What do the dead do all day. John Maynard Keynes.



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What do the dead do all day

I work for a Government I despise for ends I think criminal. Letter to Duncan Grant 15 December That she [France] has anything to fear from Germany in the future which we can foresee, except what she may herself provoke, is a delusion. When Germany has recovered her strength and pride, as in due time she will, many years must pass before she again casts her eyes Westwards. Germany's future now lies to the East, and it is in that direction her hopes and ambitions, when they revive, will certainly turn. A Revision of the Treaty London: Macmillan, , p. To the good English radical, the latter is so unreal, so crazy in its combination of futility and evil, that he is often in danger of forgetting or disbelieving its actual existence. Changes in death duties, income tax, land tenure, licensing, game laws, church establishment, feudal rights, slavery, and so on through all ages, have received the same denunciations from the absolutists of contract, who are the real parents of revolution. A Tract on Monetary Reform , Ch. Public Finance and Changes in the Value of Money But this long run is a misleading guide to current affairs. In the long run we are all dead. But this long run is a misleading guide to current affairs. 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. If we restore the gold standard, are we to return also to the pre-war conceptions of bank-rate, allowing the tides of gold to play what tricks they like with the internal price-level, and abandoning the attempt to moderate the disastrous influence of the credit-cycle on the stability of prices and employment? Or are we to continue and develop the experimental innovations of our present policy, ignoring the "bank ration" and, if necessary, allowing unmoved a piling up of gold reserves far beyond our requirements or their depletion far below them? In truth , the gold standard is already a barbarous relic. A Tract on Monetary Reform , p. And he was a Jew; and so was Fuerstenberg. And my dear Melchior is a Jew too. Yet if I lived there, I felt I might turn anti-Semite. For the poor Prussian is too slow and heavy on his legs for the other kind of Jews, the ones who are not imps but serving devils, with small horns, pitch forks, and oily tails. It is not agreeable to see civilization so under the ugly thumbs of its impure Jews who have all the money and the power and brains. I vote rather for the plump hausfraus and thick fingered Wandering Birds. But if this is true of the best-informed, the vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. They do not possess even the rudiments of what is required for a valid judgement, and are the prey of hopes and fears easily aroused by transient events and as easily dispelled. Listen to a recording of another user reading this quote: Words ought to be a little wild, for they are the assault of thoughts on the unthinking. New Statesman and Nation 15 July The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods. In short we dislike it, and we are beginning to despise it. But when we wonder what to put in its place, we are extremely perplexed. National self-sufficiency Section 3, republished in Collected Writings Vol. Nothing mattered except states of mind, chiefly our own. To our generation Einstein has been made to become a double symbol — a symbol of the mind travelling in the cold regions of space, and a symbol of the brave and generous outcast, pure in heart and cheerful of spirit. The boys, who cannot grow up to adult human nature, are beating the prophets of the ancient race — Marx , Freud , Einstein — who have been tearing at our social, personal and intellectual roots, tearing with an objectivity which to the healthy animal seems morbid, depriving everything, as it seems, of the warmth of natural feeling. What traditional retort have the schoolboys but a kick in the pants? Himself a schoolboy, too, but the other kind — with ruffled hair, soft hands and a violin. See him as he squats on Cromer beach doing sums, Charlie Chaplin with the brow of Shakespeare So it is not an accident that the Nazi lads vent a particular fury against him. He does truly stand for what they most dislike, the opposite of the blond beast — intellectualist, individualist, supernationalist, pacifist, inky, plump How should they know the glory of the free-ranging intellect and soft objective sympathy to whom money and violence , drink and blood and pomp, mean absolutely nothing? Yet Albert and the blond beast make up the world between them. If either cast the other out, life is diminished in its force. When the barbarians destroy the ancient race as witches , when they refuse to scale heaven on broomsticks, they may be dooming themselves to sink back into the clods which bore them. Collected Writings volume xxviii pages Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time. The object of a model is to segregate the semi-permanent or relatively constant factors from those which are transitory or fluctuating so as to develop a logical way of thinking about the latter, and of understanding the time sequences to which they give rise in particular cases. Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one. XIV , p. A most powerful piece of well organized analysis with high aesthetic qualities, though written more perhaps than you see yourself for the cognoscenti in the temple and not for those at the gate. Anyhow I prefer it for intellectual enjoyment to any recent attempts in this vein. If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy. Variant reported in Time magazine, Monday, Feb. But if you owe a million, it has. As quoted in The Economist 13 February , p. 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. First Annual Report of the Arts Council They offer me neither food nor drink — intellectual nor spiritual consolation On the Conservative Party; Skidelsky But when he forever sentimentalises about his own stupidity , the charm is broken. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam. Men will not always die quietly. The power to become habituated to his surroundings is a marked characteristic of mankind. Chapter II, Section I, pp. Chapter II, Section I, p. Their preoccupations, good and bad alike, related to frontiers and nationalities, to the balance of power, to imperial aggrandizements, to the future enfeeblement of a strong and dangerous enemy, to revenge, and to the shifting by the victors of their unbearable financial burdens on to the shoulders of the defeated. Chapter IV, Section I, p. By a continuing process of inflation , governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. Chapter VII, Section 1, p. Thus a change in the monetary unit, which is uniform in its operation and affects all transactions equally, has no consequences. If, by a change in the established standard of value, a man received and owned twice as much money as he did before in payment for all rights and for all efforts, and if he also paid out twice as much money for all acquisitions and for all satisfactions, he would be wholly unaffected. During the lengthy process of production the business world is incurring outgoings in terms of money-paying out in money for wages and other expenses of production-in the expectation of recouping this outlay by disposing of the product for money at a later date. That is to say, the business world as a whole must always be in a position where it stands to gain by a rise of price and to lose by a fall of price. Whether it likes it or not, the technique of production under a regime of money-contract forces the business world always to carry a big speculative position; and if it is reluctant to carry this position, the productive process must be slackened. The best way to cure this mortal disease of individualism must be to provide that there shall never exist any confident expectation either that prices generally are going to fall or that they are going to rise; and also that there shall be no serious risk that a movement, if it does occur, will be a big one. If, unexpectedly and accidentally, a moderate movement were to occur, wealth, though it might be redistributed, would not be diminished thereby. Inflation is unjust and Deflation is inexpedient. Of the two perhaps Deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other. It is easier to agree that both are evils to be shunned. The Great Slump of [ edit ] appeared in the Nation and Athenaeum This is a nightmare, which will pass away with the morning. For the resources of nature and men's devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid. We are as capable as before of affording for everyone a high standard of life … and will soon learn to afford a standard higher still. We were not previously deceived. But to-day we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time — perhaps for a long time. Churchill [ edit ] This state of affairs is not an inevitable consequence of a decreased capacity to produce wealth. What do the dead do all day

