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The study of economics does not seem to require any specialised gifts of an unusually high order.

John Maynard Keynes

Markets can remain irrational longer than you can remain solvent.
JOHN MAYNARD KEYNES

Fade Market Yourself
Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.
JOHN MAYNARD KEYNES

Average Believe Discover Interest Opinion
Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.
JOHN MAYNARD KEYNES

Agreement Move Philosophy Virtual
The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
JOHN MAYNARD KEYNES

Government Introduction Speculation Transaction
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
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
It is a good thing to make mistakes so long as you’re found out quickly.
JOHN MAYNARD KEYNES

Finding Goodness Mistake Quick Yourself
The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.
JOHN MAYNARD KEYNES

Better Government Important Individual Present Worst
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
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
Long run is a misleading guide to current affairs. In the long run we are all dead.
JOHN MAYNARD KEYNES

Affair Death Guide
I’d rather be vaguely right than precisely wrong.
JOHN MAYNARD KEYNES

Choice Myself Right Wrong
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
All production is for the purpose of ultimately satisfying a consumer.
JOHN MAYNARD KEYNES

Consumer Purpose Satisfaction
There is no intrinsic reason for the scarcity of capital.
JOHN MAYNARD KEYNES

Capital Reason Scarcity
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

The study of economics does not seem to require any specialised gifts of an unusually high order.

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The study of economics does not seem to require any specialised gifts of an unusually high order.

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