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When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
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
Result
Prudent
Position
Negotiation
Results
Extreme
Start
Final
Often
Extremes
Finals
Compromise
Expected
More quotes by John Maynard Keynes
It is Enterprise which build and improves the world's possessions...If Enterprise is afoot, Wealth accumulates whatever may be happening to Thrift and if Enterprise is asleep, Wealth decays, whatever Thrift may be doing.
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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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... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
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How long will it be necessary to pay City men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult?
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It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.
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The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.
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I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.
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Adam Smith and Malthus and Ricardo ! There is something about these three figures to evoke more than ordinary sentiments from us their children in the spirit.
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There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
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Chess is a cure for headaches.
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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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Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits-a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.
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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 accompli.
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Nothing mattered except states of mind, chiefly our own.
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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.
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It is ideas, not vested interests, which are dangerous for good or evil.
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Economics is a very dangerous science.
John Maynard Keynes
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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The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
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