The Liquidity of Money
重新解读了凯恩斯在《通论》中隐含的流动性定义，即价值相对于长期预期变化的稳定性，这不同于通常的可兑换性概念，并解释了凯恩斯为何强调货币流动性。
In his General Theory, Keynes implicitly defines liquidity as stability of value with respect to changes in the state of long-term expectation. This contrasts with the usual conception of liquidity as convertibility and with leading Post-Keynesian interpretations. The proposed definition explains why Keynes places so much emphasis on liquidity, while assuming perfect markets for capital goods, and writes of the liquidity of land. It also sheds new light on the distinction Keynes makes between the liquidity of money and the ‘liquidity’ of organised investment markets.