Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
The difficulty lies, not in the new ideas, but in escaping from the old ones.
When the facts change, I change my mind.
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
It is better to be roughly right than precisely wrong.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
Long run is a misleading guide to current affairs. In the long run we are all dead.
Markets can remain irrational longer than you can remain solvent.
The markets are moved by animal spirits, and not by reason.
Successful investing is anticipating the anticipations of others.
The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
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 expected never happens; it is the unexpected always.
If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future
The boom, not the slump, is the right time for austerity at the Treasury.
Ideas shape the course of history.
The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.
There is nothing so disastrous as a rational investment policy in an irrational world.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done
Once doubt begins it spreads rapidly.
Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.
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