John Maynard Keynes (June 5, 1883 - April 21, 1946) was a British
economist whose ideas have fundamentally affected the theory and
practice of modern macroeconomics, and informed the economic policies of
governments. He built on and greatly refined earlier work on the causes
of business cycles, and is widely considered to be one of the founders
of modern macroeconomics and the most influential economist of the 20th
century. His ideas are the basis for the school of thought known as
Keynesian economics, and its various offshoots. (Click
for Wikipedia article)
Americans are apt to be unduly interested in discovering what average
opinion believes average opinion to be; and this national weakness finds
its nemesis in the stock market.
But this long run is a misleading guide to current affairs. In the long
run we are all dead.
Economic privation proceeds by easy stages, and so long as men suffer it
patiently the outside world cares little.
Economics is a very dangerous science.
Education is the inculcation of the incomprehensible into the
indifferent by the incompetent.
I do not know which makes a man more conservative- to know nothing but
the present, or nothing but the past.
I work for a Government I despise for ends I think criminal.
If economists could manage to get themselves thought of as humble,
competent people on a level with dentists, that would be splendid.
It is generally agreed that casinos should, in the public interest, be
inaccessible and expensive. And perhaps the same is true of Stock
Logic, like lyrical poetry, is no employment for the middle-aged.
Men will not always die quietly.
Most men love money and security more, and creation and construction
less, as they get older.
Once doubt begins it spreads rapidly.
Perhaps it is historically true that no order of society ever perishes
save by its own hand.
The avoidance of taxes is the only pursuit that still carries any reward.
The day is not far off when the economic problem will take the back seat
where it belongs, and the arena of the heart and the head will be
occupied or reoccupied, by our real problems- the problems of life and
of human relations, of creation and behavior and religion.
The division of the spoils between the victors will also provide
employment for a powerful office, whose doorsteps the greedy adventurers
and jealous concession hunters of twenty or thirty nations will crowd
The glory of the nation you love is a desirable end, but generally to be
obtained at your neighbor's expense.
The importance of money flows from it being a link between the present
and the future.
The long run is a misleading guide to current affairs. In the long run
we are all dead.
The power to become habituated to his surroundings is a marked
characteristic of mankind.
There is no harm in being sometimes wrong- especially if one is promptly
There is nothing so disastrous as a rational investment policy in an
They offer me neither food nor drink- intellectual nor spiritual
consolation... [Conservatism] leads nowhere; it satisfies no ideal; it
conforms to no intellectual standard, it is not safe, or calculated to
preserve from the spoilers that degree of civilisation which we have
We are, as I have said, one equation short.
When the accumulation of wealth is no longer of high social importance,
there will be great changes in the code of morals.
Words ought to be a little wild, for they are the assaults of thought on
Worldly wisdom teaches that it is better for reputation to fail
conventionally than to succeed unconventionally.
John Maynard Keynes,
Quotes of the day
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