John Maynard Keynes Quotes
Can we prevent an almost complete collapse of the financial structure of modern capitalism? With no financial leadership left in the world and profound intellectual error as to causes and cures prevailing in the responsible seats of power, one begins to wonder and to doubt.... The financial and political authorities of the world have lacked the courage or the conviction at each stage of the decline to apply the available remedies in sufficiently drastic doses; and by now they have allowed the collapse to reach a point where the whole system may have lost its resiliency and its capacity for a rebound.
This was written in the 3rd year of the Great Depression which was worldwide. The political and economic leadership in the world had been very passive with the exception of FDR in the United States whose pump priming and relief methods were just beginning to take effect.
John Maynard Keynes, 1883-1946, British Economist, "The World's Economic Outlook", The Atlantic Monthly, May 1932
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This was written in the 3rd year of the Great Depression which was worldwide. In the beginning of this article, he decried the lack of leadership in most of the world {629443}, but his estimate of the resiliency of capitalism was positive.
John Maynard Keynes, 1st Baron Keynes, CB, FBA (5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics.
