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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

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.
JOHN MAYNARD KEYNES

Direct Knowledge Point Probability True
The importance of money flows from it being a link between the present and the future.
JOHN MAYNARD KEYNES

Future Importance Money Present
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNES

Different Education Incompetent
When somebody persuades me I am wrong, I change my mind.
JOHN MAYNARD KEYNES

Change Mindset Myself Persuade Wrong
Markets can remain irrational longer than you can remain solvent.
JOHN MAYNARD KEYNES

Fade Market Yourself
I am myself impressed by the great social advantages of increasing the stock of capital until it ceases to be scarce.
JOHN MAYNARD KEYNES

Advantage Greatness Impression Scarce Social Stock
Nothing mattered except states of mind, chiefly our own.
JOHN MAYNARD KEYNES

Chief Exception Ourselves State
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
It is the long-term investor, who will in practice come in for the most criticism… For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion.
JOHN MAYNARD KEYNES

Essence Investor Opinion Practice Willing
It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
JOHN MAYNARD KEYNES

Believe Economics Fools Temporary
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
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
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
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
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
We will not have any more crashes in our time.
JOHN MAYNARD KEYNES

Crash Ourselves Time

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.

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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.

Related Topics

Popular Authors

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