John Maynard Keynes Quotes
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.
John Maynard Keynes, 1883-1946, British Economist, Essays In Biography, 1933
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Zhou, more than any other Chinese official, was responsible for the dramatic change in the Chinese economic shift from a classical socialist model to a modern market driven competitive economy.
He was referring to the institutions in the particular fields. An established institution in education like a university might develop an innovation in astronomy or language translation, but not likely develop significant innovations in education. An established computer programming company might innovate the method of warehousing and shipping merchandise, but they are not likely to develop an innovative way of computer programming. That is typically done by a programming non-established firm or individual. There are a number of exceptions and this is not put forth as a general principle, but as a statistical observation. Established institutions are working harder and smarter to find ways of innovating regularly, and may succeed more frequently than the present.
While this is often true, it is another Mises exaggeration using the word “every” in this quotation. Darwin’s theory of evolution was immediately accepted by most other scientists and intellectuals. The opponents then were the religious fundamentalists. The same is true today. Einstein’s Theory of Relativity was accepted by most other scientist as soon as they read it and worked out the mathematics. That was before there was any physical or experimental evidence, which did not come till 1919.
Many conservatives of the 19th Century honestly believed that for a well-grounded man, it was impossible to make a radical moral or cultural change. Froude thought that it was but should be done very carefully and sparingly. See {636915}.
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.
