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But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
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
Land
May
Reason
Intrinsic
Scarcity
Whilst
Capital
Reasons
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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.
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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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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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It would not be foolish to contemplate the possibility of a far greater progress still.
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I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.
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The Class war will find me on the side of the educated bourgeoisie.
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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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There is no harm in being sometimes wrong - especially if one is promptly found out.
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The study of economics does not seem to require any specialised gifts of an unusually high order.
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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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It is better to be roughly right than precisely wrong.
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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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The treasury could fill old bottles with banknotes and bury them..and leave it to private enterprises on well-tried principles of laissez-faire to dig the notes up again.
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