| List of figures and tables | p. ix |
| Keynes, you should be alive today! | p. 1 |
| Postwar economic performance | |
| Keynes's revolution | |
| The academic resurrection of classical economics | |
| Differing views on the role of financial markets | |
| Five key points | |
| Keynes, the poet of money | |
| A brief outline of this monograph | |
| Keynes's principle of effective demand | p. 17 |
| Is lack of competition the fundamental cause of unemployment? Liquidity versus Say's Law | |
| Say's Law | |
| Classification and the principle of effective demand | |
| Why flexible wages do not assure full employment | |
| Some further clarifications | |
| A simple illustration of the principle of effective demand | |
| Deriving Keynes's aggregate supply and demand analysis from Marshallian micro demand and supply functions | |
| Uncertainty and reality in economic models | p. 39 |
| A parable: the fable of the P's, or what mortals these P's fool! | |
| Axioms and model building | |
| Classical axioms and money's elasticity properties | |
| Two concepts of economic reality | |
| A brief excursion into the history of economic thought | |
| Uncertainty and ergodic stochastic processes | |
| Immutable versus transmutable theories of reality | |
| Uncertainty and 'irrational' behavior | |
| Crucial decisions and Schumpeterian entrepreneurs | |
| Are probabilities knowable but unknown because of limited human computing power? | |
| Investment: illiquid real capital versus liquid assets | p. 70 |
| Two types of investment | |
| Markets, contracts, liquidity and chartalist money | |
| Financing and funding assets: why money matters | |
| Asset position taking and liquidity | |
| Real capital, savings, time preference and liquidity preference | |
| Attributes of all durables | |
| Why liquidity preference? | p. 87 |
| The four motives for holding money | |
| The demand for the medium of contractual settlement | |
| The demand for a liquid time machine | |
| Bulls versus bears | |
| The finance motive and endogenous money | |
| The finance motive, finance and funding | |
| Endogenous versus exogenous money | |
| Financial markets, liquidity and fast exits | p. 104 |
| The double-edged sword of financial markets | |
| Market liquidity, fast exits and funding investments | |
| The market for securities | |
| The different role of banks and nonbank financial intermediaries | |
| Bank loans and money-market financial intermediaries | |
| Conclusion | |
| Planned investment, planned savings, liquidity and economic growth | p. 120 |
| Harrod's actual, warranted and natural rates of growth | |
| Planned savings and the supply of financial assets | |
| Ownership and liquidity | |
| External funding and savers' 'nonspeculative' demand for securities | |
| Actual growth when new issues exceed the nonspeculative demand for securities | |
| The contractionary case with a bull market | |
| Economic growth, liquidity and funding 'other' spending sectors | |
| Some conclusions | |
| Complicating the picture: money and international liquidity | p. 136 |
| Open versus closed and unionized versus nonunionized monetary systems | |
| Aggregate accounting as a basis for the closed-open dichotomy | |
| The accounting value of exports and imports and transfer pricing | |
| The balance of payments accounting statement | |
| Measuring the degree of openness | |
| The UMS-NUMS classification | |
| Exchange uncertainty | |
| Was the gold standard a UMS? | |
| Trade imbalances and international payments | p. 150 |
| Classical real adjustment processes | |
| Trade adjustments, payments adjustments and the Marshall-Lerner condition | |
| Income effects and payments imbalances | |
| Thirlwall's Law: extending Harrod's trade multiplier analysis | |
| The demand for money - domestic or international | |
| The need for reserves | |
| International liquidity and exchange rate stability | p. 169 |
| The facts versus the theory of flexible exchange rates | |
| Fixed versus flexible exchange rates and asset holdings | |
| The efficient market hypothesis again | |
| Who should 'make' the exchange rate market? | |
| If markets are efficient why has there been so much volatility in financial markets? | p. 180 |
| Efficiency versus liquidity | |
| Taxing volatility: theory versus the facts | |
| Ergodicity, efficient markets and noise traders | |
| Summers, Tobin and super-efficient markets | |
| Keynes, speculation and liquid financial markets | |
| Keynes, liquid financial markets and the empirical findings | |
| Ergodicity, efficient markets and the empirical findings | |
| Are real capital allocation decisions efficient? | |
| Speculative whirlpools and bandwagons | |
| A policy implication: buffering conventional wisdom | |
| Exchange rates and the Tobin tax | p. 200 |
| Is social control of exchange markets bad? | |
| Capital uncertainty, speculative flows and the Tobin tax | |
| The plumbers' solution to destabilizing international capital flows | p. 213 |
| Capital movements | |
| Flexible exchange rates and export-led growth | |
| Explaining the facts | |
| A lesson from the gold standard era | |
| Plumbing solutions to end financial market volatility | |
| The Bretton Woods experience and the Marshall Plan | |
| The architectural solution: reforming the world's money | p. 231 |
| Reforming the international payments system | |
| Alternative financial architectural proposals | |
| Criticism of Williamson's FEER proposal | |
| Criticism of McKinnon's PPP proposal | |
| A comparison of the three architectural proposals | |
| What if? | |
| Conclusion | |
| The economy and the twenty-first century | p. 253 |
| The positive role of government | |
| Index | p. 257 |
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