John Maynard Keynes Quotes

It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.

 
Context
At the time, it was generally felt that gambling was particularly harmful for poor and middle class people, than for wealthy aristocrats who could afford losses more easily. The solution was to make gambling casinos difficult and expensive to get to and so discourage their use by all except for the rich. Keynes, however, observed that the stock market was essentially a gambling system, and should socially and legally be treated the same as other gambling forms.
John Maynard Keynes
John Maynard Keynes
  • Born: June 5, 1883
  • Died: April 21, 1946
  • Nationality: British
  • Profession: Economist

John Maynard Keynes, 1st Baron Keynes CB FBA, was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.

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