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It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
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
Thinks
Alone
Long
Believe
Temporarily
Things
Astonishing
Thinking
Foolish
Economics
Particularly
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I can't remember my telephone number, but I know it was in the high numbers.
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When somebody persuades me I am wrong, I change my mind.
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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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Men will not always die quietly.
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I don't feel the least humble before the vastness of the heavens.
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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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Everything is always decided for reasons other than the real merits of the case
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The division of the spoils between the victors will also provide employment for a powerful office, whose doorsteps the greedy adventurers and jealous concession hunters of twenty or thirty nations will crowd and defile.
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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
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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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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 businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
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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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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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