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But Whilst There May Be Intrinsic Reasons For The Scarcity Of Land, There Are No Intrinsic Reasons For The Scarcity Of Capital.
-John Maynard Keynes
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But Whilst There May

John Maynard Keynes
...
But Whilst There May Be Intrinsic Reasons For The Scarcity Of Land, There Are No Intrinsic Reasons For The Scarcity Of Capital.

Understanding the Quote: "but whilst there may be intrinsic reasons for the scarcity of land,..."

This quote by John Maynard Keynes reflects deeply on the theme of land. It connects to the universal human journey of purpose, motivation, and reflection. Often categorized under Land, Scarcity, May, the quote offers insight, emotional clarity, and intellectual inspiration to readers worldwide.

Whether you’re a student exploring new ideas, a leader trying to motivate your team, or someone seeking direction in life — this quote provides value. It resonates because it’s more than words — it’s a bridge between experience and wisdom. It shows how John Maynard Keynes interprets life's core challenges and triumphs.

Lessons From the Quote

This quote teaches resilience and focus. It reminds readers that no matter where they stand in life, reflection and self-awareness lead to growth. Each word has meaning, and when studied, it becomes clear how impactful thoughtful language can be.

About John Maynard Keynes

John Maynard Keynes is celebrated for insightful thoughts on land and scarcity. Their legacy lives on through writings that guide, comfort, and inspire. Discover more on their profile page.

Actionable Takeaways

  • Reflect on how this quote applies to your current life path.
  • Share the message with someone who needs inspiration.
  • Write your thoughts on this quote in a journal or blog post.
  • Use it as a daily affirmation or reminder.

Closing Thoughts

Quotes like this endure because they capture universal truths. They comfort us in solitude and empower us in groups. Carry this quote forward — live by its wisdom, share its message, and keep its essence alive.

