29 Aug 2012

Keynes Quotes

I follow Stephanie Kelton @deficitowl on Twitter. Lately she posted a series of quotes from Keynes. I liked them very much so here they are with only minimal editing:
"employment...depends on the amount of the proceeds which the entrepreneurs expect to receive.." -JM Keynes. (Expected) Sales create Jobs.

The notion that "supply creates its own demand..still underlies the whole classical theory, which would collapse without it." -JM Keynes

1936 Keynes complained that classical econ treated money as something that could be "introduced perfunctorily in a later chapter" Still does

"workers..are instinctively more reasonable economists than the classical school [b/c] they resist reductions of money-wages.." JM Keynes

"Never in history was there a method devised..for setting each country's advantage at variance with its neighbors' as the inter'l gold std"

Gold bugs champion gold's "inelasticity of supply", but that that is "precisely the characteristic..at the bottom of the trouble" -JM Keynes

"gold-mining is the only pretext for digging holes in the ground which has recommended itself to bankers as sound finance" - JM Keynes, 1936

"It would..be more sensible to build houses and the like; but if there r political..difficulties in the way..[bottles] better than nothing"

"If the Treasury were to fill old bottles with banknotes, bury them..and leave it to private enterprise..to dig [them] up there need be no more unemployment" -JM Keynes

"..digging holes in the ground known as gold-mining..adds nothing whatever to the real wealth of the world.." -JM Keynes

"..the deep divergences of opinion b/w fellow economists..have almost destroyed the practical influence of economic theory.."JM Keynes, 1936

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Keep is seemly & on-topic. Thanks.