John Maynard Keynes: Trending quotes (page 6)

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“The mechanism of reaching equilibrium by means of a rising cost of living, which is vainly pursued by a rising level of wages, will be described in the next chapter. But it is admitted on all hands that this is the worst possible solution.”

John Maynard Keynes

Source: How to Pay for the War (1940), Ch. 8 : Rationing Price Control and Wage Control

“For many ages to come the old Adam will be so strong in us that everybody will need to do some work if he is to be contented. We shall do more things for ourselves than is usual with the rich to-day, only too glad to have small duties and tasks and routines. But beyond this, we shall endeavour to spread the bread thin on the butter-to make what work there is still to be done to be as widely shared as possible. Three-hour shifts or a fifteen-hour week may put off the problem for a great while. For three hours a day is quite enough to satisfy the old Adam in most of us!”

John Maynard Keynes book Essays in Persuasion

Essays in Persuasion (1931), Economic Possibilities for our Grandchildren (1930)

Age , Problem , Strong

“Economics is a very dangerous science.”

John Maynard Keynes

Source: Essays In Biography (1933), Robert Malthus: The First of the Cambridge Economists, p. 128

Science

“Perhaps it is historically true that no order of society ever perishes save by its own hand.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter VI, p. 238

“Most men love money and security more, and creation and construction less, as they get older.”

John Maynard Keynes book Essays in Persuasion

Essays in Persuasion (1931), Clissold (1927)

Love , Men , Money

“For my part I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 5

Way , Thinking , Parting

“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.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter II, Section I, pp. 14-15

History , Change

“When, therefore, we enter the realm of State action, everything is to be considered and weighed on its merits. Changes in death duties, income tax, land tenure, licensing, game laws, church establishment, feudal rights, slavery, and so on through all ages, have received the same denunciations from the absolutists of contract, who are the real parents of revolution.”

John Maynard Keynes

A Tract on Monetary Reform (1923), Ch. 2 : Public Finance and Changes in the Value of Money

Death , Age , Law , Game

“The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. Much, but not all, of this many-sidedness Marshall possessed. But chiefly his mixed training and divided nature furnished him with the most essential and fundamental of the economist's necessary gifts – he was conspicuously historian and mathematician, a dealer in the particular and the general, the temporal and the eternal, at the same time.”

John Maynard Keynes

Source: Essays In Biography (1933), Alfred Marshall, p. 170; as cited in: Donald Moggridge (2002), Maynard Keynes: An Economist's Biography, p. 424

Lie , Mood , Understanding , Nature

“The next move is with the head, and fists must wait.”

John Maynard Keynes

Source: Essays In Biography (1933), Trotsky On England, p. 91

Waiting

“There is no harm in being sometimes wrong — especially if one is promptly found out.”

John Maynard Keynes

Source: Essays In Biography (1933), Alfred Marshall, p. 175

“The forces of the nineteenth century have run their course and are exhausted.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter VII, p. 254

“Why should coal miners suffer a lower standard of life than other classes of labour? They may be lazy, good-for-nothing fellows who do not work so hard or so long as they should. But is there any evidence that they are more lazy or more good-for-nothing than other people?
On grounds of social justice, no case can be made out for reducing. the wages of the miners. They are the victims of the economic Juggernaut. They represent in the flesh the "fundamental adjustments" engineered by the Treasury and the Bank of England to satisfy the impatience of the City fathers to bridge the "moderate gap" between $4.40 and $4.86. They (and others to follow) are the "moderate sacrifice" still necessary to ensure the stability of the gold standard. The plight of the coal miners is the first, but not—unless we are very lucky—the last, of the Economic Consequences of Mr. Churchill.”

John Maynard Keynes book Essays in Persuasion

Essays in Persuasion (1931), The Economic Consequences of Mr. Churchill (1925)

Life , People , Justice , Suffering

“Inflation is unjust and Deflation is inexpedient. Of the two perhaps Deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other. It is easier to agree that both are evils to be shunned.”

John Maynard Keynes book Essays in Persuasion

Essays in Persuasion (1931), Social Consequences of Changes in The Value of Money (1923)

World , Disappointment , Evil

“Communism draws its strength from deeper, more serious sources. Offered to us as a means of improving the economic situation, it is an insult to our intelligence. But offered as a means of making the economic situation worse, that is its subtle, its almost irresistible, attraction. Communism is not a reaction against the failure of the nineteenth century to organize optimal economic output. It is a reaction against its comparative success.”

John Maynard Keynes

“Stalin-Wells Talk: The Verbatim Report and A Discussion”, G.B. Shaw, J.M. Keynes et al., London, The New Statesman and Nation, (1934) p. 35

Optimism , Drawing , Success , Intelligence

“Shaw and Stalin are still satisfied with Marx’s picture of the capitalist world… They look backwards to what capitalism was, not forward to what it is becoming.”

John Maynard Keynes

“Stalin-Wells Talk: The Verbatim Report and A Discussion”, G.B. Shaw, J.M. Keynes et al., London, The New Statesman and Nation, (1934) p. 34

World

“My only regret is that I have not drunk more champagne in my life.”

John Maynard Keynes

At a King's College college feast, as quoted in 1949, John Maynard Keynes, 1883-1946, Fellow and Bursar, (A memoir prepared by direction of the Council of King’s College, Cambridge University, England), Cambridge University Press, 1949, page 37. This in turn quoted in Quote Investigator, " My Only Regret Is That I Have Not Drunk More Champagne In My Life https://quoteinvestigator.com/2013/07/11/more-champagne/", 2013-07-11
Attributed

Life

“Being an optimist, I am still hopeful that it may end in the division of Spain geographically into two states. But, above all, I want the war to come to an end and not to extend.”

John Maynard Keynes

Letter to Kingsley Martin on the Spanish Civil War (9 August 1937), quoted in Kingsley Martin, Editor: A Second Volume of Autobiography, 1931–45 (1968), p. 257
1930s

War , Hope

“If one is born a political animal, it is most uncomfortable not to belong to a political party; cold and lonely and futile it is.”

John Maynard Keynes

Am I a Liberal? (1925)

Animals

“How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world?”

John Maynard Keynes

Source: Laissez-faire and Communism (1926), pp. 99

World