We will not have any more crashes in our time.
Interpretation
Keynes expresses confidence that economic crashes will be avoided through proper management and policy.
In this quote, John Maynard Keynes conveys a sense of optimism regarding the future of economic stability. He suggests that through effective economic policies and interventions, society will be able to prevent significant economic downturns or crashes, reflecting his belief in the power of government and economic management to mitigate financial instability.
In practice
In a graduation speech discussing future economic prospects.
As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
This long run is a misleading guide to current affairs. 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 storm is long past the ocean is flat again.
The book, as it stands, seems to me to be one of the most frightful muddles I have ever read, with scarcely a sound proposition in it beginning with page 45 [Hayek provided historical background up to page 45; after that came his theoretical model], and yet it remains a book of some interest, which is likely to leave its mark on the mind of the reader. It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam.
If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
A healthy economy is largely a result of a reasonable balance between consumption today and consumption deferred, and it's pretty clear that balance has been ridiculously out of whack for a while.
If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
If you don't talk about families, then it's easy to disembody subprime mortgages and asset securitization and unemployment rates without remembering that every one of those numbers is a million families.
Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
We have this culture of financialization. People think they need to make money with their savings rather with their own business. So you end up with dentists who are more traders than dentists. A dentist should drill teeth and use whatever he does in the stock market for entertainment.
Zoning laws making housing more expensive? That's less of a problem with a universal basic income and more of a reason to put money directly into people's hands.
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