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Topic
Land
Scarcity
May
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Unlike Physics, For Example, Such Parts Of The Bare Bones Of Economic Theory As Are Expressible In Mathematical Form Are Extremely Easy Compared With The Economic Interpretation Of The Complex And Incompletely Known Facts Of Experience, And Lead One A Very Little Way Towards Establishing Useful Results.
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When My Information Changes, I Alter My Conclusions. What Do You Do, Sir?
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It Is Better That A Man Should Tyrannize Over His Bank Balance Than Over His Fellow-citizens.
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I Believe Myself To Be Writing A Book On Economic Theory Which Will Largely Revolutionize - Not, I Suppose, At Once But In The Course Of The Next Ten Years - The Way The World Thinks About Economic Problems.
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If I Am Right In Supposing It To Be Comparatively Easy To Make Capital-goods So Abundant That The Marginal Efficiency Of Capital Is Zero, This May Be The Most Sensible Way Of Gradually Getting Rid Of Many Of The Objectionable Features Of Capitalism.
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I Am Myself Impressed By The Great Social Advantages Of Increasing The Stock Of Capital Until It Ceases To Be Scarce.
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The Division Of The Spoils Between The Victors Will Also Provide Employment For A Powerful Office, Whose Doorsteps The Greedy Adventurers And Jealous Concession Hunters Of Twenty Or Thirty Nations Will Crowd And Defile.
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What An Extraordinary Episode In The Economic Progress Of Man That Age Was Which Came To An End In August, 1914!
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The Engine Which Drives Enterprise Is Not Thrift, But Profit.
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For My Own Part, I Believe That There Is Social And Psychological Justification For Significant Inequalities Of Incomes And Wealth.
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He Had One Illusion - France; And One Disillusion - Mankind, Including Frenchmen.
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The Immense Accumulations Of Fixed Capital Which, To The Great Benefit Of Mankind, Were Built Up During The Half Century Before The War, Could Never Have Come About In A Society Where Wealth Was Divided Equitably.
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The Treasury Could Fill Old Bottles With Banknotes And Bury Them..and Leave It To Private Enterprises On Well-tried Principles Of Laissez-faire To Dig The Notes Up Again.
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The Social Object Of Skilled Investment Should Be To Defeat The Dark Forces Of Time And Ignorance Which Envelope Our Future.
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Newton Was Not The First Of The Age Of Reason, He Was The Last Of The Magicians.
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It Is A Good Thing To Make Mistakes So Long As You're Found Out Quickly.
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The Economic Problem...the Problem Of Want And Poverty And The Economic Struggle Between Classes And Nations, Is Nothing But A Frightful Muddle, A Transitory And Unnecessary Muddle.
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Never In History Was There A Method Devised Of Such Efficacy For Setting Each Country's Advantage At Variance With Its Neighbours' As The International Gold (or, Formerly, Silver) Standard.
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A Conventional Valuation Which Is Established As The Outcome Of The Mass Psychology Of A Large Number Of Ignorant Individuals Is Liable To Change Violently As The Result Of A Sudden Fluctuation Of Opinion Due To Factors Which Do Not Really Make Much Difference To The Prospective Yield; Since There Will Be No Strong Roots Of Conviction To Hold It Steady.
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The Numeric System Was Invented To Help Man To Put Order In The Chaos Of The World.
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It Is Generally Agreed That Casinos Should, In The Public Interest, Be Inaccessible And Expensive. And Perhaps The Same Is True Of Stock Exchanges.
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If We Aim Deliberately At The Impoverishment Of Central Europe, Vengeance, I Dare Predict, Will Not Limp.
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... A Speculator Is One Who Runs Risks Of Which He Is Aware And An Investor Is One Who Runs Risks Of Which He Is Unaware.
