By G. C. Peden (auth.)
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Additional info for Keynes, The Treasury and British Economic Policy
One may draw some tentative conclusions from the five areas identified in Chapter 1 as being aspects of Treasury policy capable of being modified by Keynes's ideas. These were: international monetary policy, domestic monetary policy, public investment as an employment policy, use of macroeconomic concepts and fiscal policy. As noted in Chapter 2, Keynes himself was largely responsible for international monetary policy as embodied in the Bretton Woods agreements, but these represented what could be negotiated with the Americans rather than what Keynes regarded as desirable in the best of all possible worlds.
Presumably what Keynes had in mind was that national insurance contributors, the majority of whom were working class, would be less likely to save additional income than people paying income tax, the majority of whom were middle class. Be that as it may, Henderson's belief in 1944 that the multiplier effect of variations in social insurance contributions would be subject to indeterminate time-lags [55: 322-3] seems to have carried weight with Treasury officials and the White Paper contained no explicit reference to the multiplier, let alone any estimates.
7] Beveridge, William, Social Insurance and Allied Services, Cmd 6404 (1942).  - - , Full Employment in a Free Society (1944). Keynes found himself in general agreement with this book, except for the chapter on international implications. See [89: 380-1].  Booth, Alan, 'The Second World War and the Origins of Modern Regional Policy', Economy and Society, XI (1982).  - - , 'The "Keynesian Revolution" in Economic Policy-making', EcHR, xxxvi (1983). The conclusions of this article have been challenged by Rollings  and Tomlinson .
Keynes, The Treasury and British Economic Policy by G. C. Peden (auth.)