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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
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John Maynard Keynes
Age: 62 †
Born: 1883
Born: June 5
Died: 1946
Died: April 21
Businessperson
Diplomat
Economist
Mathematician
Non-Fiction Writer
Philosopher
Politician
Professor
Lord Keynes
Baron Keynes of Tilton
Money
Economics
Hyperinflation
Part
Citizens
Unobserved
Wealth
Confiscate
Power
Economy
Secretly
Government
Economic
Banking
Important
Poor
Inflation
Society
Continuing
Process
Prosperity
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The Class war will find me on the side of the educated bourgeoisie.
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The duty of saving became nine-tenths of virtue and the growth of the cake the object of true religion.
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Obstinacy can bring only a penalty and no reward.
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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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For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth.
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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.
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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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There is no harm in being sometimes wrong - especially if one is promptly found out.
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The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
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In a regime of Free Trade and free economic intercourse it would be of little consequence that iron lay on one side of a political frontier, and labour, coal, and blast furnaces on the other. But as it is, men have devised ways to impoverish themselves and one another and prefer collective animosities to individual happiness.
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The markets are moved by animal spirits, and not by reason.
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Ideas, knowledge, art, hospitality, travel - these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.
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Those, who are strongly wedded to what I shall call 'the classical theory', will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right.
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Chess is a cure for headaches.
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Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole.
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If I am right in supposing it to be comparatively easy to make capital-goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism.
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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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But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
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All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
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Perhaps it is historically true that no order of society ever perishes save by its own hand.
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