Essays In Persuasion By John Maynard Keynes
Full employment would be reached only at the top of the boom, but slumps would be relatively mild and short-lived.'' In the real political world, large budget deficits have become the order of the day since, whatever the fiscal symmetry of the Keynesian theory, politically the Keynesian formula proved to be heavily biased on the side of cutting taxes and increasing government spending, no matter how huge the government deficits.
President Reagan, with his record level of deficits of 0 billion a year prospectively reaching four years into the future, may have become, as Keynes said in one of his most famous phrases, the slave ''of some defunct economist,'' only in this case the defunct economist may be Keynes himself, the man who made huge budget deficits acceptable if not respectable.
It is easier to agree that both are evils to be shunned.” “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.” “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.” “As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.” “Speculators may do no harm as bubbles on a steady stream of enterprise.
“Thus inflation is unjust and deflation is inexpedient.By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.For this would force the investor to direct his mind to the long-term prospects and to those only.” “The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs.Rare books by John Maynard Keynes including first edition, signed first edition, and finely bound copies of The Economic Consequences of Peace, and General Theory of Employment.“I’m thoroughly sick of this place and would like to resign.Now the novelty has worn off I’m bored nine-tenths of the time and rather unreasonably irritated the other tenth whenever I can’t have my own way” “Well the only course open to me is to be buoyantly bolshevik; and as I lie in bed this morning I reflect with a good deal of satisfaction that, because our rulers are as incompetent as they are mad and wicked, one particular era of a particular kind of civilization is very nearly over.” “Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.John Maynard Keynes, (1883-1946) is one of the most renowned names in 20th century economics.Here are collected the croakings of twelve years --the croakings of a Cassandra who could never influence the course of events in time.This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996.To preserve these articles as they originally appeared, The Times does not alter, edit or update them.