Sobre a preferência pela liquidez em Keynes

This paper analyzes the “liquidity preference” developed by John Maynard Keynes, start-ing from his critique of the neoclassical view of money and economic equilibrium. In contrast to the orthodox approach, which treats money as neutral and exogenous, Keynes places liquidity at the core of economic fluctuations and systemic instability. Liquidity preference is presented as a rational response of economic agents to uncertainty. The analysis covers the dynamics between state-issued money, bank money, and the interest rate, highlighting how increased demand for liquidity can lead to a contraction in invest-ment and economic crisis. Building on this theoretical framework, the article connects Keynesian concepts to the contemporary macroeconomic context, showing how the pur-suit of liquidity in times of instability contributes to the decline of productive activity. It concludes that the liquidity preference remains essential to understanding the limits of monetary policy and the central role of the State in sustaining economic confidence.