Keynes's Monetary Theory

In this rigorous 1989 study of John Maynard Keynes''s views on economic theory and policy from 1920-46 Professor Meltzer argues that some of Keynes''s main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies the main policy implications have been neglected. Keynes placed great emphasis on rules predictability and reduction of uncertainty.