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Quote by John Maynard Keynes

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The Collected Writings of John Maynard Keynes: Essays in biography

This volume compiles a series of essays that delve into the life, theories, and economic contributions of John Maynard Keynes, a pivotal figure in the development of modern economic thought. more

Author

John Maynard Keynes
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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“Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely arbitrary assumptions to precisely stated but irrelevant theoretical conclusions.”

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Book:Essays in Economics: Theories, Theorizing, Facts, and Policies
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“The danger of tautological propositions is considerable in discussions of the concept of normal profits. Because supernormal profits seem to invite newcomers to an industry and sub-normal profits seem to drive away those who are in an industry, some writers are inclined to define normal profits as the earnings of the fixed resources in an industry which neither grows nor declines in size or number of firms. It should be clear that such a definition is useless: it muddles together attractiveness and actual afflux, desirbility of entry and ease of entry, zero profits and monopoly rents.”

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Author:Fritz Machlup
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“I admit that these terms and the diagrams connected with them repel some readers, and fill others with the vain imagination that they have mastered difficult economics problems, when really they have done little more than learn the language in which parts of those problems can be expressed, and the machinery by which they can be handled. When the actual conditions of particular problems have not been studied, such knowledge is little better than a derrick for sinking oil-wells erected where there are no oil-bearing strata.”

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Author:Alfred Marshall
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