8vo. Half-title. Original russet cloth, spine gilt-lettered (some rubbing and stains, spotting to endleaves). Provenance: H. F. Howard (signature, August 1913).

FIRST EDITION OF KEYNES' FIRST BOOK, manifesting Keynes' "characteristic powers and tendencies. It is the work of a theorist, giving practical application to those esoteric monetary principles which Marshall had expounded and Keynes was explaining in the Cambridge classrooms, and at the same time it showed an outstanding gift for penetrating the secrets of how institutions actually work" (Harrod, The Life of John Maynard Keynes, p.163).