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.
Today we have a temporary aberration called "industrial capitalism" which is inadvertently liquidating its two most important sources of capital, the natural world and properly functioning societies._x000D_ _x000D_ No sensible capitalist would do that.
I'm an entrepreneur trying to let the American people know that it's not immigrants that are causing economic problems, it is the fact that our economy is advancing in ways that is making human labor less and less essential.
Central planning didn't work for Stalin or Mao, and it won't work for an entrepreneur either.
Just as we should never balance the budget on the backs of the poor, so it is an economic delusion to think you can balance it only on the wallets of the rich.
When money is controlled by a few it gives that few an undue power and control over labor and the resources of the country. Labor will have its best return when the laborer can control its disposal.
Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.
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