John Maynard Keynes Quotes

Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but... in itself it is in many ways extremely objectionable. Our problem is to work out a social organisation which shall be as efficient as possible without offending our notions of a satisfactory way of life.

Many of the greatest economic evils of our time are the fruits of risk, uncertainty, and ignorance.

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.

He did read the riddle of the heavens. And he believed that by the same powers of his introspective
imagination he would read the riddle of the Godhead, the riddle of past and future events divinely foreordained,
the riddle of the elements and their constitution from an original undifferentiated first matter, the
riddle of health and of immortality. All would be revealed to him if only he could persevere to the end,
uninterrupted, by himself, no one coming into the room, reading, copying, testing-all by himself, no
interruption for God's sake, no disclosure, no discordant breakings in or criticism, with fear and shrinking as
he assailed these half-ordained, half-forbidden things, creeping back into the bosom of the Godhead as into
his mother's womb. 'Voyaging through strange seas of thought alone', not as Charles Lamb 'a fellow who
believed nothing unless it was as clear as the three sides of a triangle'.

It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on the scale necessary to make the grand experiments which would prove my case — except in war conditions

When somebody persuades me I am wrong, I change my mind.

But when we come to consider the problem of party positively—by what attracts... the aspect is dismal in every party alike, whether we put our hopes in measures or in men. ...The historic party questions of the nineteenth century are as dead as last week's mutton; and whilst the questions of the future are looming up, they have not yet become party questions, and they cut across the old party lines.

He was the nicest, and the only talented person I saw in all Berlin, except perhaps old Fuerstenberg … and Kurt Singer. And he was a Jew; and so was Fuerstenberg. And my dear Melchior is a Jew too. Yet if I lived there, I felt I might turn anti-Semite. For the poor Prussian is too slow and heavy on his legs for the other kind of Jews, the ones who are not imps but serving devils, with small horns, pitch forks, and oily tails. It is not agreeable to see civilization so under the ugly thumbs of its impure Jews who have all the money and the power and brains. I vote rather for the plump hausfraus and thick fingered Wandering Birds. But I am not sure that I wouldn’t even rather be mixed up with Lloyd George than with the German political Jews.

"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?"

The duty of "saving" became nine-tenths of virtue and the growth of the cake the object of true religion.

Those who advocate the return to a gold standard do not always appreciate along what different lines our actual practice has been drifting. If we restore the gold standard, are we to return also to the pre-war conceptions of bank-rate, allowing the tides of gold to play what tricks they like with the internal price-level, and abandoning the attempt to moderate the disastrous influence of the credit-cycle on the stability of prices and employment? Or are we to continue and develop the experimental innovations of our present policy, ignoring the "bank ration" and, if necessary, allowing unmoved a piling up of gold reserves far beyond our requirements or their depletion far below them?
In truth, the gold standard is already a barbarous relic.

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.

When the facts change, I change my mind. What do you do, sir?

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

The power of taxation by currency depreciation is one which has been inherent in the State since Rome discovered it. The creation of legal-tender has been and is a Government’s ultimate reserve; and no State or Government is likely to decree its own bankruptcy or its own downfall, so long as this instrument still lies at hand unused.
Besides this, […] the benefits of a depreciating currency are not restricted to the Government. Farmers and debtors and all persons liable to pay fixed money dues share in the advantage. As now in the persons of business men, so also in former ages these classes constituted the active and constructive elements in the economic scheme. Those secular changes, therefore, which in the past have depreciated money, assisted the new men and emancipated them from the dead hand; they benefited new wealth at the expense of old, and armed enterprise against accumulation.