The difficulty lies, not in the new ideas, but in escaping from the old ones.
Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
When the facts change, I change my mind.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
It is better to be roughly right than precisely wrong.
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
Markets can remain irrational longer than you can remain solvent.
Long run is a misleading guide to current affairs. In the long run we are all dead.
If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.
Successful investing is anticipating the anticipations of others.
The markets are moved by animal spirits, and not by reason.
The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
There is nothing so disastrous as a rational investment policy in an irrational world.
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
The expected never happens; it is the unexpected always.
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.
The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future
It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
The boom, not the slump, is the right time for austerity at the Treasury.
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.
Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
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.
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
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