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The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

John Maynard Keynes

It economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.
JOHN MAYNARD KEYNES

Conclusion Drawing Economics Mindset Technique
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.
JOHN MAYNARD KEYNES

Error Excessive Ideas National Power
All production is for the purpose of ultimately satisfying a consumer.
JOHN MAYNARD KEYNES

Consumer Purpose Satisfaction
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
Nothing mattered except states of mind, chiefly our own.
JOHN MAYNARD KEYNES

Chief Exception Ourselves State
When somebody persuades me I am wrong, I change my mind.
JOHN MAYNARD KEYNES

Change Mindset Myself Persuade Wrong
I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
JOHN MAYNARD KEYNES

Ideas Interest Myself Power
Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught
JOHN MAYNARD KEYNES

Criticism Foundation Inadequate Weight
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
Gold is a relic from a time when government’s were less trustworthy in these matters (currency debasement) than they are now.
JOHN MAYNARD KEYNES

Currency Gold Government Time Trust
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.
JOHN MAYNARD KEYNES

Avoid Bank Blame Dangerous Himself Ruin Sound
I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.
JOHN MAYNARD KEYNES

Employment Evidence Investment Myself Social
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
JOHN MAYNARD KEYNES

Convention Failure Teaching Wisdom World
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
JOHN MAYNARD KEYNES

Belief Capital Goodness Greatness Man Wicket
There is no harm in being sometimes wrong – especially if one is promptly found out.
JOHN MAYNARD KEYNES

Finding Harm Oneself Wrong
I believe myself to be writing a book on economic theory which will largely revolutionize – not, I suppose, at once but in the course of the next ten years – the way the world thinks about economic problems.
JOHN MAYNARD KEYNES

Believe Economics Problem Revolution Thinking World Writing

The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

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The biggest problem is not to let people accept new ideas, but to let them forget the old ones.

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