John Maynard Keynes was an economist who is widely regarded as the founder of modern macroeconomics. His ideas fundamentally changed the economic policies of modern governments. He authored a number of books on economics including The General Theory of Employment, Interest, and Money and The Economic Consequences of the Peace.
His thoughts on economics are still relevant in today's time and most governments and central banks depend on his works for deciding their fiscal and monetary policies. His ideas and theories on economics are collectively known as the Keynesian economics.
During the period of 1945 - 1973, the Keynesian economics was used by the developed countries as the standard model of economics. After the 1970s, the influence of his economics was reduced, but it emerged again following the crisis of 2007 - 2008 in the form of new Keynesian economics.
Here, we are sharing the 10 best quotes of John Maynard Keynes.
1. The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.
2. Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
3. The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
4. The difficulty lies not so much in developing new ideas as in escaping from old ones.
5. 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.
6. If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
7. Successful investing is anticipating the anticipations of others.
8. The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
9. If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
10. It would not be foolish to contemplate the possibility of a far greater progress still.