Experience shows that what happens is always the thing against which one has not made provision in advance.
Interpretation
Planning for the unexpected is essential in life.
This quote by John Maynard Keynes highlights the importance of foresight in decision-making and planning. It implies that no matter how much we prepare, it is often the unforeseen events that derail our plans and that we need to be ready for unpredictable circumstances.
In practice
During a business presentation on risk management.
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.
We will not have any more crashes in our time.
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.
As the great Confucius said, "The one who would be in constant happiness must frequently change." Flow. But we keep looking back, don't we? We cling to things in the past and cling to things in the present...Do you want to enjoy a symphony? Don't hold on to a few bars of the music. Don't hold on to a couple of notes. Let them pass, let them flow. The whole enjoyment of a symphony lies in your readiness to allow the notes to pass.
You will not become a saint through other people's sins.
Money is not a substitute for tenderness, and power is not a substitute for tenderness. I can tell you, as I'm sitting here dying, when you most need it, neither money nor power will give you the feeling you're looking for, no matter how much of them you have."
The absence of alternatives clears the mind marvelously.
I've Got the World on a String.
Wait for the idea. It may not come at first, but you must be patient, never doubting, waiting in faith. It will come.
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