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If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
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
Ever
Pits
Realised
Hypothesis
Consistently
Optimistic
Tend
Acting
Whilst
Keep
Pessimistic
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When I find new information I change my mind What do you do?
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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.
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If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
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We will not have any more crashes in our time.
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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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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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All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
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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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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
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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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Ideas, knowledge, art, hospitality, travel - these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.
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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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The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick
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[T]he theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under the conditions of free competition and a large measure of laissez-faire.
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The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
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Conservatism leads nowhere it satisfies no ideal.
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