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Nothing mattered except states of mind, chiefly our own.

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
Perhaps it is historically true that no order of society ever perishes save by its own hand.
JOHN MAYNARD KEYNES

Hands History Save Society True
The atomic hypothesis which had worked so splendidly in Physics breaks down in Psychics.
JOHN MAYNARD KEYNES

Break Physics Splendid Work
The power to become habituated to his surroundings and therefore to no longer be grateful for what is good in it is a marked characteristic of mankind and needs to be fought against if a person is to be happy.
JOHN MAYNARD KEYNES

Goodness Gratitude Habitat Happiness Person Power Surrounding
It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.
JOHN MAYNARD KEYNES

Capital Investment National Production Wealth
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?
JOHN MAYNARD KEYNES

Address Change Evidence Mindset
The power to become habituated to his surroundings is a marked characteristic of mankind.
JOHN MAYNARD KEYNES

Character Habitat Kind Man Power Surround
There is nothing so disastrous as a rational investment policy in an irrational world.
JOHN MAYNARD KEYNES

Disaster Investment Rational World
The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
JOHN MAYNARD KEYNES

Envelope Future Ignorance Object Ourselves Skills Social
It is the duty of the long-term investor to endure great losses with equanimity.
JOHN MAYNARD KEYNES

Greatness Investment Loss Responsibility
The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.
JOHN MAYNARD KEYNES

Destruction Growth Investment Liquid World
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
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
One’s knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.
JOHN MAYNARD KEYNES

Confidence Enterprise Experience Knowledge Personal
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

Belief Benefit Capital Man Nasty Reason Work
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
JOHN MAYNARD KEYNES

Economy Kind Liberty Man Politics Problem Society

Nothing mattered except states of mind, chiefly our own.

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Nothing mattered except states of mind, chiefly our own.

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