THE CONCEPTIONS OF MONETARY THEORY IN JOHN MAYNARD KEYNES: A CHRONOLOGICAL EXERCISE

Abstract

This article inquires the evolution of Keynes's ideas related to monetary theory. To this aim, the author presents this paper based on the following books: Indian Currency And Finance, 1913, The Economic Consequences Of The Peace, 1919, A Tract On Monetary Reform, 1923, A Treatise On Money, 1930, and The General Theory Of Employment, Interest And Money, 1936. The conclusion is that, first of all, the Keynesian thought moves from one position in which the Quantity Theory of Money is inclosed in his theoretical approach to one conception where the monetary and real relations are identified by the monetary theory of production. Finally, the transition between these two monetary theories begins with the Tract and, especially, the Treatise, and finishes with the General Theory.