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The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. In...more

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Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.

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Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the ...more

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If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

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The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intellige...more

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In the long run we are all dead.

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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 ...more

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The war has ended with every one owing every one else immense sums of money. Germany owes a large sum to the Allies, the Allies owe a large sum to Gre...more

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By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

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We should not conclude from this that everything depends on waves of irrational psychology. On the contrary, the state of long-term expectation is oft...more