"The world-wide slump after 1929 prompted Keynes to attempt an explanation of, and new methods for controlling, the vagaries of the trade-cycle...in his General Theory, he subjected the definitions and theories of the classical school of economists to a penetrating scrutiny and found them seriously inadequate and inaccurate...A national budget, over and above its function of providing a national income, should be used as a major instrument in planning the national economy. The regulation of the trade-cycle...must be the responsibility of governments. Lost equilibrium in a national economy could and should be restored by official action and not abandoned to laisser faire."--PMM 423.

[With:] KEYNES. A Treatise on Money. London, 1930. 2 volumes, 8vo, original dark blue cloth. FIRST EDITION -- KEYNES. Essays in Persuasion. London, 1931. 8vo, original green cloth; dust jacket. FIRST EDITION.