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All production is for the purpose of ultimately satisfying a consumer.

John Maynard Keynes

This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
JOHN MAYNARD KEYNES

Affair Current Death Guide Ocean Past Run Storm
The atomic hypothesis which had worked so splendidly in Physics breaks down in Psychics.
JOHN MAYNARD KEYNES

Break Physics Splendid Work
Long run is a misleading guide to current affairs. In the long run we are all dead.
JOHN MAYNARD KEYNES

Affair Death Guide
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.
JOHN MAYNARD KEYNES

Borrow Ignorance Investor Large Money Operate Propose Safety Scale
Experience shows that what happens is always the thing against which one has not made provision in advance.
JOHN MAYNARD KEYNES

Advance Experience Provision
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
The boom, not the slump, is the right time for austerity at the Treasury.
JOHN MAYNARD KEYNES

Right Time Treasure
Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.
JOHN MAYNARD KEYNES

Argument Balance Budget Defeat Fruit Object Strange
When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
JOHN MAYNARD KEYNES

Compromise Expectation Final Position Result
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
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
If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
JOHN MAYNARD KEYNES

Bank Manager Mercy Rich 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
The importance of money flows from it being a link between the present and the future.
JOHN MAYNARD KEYNES

Future Importance Money Present
When the facts change, I change my mind.
JOHN MAYNARD KEYNES

Change Fact Inspirational Mindset Myself Open
Obstinacy can bring only a penalty and no reward.
JOHN MAYNARD KEYNES

Obstinate Penalty Reward

All production is for the purpose of ultimately satisfying a consumer.

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All production is for the purpose of ultimately satisfying a consumer.

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