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Economics is a very dangerous science.

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
Economics
Dangerous
Science

More quotes by John Maynard Keynes

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It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
John Maynard Keynes
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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.
John Maynard Keynes
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Everything is always decided for reasons other than the real merits of the case
John Maynard Keynes
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It would not be foolish to contemplate the possibility of a far greater progress still.
John Maynard Keynes
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Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
John Maynard Keynes
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If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
John Maynard Keynes
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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.
John Maynard Keynes
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The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.
John Maynard Keynes
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The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
John Maynard Keynes
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It is ideas, not vested interests, which are dangerous for good or evil.
John Maynard Keynes
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If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
John Maynard Keynes
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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.
John Maynard Keynes
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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.
John Maynard Keynes
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I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
John Maynard Keynes
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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.
John Maynard Keynes
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The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
John Maynard Keynes
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The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems - the problems of life and of human relations, of creation and behavior and religion.
John Maynard Keynes
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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.
John Maynard Keynes
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Investing is an activity of forecasting the yield over the life of the asset speculation is the activity of forecasting the psychology of the market.
John Maynard Keynes
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Obstinacy can bring only a penalty and no reward.
John Maynard Keynes