Keynes and the making of “the economy” : part 1

In The General Theory of 1936, Keynes pictures banknotes buried in abandoned coal mines to explain the need for governments to organize the domestic circulation of money:

If the Treasury were to fill old bottles with bank notes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again … there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a great deal greater than it actually is.

John Maynard Keynes, 1936. The general theory of employment, interest, and money, London: Macmillan, 129.


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