John Maynard Keynes Quotes
Worldly wisdom teaches that it is better for reputation to fail conventionally then to succeed unconventionally.
This is one of the cultural differences between America and England. The former was then and is now much more tolerant of unconventional success, even if it disrupts other entire industries. Google for example became the worlds largest advertising company, destroying many other forms of advertising like newspapers.
John Maynard Keynes, 1883-1946, British Economist, The General Theory of Employment Interest and Money, 1935
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This quotation shows FDR doing something that politicians rarely do. The country was in the midst of the Great Depression and he was running for the Presidency against Herbert Hoover who as President would do little to help the destitute part of the population or improve the economy. Roosevelt did not lay out specific programs which he claimed would fix the problem. He himself really didn’t know for certain what would and what would not. However he promised bold experimentation—trying new things. When he was elected, he was able to fail with one program and just shift to another until enough were successful. But the great contrast was to Hoover who would do little.
Two of the 20th centuries greatest political leaders were Mao Tse-Tung and Franklin Delano Roosevelt. In most respects, these two were polar opposites. However, they had one characteristic in common. They were both willing to try things they were not certain of. If they succeeded, make it a part of the national program. If it failed, try something else. See Mao {642795}.
John Maynard Keynes, 1st Baron Keynes, CB, FBA (5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics.