Treatise on Money

John Maynard KEYNES

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Item#: 101258 price:$7,500.00


KEYNES, John Maynard. A Treatise on Money. London: Macmillan, 1930. Two volumes. Octavo, original blue cloth, original dust jackets. Housed in a custom clamshell box. $7500.

First edition of Keynes’ important work on monetary theory, in rare original dust jackets.

"The world-wide slump after 1929 prompted Keynes to attempt an explanation of, and new methods for controlling the vagaries of the trade-cycle" (PMM 423). "In 1930, 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…[however, criticism was swift and extreme] and the Treatise led to the formation of a reading group, known as 'the circus,' composed of young Cambridge economists Richard Kahn and others… 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 huge amount of unemployment at the time" (History of Economic Thought). As a result of the controversy over the Treatise on Money, and the subsequent discussions and debates that arose from it, Keynes produced his greatest work, The General Theory, which literally began a revolution in American economics. AMEX 254.

Books near-fine, with a single tear to head of each spine and slight toning to spines. Rare dust jackets with expert restoration. A desirable copy.

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