Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNESThe 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.
More John Maynard Keynes Quotes
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Whenever you save five shillings you put a man out of work for a day.
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Markets can remain irrational longer than you can remain solvent.
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It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
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Successful investing is anticipating the anticipations of others.
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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.
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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.
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When I find new information I change my mind; What do you do?
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Dangerous acts can be done safely in a community which thinks and feels rightly, which would be the way to hell if they were executed by those who think and feel wrongly.
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Everything is always decided for reasons other than the real merits of the case.
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The duty of “saving” became nine-tenths of virtue and the growth of the cake the object of true religion.
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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 way along with his fellows, so that no one can really blame him.
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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.
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The study of economics does not seem to require any specialised gifts of an unusually high order.
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If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
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If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
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But my lord, when we addressed this issue a few years ago, didn’t you argue the other side?” He said, “That’s true, but when I get more evidence I sometimes change my mind. What do you do?
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But the dreams of designing diplomats do not always prosper, and we must trust the future .
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In truth, the gold standard is already a barbarous relic.
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If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
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The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
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But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
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I am myself impressed by the great social advantages of increasing the stock of capital until it ceases to be scarce.
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The forces of the nineteenth century have run their course and are exhausted.
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When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
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The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
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The love of money as a possession. Will be recognised for what it is, a somewhat disgusting morbidity.
JOHN MAYNARD KEYNES