It is the intention in this study to explore the system of economic analysis set out in its original form in Mr. John Maynard Keynes' The General Theory of Employment, Interest and Money in order to consider first its internal consistency and second its application to the world we know. Since it appears to the writer that the system constitutes a vital expansion of the corpus of economic doctrine developed in Britain and elsewhere in the one hundred and sixty-six years since the publication of The Wealth of Nations, the right is expressly reserved to expand and to qualify the analysis of the system in the directions and to the degrees which appear to be required by logic and by the statistical studies which have succeeded the presentation of the system in Mr. Keynes' Grand Theory.