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I am myself impressed by the great social advantages of increasing the stock of capital until it ceases to be scarce.
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
Capital
Cease
Advantage
Ceases
Social
Scarce
Great
Advantages
Increasing
Impressed
Stock
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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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When I find new information I change my mind What do you do?
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The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
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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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If I am right in supposing it to be comparatively easy to make capital-goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism.
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There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
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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.
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It would not be foolish to contemplate the possibility of a far greater progress still.
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Ideas shape the course of history.
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Newton was not the first of the age of reason, he was the last of the magicians.
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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.
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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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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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There is no harm in being sometimes wrong - especially if one is promptly found out.
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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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Nothing mattered except states of mind, chiefly our own.
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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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How long will it be necessary to pay City men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult?
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