“In truth, the gold standard is already a barbarous relic. All of us, from the Governor of the Bank of England downwards, are now primarily interested in preserving the stability of business, prices, and employment, and are not likely, when the choice is forced on us, deliberately to sacrifice these to outworn dogma, which had its value once, of 3 pounds, 17 shill ings, 10 1/2 pence per ounce. Advocates of the ancient standard do not observe how remote it now is from the spirit and the requirements of the age. A regulated nonmetallic standard has slipped in unnoticed. It exists.”
Quote by John Maynard Keynes
Work
The Collected Writings of John Maynard Keynes: Essays in persuasion
The Collected Writings of John Maynard Keynes: Essays in Persuasion is a comprehensive compilation of Keynes' influential essays, which delve into economic principles and advocacy for economic policies. The essays cover a range of topics, including monetary theory, fiscal policy, and the role of government in economic stability. more
Author
John Maynard Keynes
John Maynard Keynes, born on June 5, 1883, was a prominent British economist whose work had a profound impact on the field of economics, particularly in the area of macroeconomics. His theories advocating for government intervention to stabilize the economy gained widespread application during the Great Depression of the 1930s. more
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Source: Planning for freedom, and twelve other essays and addresses
“I remember when being liberal meant being generous with your own money.”