"It is not surprising that Mr. Keynes finds his views anticipated by the mercantilist writers and gifted amateurs: concern with the surface phenomena has always marked the first stage of the scientific approach to our subject. But it is alarming to see that after we have once gone through the process of developing a systematic account of those forces which in the long run determine prices and production, we are now called upon to scrap it, in order to replace it by the shortsighted philosophy of the business man raised to the dignity of a science."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
The Pure Theory of Capital (1941), Ch. XXVII. Long-Run Forces Affecting the Rate of Interest
https://en.wikiquote.org/wiki/John_Maynard_Keynes_and_Friedrich_Hayek
Revision History
No revisions have been submitted for this quote.
Categories
John Maynard Keynes and Friedrich Hayek
39 quotes on TrueQuotesView all quotes by John Maynard Keynes and Friedrich Hayek →
Related Quotes
"Of course the developments since then have been a great fluctuation of interests. For a long period, economics was do…"
"Although Keynes was, in spite of himself, to contribute greatly to the weakening of freedom, he shocked his Bloomsbur…"
"My life has been dominated by my differences with John Maynard Keynes. That turns almost wholly on the - I believe, f…"
"He was so convinced that he was cleverer than all the other people that he thought his instinct told him what ought t…"
"Keynes used the opportunity to protest against the return to gold in any form, though unfortunately it was done in th…"
"Keynes believed that, by taking account of foreseeable effects, he could build a better world than by submitting to t…"
"He was a relatively sensible man. Unfortunately, he died in 1946, and so it was left to his very orthodox pupils, who…"
"Inspired geniuses possessing a great power of conviction are not necessarily a blessing for the society in which they…"
"The conception that there is some simple correlation between the volume of aggregate demand for final goods and the t…"
"In the years after 1936, whilst Hayek was working on The Pure Theory of Capital, most economists were convinced by Ke…"