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Quote by John Maynard Keynes

Work

The Economic Consequences of the Peace

This book delves into the financial and economic repercussions of the Treaty of Versailles, offering an in-depth examination of its impact on the global economy. 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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“The problem is that tolerant has changed its meaning. It used to mean 'I may disagree with you completely, but I will treat you with respect. Today, tolerant means - 'you must approve of everything I do.' There's a difference between tolerance and approval. Jesus accepted everyone no matter who they were. He doesn't approve of everything I do, or you do, or anybody else does either. You can be accepting without being approving.”

“Viewed as a means to the end of political freedom, economic arrangements are important because of their effect on the concentration or dispersion of power. The kind of economic organization that provides economic freedom directly, namely, competitive capitalism, also promotes political freedom because it separates economic power from political power and in this way enables the one to offset the other”

“The accepted ideas of any period are singularly those that serve the dominant economic interest...What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed.”

“From the point of view of the economy, the sale of weapons is indistinguishable from the sale of food. When a building collapses or a plane crashes, it?s rather inconvenient from the point of view of those inside, but it?s altogether convenient for the growth of the gross national product, which sometimes ought to be called the "gross criminal product."”

“If we assume that the purpose of the economy is to serve and improve the welfare of the entire body of citizens, the U.S. model has clearly been a major failure. It has served a minority, and the majority have not only failed to share in the income gains yielded by the model, they have suffered from reduced benefits, greater job instability and stress, and a diminution of expectations and sense of hope for the future.”

“The gross national product includes air pollution and advertising for cigarettes, and ambulances to clear our highways of carnage. It counts special locks for our doors, and jails for the people who break them ... It does not allow for the health of our families, the quality of thier education, or the joy of their play.”