Now I'm not saying that Keynes was right about everything, that we should treat The General Theory as a sort of secular bible - the way that Marxists treat Das Kapital. But the essential truth of Keynes's big idea - that even the most productive economy can fail if consumers and investors spend too little, that the pursuit of sound money and balanced budgets is sometimes (not always!) folly rather than wisdom - is as evident in today's world as it was in the 1930s. And in these dangerous days, we ignore or reject that idea at the world economy's peril.
Paul KrugmanRelated topics
everything fail folly general idea money now right saying secular should sort sound spend treat truth way wisdom 1930s Keynes days dasRelated quotes
If you seek reality you must set yourself free of all backgrounds, of all cultures, of all patterns of thinking and feeling. Even the idea of being man or woman, or even human should be discarded. The ocean of life contains all, not only humans. So, first of all abandon all self-identification, stop thinking of yourself as such-and-such or so-and-so, this or that. Abandon all self-concern, worry not about your welfare, material or spiritual, abandon every desire, gross or subtle, stop thinking of achievement of any kind. You are complete here and now, you need absolutely nothing.
Nisargadatta Maharaj
Broadly speaking, [Keynesianism means] that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.
John Kenneth Galbraith
I do not want to discuss evolution in such depth, however, only touch on it from my own perspective: from the moment when I stood on the Serengeti plains holding the fossilized bones of ancient creatures in my hands to the moment when, staring into the eyes of a chimpanzee, I saw a thinking, reasoning personality looking back. You may not believe in evolution, and that is all right. How we humans came to be the way we are is far less important than how we should act now to get out of the mess we have made for ourselves.
Jane Goodall
I confidently trust that the American people will prove themselves ... too wise not to detect the false pride or the dangerous ambitions or the selfish schemes which so often hide themselves under that deceptive cry of mock patriotism: "Our country, right or wrong!" They will not fail to recognize that our dignity, our free institutions and the peace and welfare of this and coming generations of Americans will be secure only as we cling to the watchword of true patriotism: "Our country - when right to be kept right; when wrong to be put right."
Carl Schurz
It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money - that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot - it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
John Ruskin