Quotes About Keynes

This is what Keynes had meant when he warned of the dangers of economic chaos—you never know what combination of rage, racism and revolution will be unleashed.

Keynes died in 1946, exhausted by his wartime labors. But he had long since demonstrated that neither capitalism nor liberalism would survive very long without one another. And since the experience of the interwar years had clearly revealed the inability of capitalists to protect their own best interests, the liberal eral state would have to do it for them whether they liked it or not.

Keynes died in 1946, exhausted by his wartime labors. But he had long since demonstrated that neither capitalism nor liberalism would survive very long without one another.

Keynes himself had taken the view that capitalism would not survive if its workings were reduced to merely furnishing the wealthy with the means to get wealthier. It was

It is perhaps worth noting here that even Hayek cannot be held responsible for the ideological simplifications of his acolytes. Like Keynes, he regarded economics as an interpretive science, not amenable to prediction or precision.

Keynes's warning on this matter: "[i]t is not sufficient that the state of affairs which we seek to promote should be better than the state of affairs which preceded it; it must be sufficiently better to make up for the evils of the transition.

However, for Keynes it had become self-evident that the best defense against political extremism and economic collapse was an increased role for the state, including but not confined to countercyclical economic intervention.

The intellectual case for planning was never very strong. Keynes, as we have seen, regarded economic planning much as he did pure market theory: in order to succeed, both required impossibly perfect data.

So what have Keynes's 'madmen in authority' done with the ideas they inherited from defunct economists? They have set about dismantling the properly economic powers and initiatives of the state.

Keynes died in 1946, exhausted by his wartime efforts. But he had long since demonstrated that neither capitalism nor liberalism would survive very long without one another. And since the experience of the interwar years had clearly revealed the inability of capitalists to protect their own best interests, the liberal state would have to do it for them whether they liked it or not.

Even after the Allies emerged triumphant in 1945, these concerns were not forgotten: depression and fascism remained ever-present in men's minds. The urgent question was not how to celebrate a magnificent victory and get back to business as usual, but how on earth to ensure that the experience of the years 1914-1945 would never be repeated. More than anyone else, it was Maynard Keynes who devoted himself to addressing this challenge.

Keynes himself had taken the view that capitalism would not survive if its workings were reduced to merely furnishing the wealthy with the means to get wealthier.

The idea of confidence, of the emotions of the population, is an incredibly important one in economics. John Maynard Keynes called it 'animal spirit.' And if people are feeling generally good about the future, they're more likely to spend money, to start new companies; companies are more likely to hire people, make investments.

Nothing mattered except states of mind, chiefly our own.

I am a normal person from Milton Keynes.

In continental Europe,' wrote a distraught John Maynard Keynes, shortly after storming out of the British delegation at Versailles, 'the earth heaves and no one but is aware of the rumblings. There it is not just a matter of extravagance or "labour troubles"; but of life and death, of starvation and existence, and of the fearful convulsions of a dying civilization.'24

Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.

John Maynard Keynes urged re-negotiation of the terms. In his book, The Economic Consequences of the Peace, published in 1919, he said that: 'Great privation and great risks to society have become unavoidable.' A new approach was needed to 'promote the re-establishment of prosperity and order, instead of leading us deeper into misfortune.

It is ideas, not vested interests, which are dangerous for good or evil.

Keynes did not teach us how to perform the "miracle . . . of turning a stone into bread,"[4] but the not at all miraculous procedure of eating the seed corn.

There was a pretext, albeit slender, that might have prompted Hayek to reach out to Keynes: Keynes had succeeded Edgeworth as editor of the Economic Journal in 1911. But

As Keynes wrote, with devastating understatement, 'The age of economic internationalism was not particularly successful in avoiding war.