The difficulty lies, not in the new ideas, but in escaping from the old ones.
Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
Markets can remain irrational longer than you can remain solvent.
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.
Long run is a misleading guide to current affairs. In the long run we are all dead.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
The markets are moved by animal spirits, and not by reason.
Government machinery has been described as a marvelous labor saving device which enables ten men to do the work of one.
The expected never happens; it is the unexpected always.
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
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.
The boom, not the slump, is the right time for austerity at the Treasury.
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.
Ideas shape the course of history.
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 businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
There is nothing so disastrous as a rational investment policy in an irrational world.
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.
It is the duty of the long-term investor to endure great losses with equanimity.
The engine which drives enterprise is not thrift, but profit.
It economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.
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