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Experience shows that what happens is always the thing against which one has not made provision in advance.

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
Always
Provision
Advance
Investing
Experience
Shows
Happens
Thing
Made

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A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
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The engine which drives enterprise is not thrift, but profit.
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Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
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Once doubt begins it spreads rapidly.
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The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.
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What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!
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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.
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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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It would not be foolish to contemplate the possibility of a far greater progress still.
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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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It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.
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Men will not always die quietly.
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We will not have any more crashes in our time.
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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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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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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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[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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