Best 11 quotes in «keynes quotes» category

Leonard Woolf in a letter to Lytton Strachey said he hated John Maynard Keynes "for his crass stupidity and hideous face".

Neither claimed any responsibility for Milton Keynes, but both reported it as a success.

If only one person were perfectly informed there could never be a general crisis. But the only perfectly informed person is God, and he does not play the stock market.

He was sceptical about the value of almost all work, save for the pleasure it gives the worker,' reported Virginia Woolf. 'He works only because he likes it.

There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes.

In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.

Instead of using their vastly increased material and technical resources to build a wonder-city, they built slums; and they thought it right and advisable to build slums because slums, on the test of private enterprise, "paid", whereas the wonder-city would, they thought, have been an act of foolish extravagance, which would, in the imbecile idiom of the financial fashion, have "mortgaged the future"; though how the construction to-day of great and glorious works can impoverish the future, no man can see until his mind is beset by false analogies from an irrelevant accountancy.

The individualist insists that drastic depressions are the result of credit inflation; (not excessive savings, as the Keynesians would have it) which at all times in history has been caused by direct government action or by government influence. As for aggravated unemployment, the individualist insists that it is exclusively the result of government intervention through inflation, wage rigidities, burdensome taxes, and restrictions on trade and production such as price controls and tariffs. The inflation that comes inevitably with government pump-priming soon catches up with the laborer, wipes away any real increase in his wages, discourages private investment, and sets off a new deflationary spiral which can in turn only be counteracted by more coercive and paternalistic government policies. And so it is that the "long run" is very soon a-coming, and the harmful effects of government intervention are far more durable than those that are sustained by encouraging the unhampered free market to work out its own destiny.

Weintraub was an excellent student of both microtheory as well as Keynes’s General Theory.

I fancied myself as some kind of god or an economic reformer like Keynes

There is one good thing about Marx: he was not a Keynesian