John Maynard Keynes
JOHN MAYNARD KEYNES  Macroknow Library

The General Theory. "The difficulty lies, not in the new ideas, but in escaping from the old ones . . . "1a

"With the separation between ownership and management . . . and with the development of organized investment markets, a new factor of great importance has entered in, which sometimes facilitates investment but sometimes adds greatly to the instability of the system."1b

" . . . [W]here the risk is due to doubt in the mind of the lender concerning the honesty of the borrower, there is nothing in the mind of a borrower who does not intend to be dishonest to offset the resultant higher charge."1c MARX GHANDI

"I sympathise . . . with the pre-classical doctrine that everything is produced by labour, aided by what used to be called art and is now called technique, by natural resources . . . , and by the results of past labour, embodied in assets . . . "1d* MARX

" . . . [T]he importance of money essentially flows from its being a link between the present and the future."1e*


* Italics in the original.

1 John Maynard Keynes (1883-1946). The General Theory of Employment, Interest, and Money (1935). San Diego, CA: Harcourt Brace & Company, 1991.
a Preface, at 8.
b The State of Long-Term Expectation, at 150.
c The Psychological and Business Incentives to Liquidity, at 208
d Sundry Observations on the Nature of Capital, at 213.
e The Theory of Prices, at 293-294.