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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
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
Based
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Difficult
Practicable
Today
Scarcely
Long
Investing
Investment
Genuine
Expectations
More quotes by John Maynard Keynes
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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I don't feel the least humble before the vastness of the heavens.
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Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis , and achieve immortality by accident, if at all.
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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 friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.
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There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
John Maynard Keynes
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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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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Men will not always die quietly.
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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.
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Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be.
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The great events of history are often due to secular changes in the growth of population and other fundamental economic causes, which, escaping by their gradual character the notice of contemporary observers, are attributed to the follies of statesmen or the fanaticism of atheists .
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Government machinery has been described as a marvelous labor saving device which enables ten men to do the work of one.
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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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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.
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The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
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It is the long-term investor...who will in practice come in for the most criticism... For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion
John Maynard Keynes
... 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
In truth, the gold standard is already a barbarous relic.
John Maynard Keynes
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
