Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.— John Maynard Keynes
The most tremendous John Maynard Keynes quotes to discover and learn by heart
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
When the facts change, I change my mind.
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back
If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
The boom, not the slump, is the right time for austerity at the Treasury.
Markets can remain irrational longer than you can remain solvent.
The markets are moved by animal spirits, and not by reason.
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
Only with absolute fearlessness can we slay the dragons of mediocrity that invade our gardens.
Like Odysseus, the President looked wiser when he was seated.
The love of money as a possession-as distinguished from the love of money as a means to the enjoyments and realities of life-will be recognized for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
Ideas shape the course of history.
If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.
When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
In truth, the gold standard is already a barbarous relic.
In the long run we are all dead.
Words ought to be a little wild, for they are the assaults of thoughts on the unthinking.
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 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 avoidance of taxes is the only intellectual pursuit that still carries any reward.
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.
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
It is the duty of the long-term investor to endure great losses with equanimity.
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.
One blames politicians, not for inconsistency but for obstinacy.
They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accompli.
The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.
... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
This long run is a misleading guide to current affairs.
In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
Successful investing is anticipating the anticipations of others.
Newton was not the first of the age of reason, he was the last of the magicians.
We will not have any more crashes in our time.
Speculators may do no harm as bubbles on a steady stream of enterprise.
But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
The importance of money flows from it being a link between the present and the future.
I do not know which makes a man more conservative -- to know nothing but the present, or nothing but the past.
When I find new information I change my mind; What do you do?
Most men love money and security more, and creation and construction less, as they get older.
There is nothing so disastrous as a rational investment policy in an irrational world.
Canada is a place of infinite promise.
We like the people, and if one ever had to emigrate, this would be the destination, not the U.S.A. The hills, lakes and forests make it a place of peace and repose of the mind, such as one never finds in the U.S.A.
A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
Well, when I get new information, I rethink my position. What, sir, do you do with new information?