "Review of Keynes's Treatise on Money", by C.O. Hardy, 1931, AER (Mar), p.150
  • "Review of Keynes's Treatise on Money", by F. Cyril James, 1931, AAPSS (Mar), p.173
  • "Review of Keynes's Treatise on Money", by J.C. Stamp, 1931, EJ (Jun), p.241
  • "Mr. Keynes' Theory of Money" by D.H. Robertson, 1931, EJ (Sep), p.395 (replied by Keynes)
  • "Reflections on the Pure Theory of Money of Mr. J.M. Keynes" by F.A. von Hayek, 1931, Economica (Aug), p.270, plus "Erratum" (Nov, p.386). Replied by Keynes (Nov, p.387)
  • "A Rejoinder to Mr. Keynes",  by F.A. von Hayek, 1931, Economica, (Nov) p.398
  • "Reflections on the Pure Theory of Money of Mr. J.M. Keynes (continued)" by F.A. von Hayek, 1932, Economica (Feb), p.22
  • "A Note on the Theory of Money", by D.H. Robertson, 1933, Economica (Aug), p.243
  • "Abstract of a Conversation with J.M. Keynes", recorded by A.P. Chew, U.S. Depart. of Agriculture, 1936.[online]
  • "Mr. Keynes and the 'Classics' a Suggested Intepretation", by John Hicks, 1937, Econometrica [pdf]
  • "The Fundamental Assumption of Mr. Keynes’ Monetary Theory of Unemployment", by Wassily Leontief. 1937, QJE [ru]
  • J.M. Keynes obituary notice, NY Times, April 22, 1946
  • J.M. Keynes obituary notice The Economist, 1946
  • La paix calomniée ou les conséquences économiques de M. Keynes, by Étienne Mantoux, 1946 [ucq]
  • The Economics of John Maynard Keynes; the theory of a monetary economy by Dudley Dillard, 1948 [hth]
  • Away from Freedom: the revolt of the college economists by Vernon Orval Watts, 1952 [hth]
  • A History of Economic Thought: social ideals and economic theories from Quesnay to Keynes by Overton H. Taylor, 1960 [hth]
  • Keynes at Harvard: Economic deception as a political credo, 1960 Verita Foundation [hth]
  • What Keynes Means: a critical clarification of the economic theories of John Maynard Keynes by Anatol Murad, 1962 [hth]

