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John Maynard Keynes Biography

John Maynard Keynes

John Maynard Keynes, 1st Baron Keynes CB FBA (/keɪnz/ KAYNZ; 5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century and the founder of modern macroeconomics theory. His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.

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John Maynard Keynes Quotes

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

Differences, Result, Roots, Steady, Strong, Sudden

Men will not always die quietly.

Die, Dies, Economics, Men, Quietly

If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.

Business, Chance, Investment, Might, Take, Temptation

I believe myself to be writing a book on economic theory which will largely revolutionize - not, I suppose, at once but in the course of the next ten years - the way the world thinks about economic problems.

Believe, Book, Writing, Ten, Years

But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?

Addressed, Issues, Mind, Years

An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.

Greater, Market, Money, Needs, Resources, Safety

The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.

Long, Principles, Way, Aesthetic, Knowledge

The love of money as a possession. . . will be recognised for what it is, a somewhat disgusting morbidity.

Wise, Morbidity, Possession, Love, Money, Somewhat

Everything is always decided for reasons other than the real merits of the case

Case, Merit, Real, Reason, Reasons

It's not bringing in the new ideas that's so hard; it's getting rid of the old ones.

Bringing, Hard, Ideas, New Ideas, Ones, Rid

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

Combine, Justice, Liberty, Mankind, Political, Things

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.

Arbitrary, Employment, Income, Inequitable, Provide

This siren, this goat-footed bard, this half human visitor to our age the hag-ridden and enchanted woods of Celtic antiquity. One catches in his company that flavour of final purposelessness, inner responsibility, existence outside or away from our Saxon good and evil, mixed with cunning, remorselessness, love of power.

Age, Catches, Evil, Love, Responsibility, Siren

I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.

Alternatives, Attaining, Probably, Sight, Thinking, Wisely

The atomic hypothesis which had worked so splendidly in Physics breaks down in Psychics.

Breaking Down, Breaks, Physics, Psychics, Splendidly

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.

Done, Government, Important, Individuals, Things

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.

Sacrifice, Choices, Gold, Observe, Forced, Exists

The boom, not the slump, is the right time for austerity at the Treasury.

Austerity, Boom, Investing, Slump, Slumps, Treasury

Nothing mattered except states of mind, chiefly our own.

Chiefly, Intelligent, Mattered, Mind, Pregnancy, States

Never in history was there a method devised of such efficacy for setting each country's advantage at variance with its neighbours' as the international gold (or, formerly, silver) standard.

Country, Gold, Investing, Neighbours, Efficacy, Variance

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