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When the facts change, I change my mind.

John Maynard Keynes

The Economic Problem, the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and unnecessary muddle.
JOHN MAYNARD KEYNES

Economics Nation Necessary Poverty Problem Struggle
It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.
JOHN MAYNARD KEYNES

Expensive Interest Public Stock Market
Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.
JOHN MAYNARD KEYNES

Average Believe Discover Interest Opinion
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNES

Different Education Incompetent
Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
JOHN MAYNARD KEYNES

Mistake Thinking Wild Word
What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!
JOHN MAYNARD KEYNES

Age Episode Man Progress
If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
JOHN MAYNARD KEYNES

Bank Problem Wealth Yourself
There is nothing so disastrous as a rational investment policy in an irrational world.
JOHN MAYNARD KEYNES

Disaster Investment Rational World
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.
JOHN MAYNARD KEYNES

Distribution Economy Income Mistake Outstanding Wealth
When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
JOHN MAYNARD KEYNES

Compromise Expectation Final Position Result
The key to selecting the winner isn’t choosing the face you think is the most beautiful but rather the face other people will pick
JOHN MAYNARD KEYNES

Face People Selection Thinking Winner
The engine which drives enterprise is not thrift, but profit.
JOHN MAYNARD KEYNES

Drive Profit Thrift
Obstinacy can bring only a penalty and no reward.
JOHN MAYNARD KEYNES

Obstinate Penalty Reward
But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
JOHN MAYNARD KEYNES

Land Reason Scarcity
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 accomplished.
JOHN MAYNARD KEYNES

Accomplishment Blame Fact Master Obstinate Politician
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.
JOHN MAYNARD KEYNES

Activity Country Development Job

When the facts change, I change my mind.

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When the facts change, I change my mind.

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