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8 Comments

  1. The Character of the Problem It is extraordinarily difficult to secure the right outcome for this resultant of many separate policies.

  2. Or would the gold standard countries be interested to learn the terms, which must needs be strict, on which we should be prepared to re-enter the system of a drastically reformed gold standard?

  3. The woman appears to be in sunny daylight, while the rest of the woods and castle clearly show that it is night-time.

  4. They may be lazy, good-for-nothing fellows who do not work so hard or so long as they should. Chapter VII, Section 1, p. We are shocked because the religion is new, and contemptuous because the business, being subordinated to the religion instead of the other way round, is highly inefficient.

  5. Perceived ambiguity of "that"[ edit ] Meat Loaf says that the question, "What is 'that'? Colorful native dancers and music intermix with performance artists , while sly pranksters play on traditional themes.

  6. In short we dislike it, and we are beginning to despise it. Every man was therefore able to do as he pleased.

  7. On November 9, the family crowns the skulls with fresh flowers, sometimes also dressing them in various garments, and making offerings of cigarettes, coca leaves, alcohol, and various other items in thanks for the year's protection. But if this is true of the best-informed, the vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. Or are we to continue and develop the experimental innovations of our present policy, ignoring the "bank ration" and, if necessary, allowing unmoved a piling up of gold reserves far beyond our requirements or their depletion far below them?

  8. It sort of is a little puzzle and I guess it goes by - but they're all great things. When the barbarians destroy the ancient race as witches , when they refuse to scale heaven on broomsticks, they may be dooming themselves to sink back into the clods which bore them.

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