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Newton Was Not The First Of The Age Of Reason. He Was The Last Of The Magicians, The Last Of The Babylonians And Sumerians, The Last Great Mind That Looked Out On The Visible And Intellectual World With The Same Eyes As Those Who Began To Build Our Intellectual Inheritance Rather Less Than 10,000 Years Ago.
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The Duty Of "saving" Became Nine-tenths Of Virtue And The Growth Of The Cake The Object Of True Religion.
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The Idea Behind Stamped Money Is Sound.
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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.
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Nothing Mattered Except States Of Mind, Chiefly Our Own.
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When The Capital Development Of A Country Becomes A By-product Of The Activities Of A Casino, The Job Is Likely To Be Ill-done
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To Suggest Social Action For The Public Good To The City London Is Like Discussing The Origin Of Species To A Bishop Sixty Years Ago.
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The Love Of Money As A Possession...will Be Recognised For What It Is, A Somewhat Disgusting Morbidity.
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The Right Remedy For The Trade Cycle Is Not To Be Found In Abolishing Booms And Thus Keeping Us Permanently In A Semi-slump; But In Abolishing Slumps And Thus Keeping Us Permanently In A Quasi-boom.
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Found
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One's Knowledge And Experience Are Definitely Limited And There Are Seldom More Than Two Or Three Enterprises At Any Given Time In Which I Personally Feel Myself Entitled To Put Full Confidence.
Two
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Creating
Track
The Principle Objectives In Life Are Love, The Creation And Enjoyment If Aesthetic Experience, The Pursuit Of Knowledge. Love Comes A Long Way First.
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Principles
Way
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Those, Who Are Strongly Wedded To What I Shall Call 'the Classical Theory', Will Fluctuate, I Expect, Between A Belief That I Am Quite Wrong And A Belief That I Am Saying Nothing New. It Is For Others To Determine If Either Of These Or The Third Alternative Is Right.
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It Economics Is A Method Rather Than A Doctrine, An Apparatus Of The Mind, A Technique Of Thinking Which Helps Its Possessor To Draw Correct Conclusions.
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Mind
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Government
Important
Done
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Investing
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Men
People
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Needs
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A Sound Banker, Alas, Is Not One Who Foresees Danger And Avoids It, But One Who, When He Is Ruined, Is Ruined In A Conventional Way Along With His Fellows, So That No One Can Really Blame Him.
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Investing
Long Run Is A Misleading Guide To Current Affairs. In The Long Run We Are All Dead.
Running
Long
Affair
I Think That Capitalism, Wisely Managed, Can Probably Be Made More Efficient For Attaining Economic Ends Than Any Alternative System Yet In Sight, But That In Itself Is In Many Ways Extremely Objectionable.
Thinking
Sight
Alternatives
I Was Suffering From My Chronic Delusion That One Good Share Is Safer Than Ten Bad Ones, And I Am Always Forgetting That Hardly Anyone Else Shares This Particular Delusion.
Suffering
Forget
Share
When Somebody Persuades Me I Am Wrong, I Change My Mind.
Mind
The Love Of Money As A Possession-as Distinguished From The Love Of Money As A Means To The Enjoyments And Realities Of Life-will Be Recognized For What It Is, A Somewhat Disgusting Morbidity, One Of Those Semi-criminal, Semi-pathological Propensities Which One Hands Over With A Shudder To The Specialists In Mental Disease
Life
Mean
Reality
Once We Allow Ourselves To Be Disobedient To The Test Of An Accountant's Profit, We Have Begun To Change Our Civilization.
Civilization
Tests
Profit
This Siren, This Goat-footed Bard, This Half Human Visitor To Our Age The Hag-ridden And Enchanted Woods Of Celtic Antiquity. One Catches In His Company That Flavour Of Final Purposelessness, Inner Responsibility, Existence Outside Or Away From Our Saxon Good And Evil, Mixed With Cunning, Remorselessness, Love Of Power.
Responsibility
Evil
Age
Government Machinery Has Been Described As A Marvelous Labor Saving Device Which Enables Ten Men To Do The Work Of One.
Men
Liberty
