J M Keynes Quotes & Sayings

There is nothing so disastrous as a rational investment policy in an irrational world. — John Maynard Keynes

The classical theorists resemble Euclidean geometers in a non-Euclidean world who, discovering that in experience straight lines apparently parallel often meet, rebuke the lines for not keeping straight as the only remedy for the unfortunate collisions which are occurring. Yet, in truth, there is no remedy except to throw over the axiom of parallels and to work out a non-Euclidean geometry. — John Maynard Keynes

For centuries, economic thinkers, from Adam Smith to John Maynard Keynes, have tried to identify the elusive formula that makes some countries more prosperous and successful than others. My curiosity about this topic spurred me, as a young professor of economics in the late 1970s, to research new ways of measuring national competitiveness. — Klaus Schwab

It is impossible indeed not to look with considerable uneasiness at the type of the "modern economist" as he developed after Keynes' revolutionary book, whom Keynes himself regarded with alarm at the end of his days. It is the type of man who is obsessed by one thing, i.e. "effective demand," which he thinks must be kept up at whatever cost,
while he forgets the working of the mechanism of prices, wages, interest and exchange rates. — Wilhelm Ropke

Education: the inculcation of the incomprehensible into the indifferent by the incompetent. — John Maynard Keynes

I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. — John Maynard Keynes

It is not the ownership of the instruments of production which it is important for the State to assume. If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary. Moreover, the necessary measures of socialization can be introduced gradually and without a break in the general traditions of society. — John Maynard Keynes

The numeric system was invented to help man to put order in the chaos of the world. — John Maynard Keynes

As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. — John Maynard Keynes

So it is not an accident that the Nazi lads vent a particular fury against (Einstein). He does truly stand for what they most dislike, the opposite of the blond beast intellectualist, individualist, supernationalist, pacifist, inky, plump ... How should they know the glory of the free-ranging intellect and soft objective sympathy to whom money and violence, drink and blood and pomp, mean absolutely nothing? — John Maynard Keynes

The Class war will find me on the side of the educated bourgeoisie. — John Maynard Keynes

It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time. — John Maynard Keynes

Here we have the heart of the difference between Hayek and Keynes: one knew that markets work to give us the best of all possible worlds, while governments create and exacerbate malfunctions; the other imagined that governments were somehow capable of both perceiving and correcting malfunctions by means of the printing press, provided the right technocrats are in charge. — Jeffrey Tucker

Keynes was chief economic adviser to the British government and largely responsible for keeping the British economy afloat at a time when more than half of our gross national product, and all of out foreign exchange, was being spent on the war ... I was lucky to be present at one of his rare appearances in Cambridge, when he gave a lecture with the title "Newton, the Man." ... Four years later he died of heart failure, precipitated by overwork and the hardships of crossing the Atlantic repeatedly in slow propeller-driven airplanes under wartime conditions. — Freeman Dyson

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing. — John Maynard Keynes

I believe myself to be writing a book on economic theory which will largely revolutionize - not, I suppose, at once but in the course of the next ten years - the way the world thinks about economic problems. — John Maynard Keynes

I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence. — Adam Davidson

God has arrived. I met him on the 5:15 train. — John Maynard Keynes

In the long run, we are all dead! — John Maynard Keynes

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market. — John Maynard Keynes

When somebody persuades me I am wrong, I change my mind. — John Maynard Keynes

Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught — John Maynard Keynes

In the Western world, countries that were once the crucible of freedom are slipping remorselessly into a thinly disguised serfdom in which an ever higher proportion of your assets are annexed by the state as superlandlord. Big government is where nations go to die - not in Keynes' 'long run,' but sooner than you think. — Mark Steyn

It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium. — John Kenneth Galbraith

The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all. — John Maynard Keynes

For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth. — John Maynard Keynes

The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare. — Ben Bernanke

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady. — John Maynard Keynes

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. — John Maynard Keynes

When it's all over I won't miss the bruises he gave me to impress girls, or the occasional scar which will give me a story to tell my grandchildren, but I'll definitely miss the pranks and the laughing and all the making fun of each other. I'll miss the funky advice he gives me about everything
football, girls, video games, clothes. Most of all, I'll miss having an older brother. — Skandar Keynes