John Maynard Keynes Quotes

There is no party in the world... pursuing right aims by right methods. Material Poverty provides the incentive to change... where there is very little margin for experiments. Material Prosperity removes the incentive just when it might be safe to take a chance.

The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend. He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality, could despatch his servant to the neighboring office of a bank for such supply of the precious metals as might seem convenient, and could then proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference. But, most important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable. The projects and politics of militarism and imperialism, of racial and cultural rivalries, of monopolies, restrictions, and exclusion, which were to play the serpent to this paradise, were little more than the amusements of his daily newspaper, and appeared to exercise almost no influence at all on the ordinary course of social and economic life, the internationalization of which was nearly complete in practice.

We must aim at separating those services which are technically social from those which are technically individual. The most important Agenda of the State relate not to those activities which private individuals are already fulfilling, but to those functions which fall outside the sphere of the individual, to those decisions which are made by no one if the State does not make them.

Marxists are ready to sacrifice the political liberties of individuals in order to change the existing economic order. So are Fascists and Nazis. That is why I said that those who had toyed with Marxist ideas could not have a clear conscience in defending the political liberties of individuals from reactionary attacks.

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 influences, are usually slaves of some defunct economist. Madman in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.

By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.

Logic, like lyrical poetry, is no employment for the middle-aged.

"But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?"

If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp.

But if America recalls for a moment what Europe has meant to her and still means to her, what Europe, the mother of art and of knowledge, in spite of everything, still is and still will be, will she not reject these counsels of indifference and isolation, and interest herself in what may prove decisive issues for the progress and civilization of all mankind?

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.

A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

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.