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.” This progressive deterioration in the value of money through history is not an accident, and has had behind it two great driving forces – the impecuniosity of Governments and the superior political influence of the debtor class.
“Thus inflation is unjust and deflation is inexpedient.
Indeed, though a brilliant mathematician himself and the author of a great mathematical work, '' Treatise on Probability,'' Keynes tried to warn his fellow economists against undue reliance on mathematics in economics.
He wrote the following in an essay on his own great teacher, Alfred Marshall:'' Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one but a very little way toward establishing useful results.'' Marshall felt all this with a vehemence which not all his pupils have shared.
John Maynard Keynes, (1883-1946) is one of the most renowned names in 20th century economics.
Here are collected the croakings of twelve years --the croakings of a Cassandra who could never influence the course of events in time.
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“I’m thoroughly sick of this place and would like to resign.
Now the novelty has worn off I’m bored nine-tenths of the time and rather unreasonably irritated the other tenth whenever I can’t have my own way” “Well the only course open to me is to be buoyantly bolshevik; and as I lie in bed this morning I reflect with a good deal of satisfaction that, because our rulers are as incompetent as they are mad and wicked, one particular era of a particular kind of civilization is very nearly over.” “Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.