“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

Source: The General Theory of Employment, Interest and Money (1936), Ch. 24 "Concluding Notes" p. 383-384
Context: The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful…" by John Maynard Keynes?
John Maynard Keynes photo
John Maynard Keynes 122
British economist 1883–1946

Related quotes

Glenn T. Seaborg photo

“All literate men are sustained by the philosopher, the historian, the political analyst, the economist, the scientist, the poet, the artisan and the musician.”

Glenn T. Seaborg (1912–1999) American scientist

Statement upon being appointed as UC Berkeley chancellor in 1958, as quoted Biographical Memoirs (2000) edited by Darleane C. Hoffman, p, 252 <!-- ISBN 0-309-07035-X National Academies Press-->
Context: There is a beauty in discovery. There is mathematics in music, a kinship of science and poetry in the description of nature, and exquisite form in a molecule. Attempts to place different disciplines in different camps are revealed as artificial in the face of the unity of knowledge. All literate men are sustained by the philosopher, the historian, the political analyst, the economist, the scientist, the poet, the artisan and the musician.

Peter Kropotkin photo

“The masses have never believed in sophisms taught by economists, uttered more to confirm exploiters in their rights than to convert exploited!”

Peter Kropotkin (1842–1921) Russian zoologist, evolutionary theorist, philosopher, scientist, revolutionary, economist, activist, geogr…

Anarchism: Its Philosophy and Ideal (1896)
Context: The masses have never believed in sophisms taught by economists, uttered more to confirm exploiters in their rights than to convert exploited! Peasants and workers, crushed by misery and finding no support in the well-to-do classes, have let things go, save from time to time when they have affirmed their rights by insurrection. And if workers ever thought that the day would come when personal appropriation of capital would profit all by turning it into a stock of wealth to be shared by all, this illusion is vanishing like so many others. The worker perceives that he has been disinherited, and that disinherited he will remain, unless he has recourse to strikes or revolts to tear from his masters the smallest part of riches built up by his own efforts; that is to say, in order to get that little, he already must impose on himself the pangs of hunger and face imprisonment, if not exposure to Imperial, Royal, or Republican fusillades.
But a greater evil of the present system becomes more and more marked; namely, that in a system based on private appropriation, all that is necessary to life and to production — land, housing, food and tools — having once passed into the hands of a few, the production of necessities that would give well-being to all is continually hampered. The worker feels vaguely that our present technical power could give abundance to all, but he also perceives how the capitalistic system and the State hinder the conquest of this well-being in every way.
Far from producing more than is needed to assure material riches, we do not produce enough.

Hans Morgenthau photo
William Pfaff photo

“These choices by small countries are vital for them, but may be more momentous than commonly understood for others as well, including the major powers, who presumptuously believe they are in control of events.”

William Pfaff (1928–2015) American journalist

Source: Barbarian Sentiments - How The American Century Ends (1989), Chapter 3, Central Europe, p. 70.

John Ralston Saul photo

Related topics