Saving
Nor Should The Argument Seem Strange That Taxation May Be So High As To Defeat Its Object, And That, Given Sufficient Time To Gather The Fruits, A Reduction Of Taxation Will Run A Better Chance Than An Increase Of Balancing The Budget.
Running
Investing
Taxation
The Old Saying Holds. Owe Your Banker �1000 And You Are At His Mercy; Owe Him �1 Million And The Position Is Reversed.
Bankers
Mercy
Old Saying
The Atomic Hypothesis Which Had Worked So Splendidly In Physics Breaks Down In Psychics.
Psychics
Physics
Breaking Down
So It Is Not An Accident That The Nazi Lads Vent A Particular Fury Against (einstein). He Does Truly Stand For What They Most Dislike, The Opposite Of The Blond Beast Intellectualist, Individualist, Supernationalist, Pacifist, Inky, Plump... How Should They Know The Glory Of The Free-ranging Intellect And Soft Objective Sympathy To Whom Money And Violence, Drink And Blood And Pomp, Mean Absolutely Nothing?
Mean
Blood
Opposites
Professional Investment May Be Likened To Those Newspaper Competitions In Which The Competitors Have To Pick Out The Six Prettiest Faces From A Hundred Photographs, The Prize Being Awarded To The Competitor Whose Choice Most Nearly Corresponds To The Average Preferences Of The Competitors As A Whole.
Average
Choices
Competition
The Glory Of The Nation You Love Is A Desirable End, — But Generally To Be Obtained At Your Neighbor's Expense.
Love Is
Glory
Neighbor
The Markets Are Moved By Animal Spirits, And Not By Reason.
Animal
Spirit
Reason
It Is Investment, I.e. The Increased Production Of Material Wealth In The Shape Of Capital Goods, Which Alone Increases National Wealth.
Shapes
Wealth
Investment
Chess Is A Cure For Headaches.
Chess
Headache
Cures
Men Will Not Always Die Quietly.
Men
Economics
Dies
[t]he Theory Of Output As A Whole, Which Is What The Following Book Purports To Provide, Is Much More Easily Adapted To The Conditions Of A Totalitarian State, Than Is The Theory Of Production And Distribution Of A Given Output Produced Under The Conditions Of Free Competition And A Large Measure Of Laissez-faire.
Book
Competition
Liberty
As Time Goes On, I Get More And More Convinced That The Right Method In 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. It Is A Mistake To Think That One Limits One's Risk By Spreading Too Much Between Enterprises About Which One Knows Little And Has No Reason For Special Confidence. . . . One's Knowledge And Experience Are Definitely Limited And There Are Seldom More Than Two Or Three Enterprises At Any Given Time In Which I Personally Feel Myself Entitled To Put Full Confidence.
Mistake
Believe
Thinking
Whenever You Save Five Shillings You Put A Man Out Of Work For A Day.
Education
Laughter
Inspiration
The Great Events Of History Are Often Due To Secular Changes In The Growth Of Population And Other Fundamental Economic Causes, Which, Escaping By Their Gradual Character The Notice Of Contemporary Observers, Are Attributed To The Follies Of Statesmen Or The Fanaticism Of Atheists .
Atheist
Character
Escaping
I Wish I'd Drunk More Champagne.
Bad Ass
Drunk
Alcohol
It Has Been Pointed Out Already That No Knowledge Of Probabilities, Less In Degree Than Certainty, Helps Us To Know What Conclusions Are True, And That There Is No Direct Relation Between The Truth Of A Proposition And Its Probability. Probability Begins And Ends With Probability.
Truth
Math
Degrees
Economics Is A Very Dangerous Science.
Economics
Dangerous
If You Owe Your Bank A Hundred Pounds, You Have A Problem. But If You Owe A Million, It Has.
Banking
Pounds
Problem
One Blames Politicians, Not For Inconsistency But For Obstinacy. They Are The Interpreters, Not The Masters, Of Our Fate. It Is Their Job, In Fact, To Register The Fact Accompli.
Jobs
Fate
Politics
The Outstanding Faults Of The Economic Society In Which We Live Are Its Failure To Provide For Full Employment And Its Arbitrary And Inequitable Distribution Of Wealth And Incomes.
Income
Employment
Arbitrary
...by Combining A Popular Hatred Of The Class Of Entrepreneurs With The Blow Already Given To Social Security By The Violent And Arbitrary Disturbance Of Contract,... Governments Are Fast Rendering Impossible A Continuance Of The Social And Economic Order Of The Nineteenth Century.
Blow
Government
Order
I Am Sure That The Power Of Vested Interests Is Vastly Exaggerated Compared With The Gradual Encroachment Of Ideas.
Ideas
Encroachment
Interest
Investing Is An Activity Of Forecasting The Yield Over The Life Of The Asset; Speculation Is The Activity Of Forecasting The Psychology Of The Market.
Business
Yield
Psychology
Successful Investing Is Anticipating The Anticipations Of Others.
Wise
Successful
Investing
The Friends Of Gold Will Have To Be Extremely Wise And Moderate If They Are To Avoid A Revolution.
Wise
Gold
Revolution
