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When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

John Maynard Keynes

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
JOHN MAYNARD KEYNES

Forecast Investment Marketing Prediction Speculation
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 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.
JOHN MAYNARD KEYNES

Easy Economist Ideas Politics Rule World
For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth.
JOHN MAYNARD KEYNES

Believe Income Justification Social Wealth
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.
JOHN MAYNARD KEYNES

Aware Himself Investor Risk Run
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.
JOHN MAYNARD KEYNES

Act Dangerous Feeling Hell Thinking Wrong
All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
JOHN MAYNARD KEYNES

Ideas Origin Party Politics
It would not be foolish to contemplate the possibility of a far greater progress still.
JOHN MAYNARD KEYNES

Foolish Greatness Possible Progress
Once we allow ourselves to be disobedient to the test of an accountant’s profit, we have begun to change our civilization.
JOHN MAYNARD KEYNES

Allow Beginning Change Civilization Disobedient Profit
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.
JOHN MAYNARD KEYNES

Believe Economy Intellectual Man Myself Practice Quite Slave
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
JOHN MAYNARD KEYNES

Citizenship Important Inflation Process Secret
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
There is no intrinsic reason for the scarcity of capital.
JOHN MAYNARD KEYNES

Capital Reason Scarcity
The numeric system was invented to help man to put order in the chaos of the world.
JOHN MAYNARD KEYNES

Chaos Help Invention Man System World
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
It is the duty of the long-term investor to endure great losses with equanimity.
JOHN MAYNARD KEYNES

Greatness Investment Loss Responsibility

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

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When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

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Popular Authors

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