Keynes's Revolution : Money Neoclassical theory: –money a veil over barter –transactions motive only for holding money Keynes –Money ultimate source of liquidity in uncertain world –Speculative, precautionary & finance motives for holding money (latter not in General Theory book, but in 1937 papers) –Rate of interest the return for foregoing liquidity –Liquidity preference highly volatile because based on expectations (like Investment)
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