It Is The Long Term Investor Who Will In Practice Come In For The Most Criticism. For It Is The Essence Of His Behaviour That He Should Be Eccentric, Unconventional And Rash In The Eyes Of The Average Opinion. If He Is Successful, That Will Only Confirm The General Belief In His Rashness; And If In The Short Run He Is Unsuccessful, Which Is Very Likely, He Will Not Receive Much Mercy. Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.
Running
Independent
Eye
By A Continuing Process Of Inflation, Government Can Confiscate, Secretly And Unobserved, An Important Part Of The Wealth Of Their Citizens.
Money
Power
Government
Well, When I Get New Information, I Rethink My Position. What, Sir, Do You Do With New Information?
Atheism
Information
Wells
When The Final Result Is Expected To Be A Compromise, It Is Often Prudent To Start From An Extreme Position.
Finals
Prudent
Compromise
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.
Believe
Thinking
Investing
The Boom, Not The Slump, Is The Right Time For Austerity At The Treasury.
Slumps
Investing
Austerity
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.
Death
Running
Ocean
Newton Was A Judaic Monotheist Of The School Of Maimonides
School
Newton
The Inhabitant Of London Could Order By Telephone, Sipping His Morning Tea In Bed, The Various Products Of The Whole Earth -- He Could At The Same Time And By The Same Means Adventure His Wealth In The Natural Resources And New Enterprise Of Any Quarter Of The World -- He Could Secure Forthwith, If He Wished, Cheap And Comfortable Means Of Transit To Any Country Or Climate Without Passport Or Other Formality.
Country
Morning
Peace
Most, Probably, Of Our Decisions To Do Something Positive, The Full Consequences Of Which Will Be Drawn Out Over Many Days To Come, Can Only Be Taken As The Result Of Animal Spirits-a Spontaneous Urge To Action Rather Than Inaction, And Not As The Outcome Of A Weighted Average Of Quantitative Benefits Multiplied By Quantitative Probabilities.
Taken
Animal
Average
Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.
Succeed
Reputation
Failing
Too Large A Proportion Of Recent "mathematical" Economics Are Mere Concoctions, As Imprecise As The Initial Assumptions They Rest On, Which Allow The Author To Lose Sight Of The Complexities And Interdependencies Of The Real World In A Maze Of Pretentious And Unhelpful Symbols.
Real
Sight
Investing
The Day Is Not Far Off When The Economic Problem Will Take The Back Seat Where It Belongs, And The Arena Of The Heart And The Head Will Be Occupied Or Reoccupied, By Our Real Problems - The Problems Of Life And Of Human Relations, Of Creation And Behavior And Religion.
Real
Heart
Religion
It Is The Long-term Investor...who Will In Practice Come In For The Most Criticism... For It Is The Essence Of His Behavior That He Should Be Eccentric, Unconventional, And Rash In The Eyes Of Average Opinion
Eye
Average
Essence
If, However, A Government Refrains From Regulations And Allows Matters To Take Their Course, Essential Commodities Soon Attain A Level Of Price Out Of The Reach Of All But The Rich, The Worthlessness Of The Money Becomes Apparent, And The Fraud Upon The Public Can Be Concealed No Longer.
Money
Government
Deception
The Study Of Economics Does Not Seem To Require Any Specialised Gifts Of An Unusually High Order.
Order
Doe
Study
A Study Of The History Of Opinion Is A Necessary Preliminary To The Emancipation Of The Mind.
History
Mind
Opinion
I Should Have Drunk More Champagne.
Should Have
Drunk
Champagne
If Economists Could Manage To Get Themselves Thought Of As Humble, Competent People On A Level With Dentists, That Would Be Splendid.
Humble
People
Would Be
I Do Not Mean To Impugn The Social Justice And Social Expediency Of The Redistribution Of Incomes Aimed At By N.i.r.a. And By The Various Schemes For Agricultural Restriction. The Latter, In Particular, I Should Strongly Support In Principle. But Too Much Emphasis On The Remedial Value Of A Higher Price-level As An Object In Itself May Lead To Serious Misapprehension As To The Part Which Prices Can Play In The Technique Of Recovery. The Stimulation Of Output By Increasing Aggregate Purchasing Power Is The Right Way To Get Prices Up; And Not The Other Way Round.
Mean
Recovery
Play
Speculators May Do No Harm As Bubbles On A Steady Stream Of Enterprise. But The Position Is Serious When Enterprise Becomes A Bubble On A Whirlpool Of Speculation. When The Capital Development Of A Country Becomes A By-product Of The Activities Of A Casino, The Job Is Likely To Be Ill Done.
Country
Jobs
Serious
When The Facts Change, I Change My Mind.
Business
Mind
Facts
There Is Nothing So Disastrous As A Rational Investment Policy In An Irrational World.
Investing
World
Investment
Dangerous Acts Can Be Done Safely In A Community Which Thinks And Feels Rightly, Which Would Be The Way To Hell If They Were Executed By Those Who Think And Feel Wrongly.
