Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis , and achieve immortality by accident, if at all.
JOHN MAYNARD KEYNESFor at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
More John Maynard Keynes Quotes
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Gold is a relic from a time when government’s were less trustworthy in these matters (currency debasement) than they are now.
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The markets are moved by animal spirits, and not by reason.
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There is nothing so disastrous as a rational investment policy in an irrational world.
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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
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The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn’t deliver the goods.
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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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By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
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.
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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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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.
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An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
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It is better to be roughly right than precisely wrong.
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The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.
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Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
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Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
JOHN MAYNARD KEYNES