“During the lengthy process of production the business world is incurring outgoings in terms of money-paying out in money for wages and other expenses of production-in the expectation of recouping this outlay by disposing of the product for money at a later date. That is to say, the business world as a whole must always be in a position where it stands to gain by a rise of price and to lose by a fall of price. Whether it likes it or not, the technique of production under a regime of money-contract forces the business world always to carry a big speculative position; and if it is reluctant to carry this position, the productive process must be slackened.”

— John Maynard Keynes, book Essays in Persuasion

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

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John Maynard Keynes122

British economist 1883–1946

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