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I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
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
Power
Vested
Ideas
Vastly
Gradual
Exaggerated
Compared
Interests
Sure
Interest
Encroachment
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Everything is always decided for reasons other than the real merits of the case
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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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It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
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It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.
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Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.
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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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Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
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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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Chess is a cure for headaches.
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Nothing mattered except states of mind, chiefly our own.
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The engine which drives enterprise is not thrift, but profit.
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The markets are moved by animal spirits, and not by reason.
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The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump but in abolishing slumps and thus keeping us permanently in a quasi-boom.
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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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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.
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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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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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One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accompli.
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