A Tract on Monetary Reform

In A Tract on Monetary Reform which was first published in 1923 British economist John Maynard Keynes argues that the objects of British government should be the stability of trade price and employment. The gold reserve should be demonetized. However this does not mean that gold serves absolutely no purpose anymore. Rather it is a store of value and a means of correcting the influence of a temporarily adverse balance of payment.. “This is a very brilliant as well as a very important book. Like all that Mr. Keynes writers it is full of matter and also full of wit…If any argument were wanted to show that whether we like it or not we must tackle the monetary problem it is to be found in Mr. Keynes’s book. It is a bright light and though it may if misused do harm to the eyesight of some people it throws a light and a true light on the world’s dilemma.”—The Spectator