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I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.
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
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Professor
Lord Keynes
Baron Keynes of Tilton
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More quotes by John Maynard Keynes
Economics is a very dangerous science.
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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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I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
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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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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.
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I work for a Government I despise for ends I think criminal.
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The boom, not the slump, is the right time for austerity at the Treasury.
John Maynard Keynes
Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.
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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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The engine which drives enterprise is not thrift, but profit.
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It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
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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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[T]he theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under the conditions of free competition and a large measure of laissez-faire.
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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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If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
John Maynard Keynes
Conservatism leads nowhere it satisfies no ideal.
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Too large a proportion of recent mathematical economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.
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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 a day might come when there would be at last be enough to go round, and when posterity could enter into the enjoyment of our labors.
John Maynard Keynes