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We will not have any more crashes in our time.
John Maynard Keynes -
I am myself impressed by the great social advantages of increasing the stock of capital until it ceases to be scarce.
John Maynard Keynes
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I do not know which makes a man more conservative - to know nothing but the present, or nothing but the past.
John Maynard Keynes -
The general character of our solution must be, therefore, that it withdraws from expenditure a proportion of the increased earnings. This is the only way, apart from shortages of goods or higher prices, by which we can secure a balance between money to be spent and goods to be bought.
John Maynard Keynes -
God has arrived. I met him on the 5:15 train.
John Maynard Keynes -
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
John Maynard Keynes -
The atomic hypothesis which had worked so splendidly in Physics breaks down in Psychics.
John Maynard Keynes -
A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him. It is necessarily part of the business of a banker to maintain appearances, and to confess a conventional respectability, which is more than human. Life-long practices of this kind make them the most romantic and the least realistic of men.
John Maynard Keynes
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Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.
John Maynard Keynes -
The power to become habituated to his surroundings is a marked characteristic of mankind.
John Maynard Keynes -
The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
John Maynard Keynes -
Well, when I get new information, I rethink my position. What, sir, do you do with new information?
John Maynard Keynes -
Like all his type, Newton was wholly aloof from women.
John Maynard Keynes -
It is the long term investor who will in practice come in for the most criticism. For it is the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
John Maynard Keynes
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The study of economics does not seem to require any specialised gifts of an unusually high order.
John Maynard Keynes -
The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
John Maynard Keynes -
It is ideas, not vested interests, which are dangerous for good or evil.
John Maynard Keynes -
The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
John Maynard Keynes -
Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.
John Maynard Keynes -
The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
John Maynard Keynes
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Words ought to be a little wild, for they are the assaults of thoughts on the unthinking.
John Maynard Keynes -
There was an attraction at first that Mr Baldwin should not be clever. But when he forever sentimentalises about his own stupidity, the charm is broken.
John Maynard Keynes -
It is the long-term investor...who will in practice come in for the most criticism... For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion...
John Maynard Keynes -
It is not the ownership of the instruments of production which it is important for the State to assume. If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary. Moreover, the necessary measures of socialization can be introduced gradually and without a break in the general traditions of society.
John Maynard Keynes