This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus … Great Depression may have informed his General Theory. Exploring the connection between the experience of the Great … Depression and the theoretical framework Keynes presents in The General Theory, the assumption of a constant money stock …

John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …