A Treatise on Money, completed in 1930, was the outcome of six years of intensive work and argument with D. H. Robertson, R. G. Hawtrey and others. As in the Tract on Monetary Reform, the central concerns of the Treatise are the causes and consequences of changes in the value of money and the means of controlling such changes to increase well-being. The analysis is, however, considerably more complex and the applied statistical work much more elaborate. The Treatise has long been of interest amongst economists, as a precursor of the General Theory, as an important discussion of the mechanics of inflationary and deflationary processes and as an important statement of the problems of national autonomy in the international economy. This edition provides a new edition of the original, corrected on the basis of Keynes's correspondence with other economists and translators. It also provides the prefaces to foreign editions.
The Pure Theory of Money: Part I. The Nature of Money: 1. The classification of money; 2. Bank money; 3. The analysis of bank money; Part II. The Value of Money: 4. The purchasing power of money; 5. The plurality of secondary price levels; 6. Currency standards; 7. The diffusion of price levels; 8. The theory of comparisons of purchasing power; Part III. The Fundamental Equations: 9. Certain definitions; 10. The fundamental equations for the value of money; 11. The conditions of equilibrium; 12. The distinction between savings and investment; 13. Alternative forms of the fundamental equations; Part IV. The Dynamics of the Price Level: 15. The industrial circulation and the financial circulation; 16. A classification of the causes of a disequililbrium of purchasing power; 17. Changes due to monetary factors; 18. Changes due to investment factors; 19. Some special aspects of the credit cycle; 20. An exercise in the pure theory of the credit cycle; 21. Changes to international disequilibrium.