Quote

The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump but in abolishing slumps and thus keeping us permanently in a quasi-boom.

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
Thus
Slumps
Trade
Semi
Business
Permanently
Found
Boom
Right
Cycle
Booms
Cycles
Slump
Remedy
Abolishing
Keeping
Quasi

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Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
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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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Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
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It is impossible that the intention of the entrepreneur who has borrowed in order to increase investment can become effective (except in substitution for investment by other entrepreneurs which would have occurred otherwise) at a faster rate than the public decide to increase their savings
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The love of money as a possession...will be recognised for what it is, a somewhat disgusting morbidity.
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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.
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I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
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If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.
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They offer me neither food nor drink - intellectual nor spiritual consolation... [Conservatism] leads nowhere it satisfies no ideal it conforms to no intellectual standard, it is not safe, or calculated to preserve from the spoilers that degree of civilization which we have already attained.
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The expected never happens it is the unexpected always.
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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. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues.
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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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The numeric system was invented to help man to put order in the chaos of the world.
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If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
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It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
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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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...By combining a popular hatred of the class of entrepreneurs with the blow already given to social security by the violent and arbitrary disturbance of contract,... governments are fast rendering impossible a continuance of the social and economic order of the nineteenth century.
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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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I don't feel the least humble before the vastness of the heavens.
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