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Thinker · 17 quotes

John Maynard Keynes quotes for UPSC

17 sourced quotes by John Maynard Keynes on economy, development & poverty, governance & administration, education & knowledge, science, technology & innovation, peace, non-violence & conflict, with a use case for each in GS4, Essay and interviews.

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A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
— John Maynard Keynes"The End of Laissez-faire" (1926); Full text online; Ch. 1
Use itEssay on value of history; studying ideas' evolution frees the mind.
The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.
Use itEssay on innovation/reform: real barrier is unlearning old mindsets.
Anything we can actually do we can afford.
— John Maynard Keynes1942. Published in Collected Writings Volume 27, Page 270. Quoted in Bruce Littleboy: "On Interpreting Keynes: A Study in Reconciliation" (1
Use itGS3: fiscal debate; real resources, not money, limit what a nation can do.
Many of the greatest economic evils of our time are the fruits of risk, uncertainty, and ignorance.
— John Maynard KeynesThe End of Laissez-faire (1926)
Use itGS3: justify social security and information systems to reduce uncertainty.
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
Use itGS3: unemployment and inequality as core failures of economy; intro to inclusive growth.
But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again.
Use itGS3: justify counter-cyclical intervention; policy must address present distress, not distant equilibrium.
It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened; more often individuals acting separately to promote their own ends are too ignorant or too weak to attain even these.
— John Maynard KeynesThe End of Laissez-faire (1926)
Use itGS3: case for state regulation; markets and self-interest don't automatically serve public good.
Perhaps it is historically true that no order of society ever perishes save by its own hand.
Use itEssay intro on decline of civilisations; societies collapse from internal decay.
The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems — the problems of life and of human relations, of creation and behaviour and religion.
— John Maynard KeynesFirst Annual Report of the Arts Council (1945-1946)
Use itEssay on GDP vs well-being; economics should give way to life's real concerns.
I do not know which makes a man more conservative — to know nothing but the present, or nothing but the past.
— John Maynard Keynes"The End of Laissez-faire" (1926); Full text online; Ch. 1
Use itEssay on tradition vs modernity; ignorance of past or present both breed rigidity.
There is no harm in being sometimes wrong — especially if one is promptly found out.
— John Maynard Keynes"Alfred Marshall", p. 175
Use itInterview: accepting errors gracefully; being wrong is fine if corrected quickly.
Most men love money and security more, and creation and construction less, as they get older.
— John Maynard Keynes"Clissold" (1927); appeared in the Nation and Athenaeum (1927)
Use itLife: stay creative and bold as you age; resist complacency of security.

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