Modern

  • Guide to Papers of John Maynard Keynes at Cambridge, via JANUS [online]
  • University of Tokyo Exhibition
  • : J.M. Keynes/R. Harrod, Letters and Memoranda, 1922-1943 [online]
  • Critics of Keynesian Economics, edited by Henry Hazlitt, 1960 (reprints of reviews of Viner, Knight, Mantoux, Hayek, Modigliani, BM Anderson, Cortney, Wasson, Garrett, Rueff, Williams, LA Hahn, Mises, Lawrence, Ropke, Hutt, AF Burns, Palyi and DM Wright )  [mis]
  • The John Maynard Keynes Page of Per Gunnar Berglund. (defunct)
  • "Monetary Reform: Review of Keynes's Tract on Monetary Reform" by Brad De Long, 1996 [online]
  • Post Keynesian Thought , (PKT) Homepage. (defunct)
  • "John Maynard Keynes" by Victoria Chick
  •  Keynes' General Theory of Interest: A Reconsideration  by Fiona Maclachlan, 2005
  • "The Economic Consequences of the Klassical Caricature" by Robert Leeson, 1998 [und]
  • "Keynes, Einstein and Scientific Revolution" , by James K. Galbraith 1994. American Prospect [online]
  • "John Maynard Nosferatu" , by James K. Galbraith 1994. JPKE.
  • "Mr Keynes and the Moderns" by Axel Leijonhufvud, 1999 [pdf]
  • "Keynes's Appendix to Chapter 19: A reader's guide", by Allin Cottrell, 1994, HOPE
  • "Keynes and Australia"  by Donald J Markwell  1985, Reserve Bank of Australia, [pdf]
  • "Varieties of Subjectivism: Keynes and Hayek on Expectations", W. Butos and R. Koppl, 1997, HOPE  [pdf].
  • "Keynes e Moore: il ruolo dei Principia Ethica in "My Early Belief"", by Maria Michela Marzano 1998, SdPE
  • J.M.Keynes page by Bradford de Long
  • Syllabus on Keynes Seminar by E. Roy Weintraub
  • Cairncross on Keynes , The Economist at Brad de Long [online]
  • J.M. Keynes by Robert Reich, 1999, Time [online]
  • J.M. Keynes page at Queen's Univ.
  • "Keynes" by Professeur Friboulet at Genève
  • "Keynes's Queer Birthing of Bayesian Theory" by Richard Cornwall
  • "To what extent was Keynes's General Theory revolutionary and to what extent was it based on past economic theories" by Aaron Einbond, 1995, Concord Review [pdf]
  •  "Keynes and Marx" by Claudo Sardoni [pdf]
  • "Economic Possibilities for the Grandchildren of JM Keynes" by Peter Funk, 1996
  • "Keynesian Theory and AD-AS Framework: A reconsideration" by A. Dutt and P. Skott, 2005 [pdf]
  • "Keynes on Econometric Method: A reassessment of his debate with Tinbergen and other econometricians, 1938-1943" by G. Garonne and R. Marchionatti [pdf]
  • Kreuzenkamp's essay "Keynes and the Econometric Method" by Peter Funk
  • "Keynes’s missing axioms" by Egmont Kakarot-Handtke, 2011 [pdf]
  • "What is Post Keynesian Economics?" by Ric Holt
  • "Keynes, Austrians and Economics" by Jerry Jackson, 1999 (defunct)
  • "Ch. 5 - Intuition and Common Sense in the Thought of John Maynard Keynes"  by Roger Frantz, 2005, Two Minds: Intuition and Analysis in the history of economic thought
  • The Consequences of Mr Keynes, by J.M. Buchanan, R.E. Wagner and J. Burtonm 1978 [iea]
    "Keynes in Retrospect" by Hans Brems, 1984 [av]
  • "Patinkin on Anticipations of Keynes", by Hans Brems, 1984 [av]
  • The Origins of the Keynesian Revolution: The development of Keynes' theory of employment and output by R.W. Dimand, 1988.
  • "Was Keynes a Liberal and an Individualist? Or Keynes reader of Mandeville” by Maurice Lageux, 1998, Cahiers d'econ pol [ucaq]
  • "Keynes, the Man" by Murray Rothbard, 1992, Dissent on Keynes [mis]
  • Dissent on Keynes: A Critical Appraisal of Keynesian Economics, ed. Mark Skousen, 1992 [mis]
  • "Keynes, capital mobility and the crisis of embedded liberalism" by Jonathan Kirshner, 1999, RIPE [pdf]
  • "Why White, not Keynes? Inventing the postwar international monetary system" by James M. Boughton, 2002, IMF [wp]
  • "Keynes and Mitrany as instigators of European Governance" by G.M. Ambrosi, 2004 [pdf]
  • "The Immoral Moral Scientist, John Maynard Keynes" by Nina Paulovicova, 2007, Past Imperfect [pdf]
  • "Keynes and India, 1909-1913: a study on foreign investment policy", by Carlo Christiano, 2009, EJHET [pdf]
  • Keynes and his Battles by Gilles Dostaler, 2007 [prev]
  • John Maynard Keynes by Paul Davidson, 2007
  • "Keynes, Kalecki, Sraffa: Coherence?" by Neil Hart and Peter Kriesler, [wp]
  • "Getting rid of Keynes? A reflection on the recent history of macroeconomics" by Michel De Vroey, 2007 [pdf] (repr. in Dimand et al. 2010).
  • Keynes's General Theory After Seventy Years, (ed. R. Dimand, R.A. Mundell, A. Vercelli), 2010
  • "John Maynard Keynes of Bloomsbury: four short talks" by C. Goodwin, E.R. Weintraub, K.D. Hoover, B. Caldwell, 2009 [pdf]
  • "Reading Keynes's Treatise on Probability" by Christian Robert, 2010 [av]
  • "The Demand Doctor" by John Cassidy, 2011, New Yorker [online]
  • "John Maynard Keynes, Investment Innovator" by David Chambers and Elroy Dimson, 2013, JEP [aea]
  • "J.M. Keynes and the Personal Politics of Reparations: Part 1" by Stephen A. Schuler, 2014, Diplomacy and Statecraft [pdf]
  • "John Maynard Keynes, Man or Myth? The Incident of the Spanish Pesetas" by Jay Zagorsky, 2014 [pdf]
  • "Who's Afraid of John Maynard Keynes?", by Ryan Cooper, 2016 [online]
  • Keynes page at NNDB
  • Keynes page at Marxists Internet Archive
  • Keynes page at BBC
  • Keynes entry at IESS (enc.com)
  • Keynes entry in Britannica
  • Keynes entry in Concise Encyclopedia of Economics, at Liberty Fund
  • Wikipedia
  • [biblio] (another) (pol). [cleav]

 

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