Quote

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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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
Wealth
Outstanding
Evil
Preference
World
Invest
Inducement
Worlds
Liquidity
Prime
Impediment
Ancient
Impediments
Destruction
Excessive
Growth
Medieval

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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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...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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When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues.
John Maynard Keynes
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The markets are moved by animal spirits, and not by reason.
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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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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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Men will not always die quietly.
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It is impossible that the intention of the entrepreneur who has borrowed in order to increase investment can become effective (except in substitution for investment by other entrepreneurs which would have occurred otherwise) at a faster rate than the public decide to increase their savings
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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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The love of money as a possession...will be recognised for what it is, a somewhat disgusting morbidity.
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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.
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The expected never happens it is the unexpected always.
John Maynard Keynes
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Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
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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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Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole.
John Maynard Keynes
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The numeric system was invented to help man to put order in the chaos of the world.
John Maynard Keynes
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Obstinacy can bring only a penalty and no reward.
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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.
John Maynard Keynes
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The forces of the nineteenth century have run their course and are exhausted.
John Maynard Keynes
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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