Notes

1 On the other hand, current prices are not an efficient guide to the investment decision, especially in depressed conditions. Future prices are the appropriate, though unknowable, guide.

2 "I should, however, like to say this, that I do very greatly doubt whether we shall ever be free in this country to return to unbridled laissez-faire in the matter of foreign lending" (CW 20, p. 147).

3 Henderson taught at Cambridge University, where he became an associate of Keynes. He was one of the group who set up and ran the Liberal Party Summer School starting in 1922. When a group headed by Keynes bought the influential Nation and Athenaeum magazine in 1923, Keynes persuaded Henderson to leave his job at Cambridge and become the editor of the magazine. Henderson was a significant contributor to BIF and coauthor with Keynes of the Liberal Party's 1929 campaign pamphlet "Can Lloyd George Do It?" However, as the global depression worsened in the early 1930s, he rejected the analysis and policy proposals of BIF, opposed Keynes's budget proposals, and shifted toward support of the conservative "Treasury View." He will reappear later in the book.

4 See also the Keynes-Mosley correspondence in CW 20 (pp. 312-315).

5 This would be the case in chapter 10 of The General Theory, where Keynes introduced the concept of the public investment multiplier.

6 Keynes wrote an article ("The Multiplier"; CW 21, pp. 171-178) a month later, extending this analysis.

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