Thinking
Community
Would Be
We Will Not Have Any More Crashes In Our Time.
Depression
Great Depression
Crash
Practical Men Who Believe Themselves To Be Quite Exempt From Any Intellectual Influence, Are Usually The Slaves Of Some Defunct Economist. Madmen In Authority, Who Hear Voices In The Air, Are Distilling Their Frenzy From Some Academic Scribbler Of A Few Years Back
Believe
Men
Air
Experience Shows That What Happens Is Always The Thing Against Which One Has Not Made Provision In Advance.
Investing
Made
Provision
Should Government Refrain From Regulation (taxation), The Worthlessness Of The Money Becomes Apparent And The Fraud Can No Longer Be Concealed.
Government
Taxation
Regulation
God Has Arrived. I Met Him On The 5:15 Train.
Mets
Train
Canada Is A Place Of Infinite Promise. We Like The People, And If One Ever Had To Emigrate, This Would Be The Destination, Not The U.s.a. The Hills, Lakes And Forests Make It A Place Of Peace And Repose Of The Mind, Such As One Never Finds In The U.s.a.
Lakes
People
Promise
Pyramid-building, Earthquakes, Even Wars May Serve To Increase Wealth, If The Education Of Our Statesmen On The Principles Of The Classical Economics Stands In The Way Of Anything Better.
War
Earthquakes
Pyramids
Perhaps A Day Might Come When There Would Be At Last Be Enough To Go Round, And When Posterity Could Enter Into The Enjoyment Of Our Labors.
Would Be
Might
Lasts
How Can I Adopt A Creed Which, Preferring The Mud To The Fish, Exalts The Boorish Proletariat Above The Bourgeois And The Intelligentsia Who, With Whatever Faults, Are The Quality In Life And Surely Carry The Seeds Of All Human Advancement?
Quality
Advancement
Mud
I Can't Remember My Telephone Number, But I Know It Was In The High Numbers.
Numbers
Telephones
Remember
The Difficulty Lies, Not In The New Ideas, But In Escaping The Old Ones, Which Ramify, For Those Brought Up As Most Of Us Have Been, Into Every Corner Of Our Minds.
Education
Fear
Lying
It Is The Duty Of The Long-term Investor To Endure Great Losses With Equanimity.
Loss
Long
Investing
Ideas Shape The Course Of History.
Inspirational
Life Changing
Carpe Diem
I Don't Feel The Least Humble Before The Vastness Of The Heavens.
Humble
Heaven
Vastness
There Is No Intrinsic Reason For The Scarcity Of Capital.
Scarcity
Reason
Capitalism
In Truth, The Gold Standard Is Already A Barbarous Relic.
Gold
Standards
Relics
The Difficulty Lies, Not In The New Ideas, But In Escaping From The Old Ones.
Inspirational
Change
Lying
In Truth, The Gold Standard Is Already A Barbarous Relic. All Of Us, From The Governor Of The Bank Of England Downwards, Are Now Primarily Interested In Preserving The Stability Of Business, Prices, And Employment, And Are Not Likely, When The Choice Is Forced On Us, Deliberately To Sacrifice These To Outworn Dogma, Which Had Its Value Once, Of 3 Pounds, 17 Shill Ings, 10 1/2 Pence Per Ounce. Advocates Of The Ancient Standard Do Not Observe How Remote It Now Is From The Spirit And The Requirements Of The Age. A Regulated Nonmetallic Standard Has Slipped In Unnoticed. It Exists.
Sacrifice
Choices
Age
Capitalism Is The Astounding Belief That The Most Wickedest Of Men Will Do The Most Wickedest Of Things For The Greatest Good Of Everyone.
Fun
Business
Men
Once Doubt Begins It Spreads Rapidly.
Doubt
Spread
They Offer Me Neither Food Nor Drink - Intellectual Nor Spiritual Consolation... [conservatism] Leads Nowhere; It Satisfies No Ideal; It Conforms To No Intellectual Standard, It Is Not Safe, Or Calculated To Preserve From The Spoilers That Degree Of Civilization Which We Have Already Attained.
Spiritual
Civilization
Intellectual
The Considerations Upon Which Expectations Of Prospective Yields Are Based Are Partly Existing Facts Which We Can Assume To Be Known More Or Less For Certain, And Partly Future Events Which Can Only Be Forecasted With More Or Less Confidence.
Yield
Expectations
Investing
Investment Based On Genuine Long-term Expectations Is So Difficult Today As To Be Scarcely Practicable.
Long
Expectations
Investing
For At Least Another Hundred Years We Must Pretend To Ourselves And To Every One That Fair Is Foul And Foul Is Fair; For Foul Is Useful And Fair Is Not. Avarice And Usury And Precaution Must Be Our Gods For A Little Longer Still.
Years
Liberty
Littles
Americans Are Apt To Be Unduly Interested In Discovering What Average Opinion Believes Average Opinion To Be.
Believe
Average
America
Nevertheless, If We Contemplate A Society With A Somewhat Stable Wage-unit, With National Characteristics Which Determine The Propensity To Consume And The Preference For Liquidity, And With A Monetary System Which Rigidly Links The Quantity Of Money To The Stock Of The Precious Metals, It Will Be Essential For The Maintenance Of Prosperity That The Authorities Should Pay Close Attention To The State Of The Balance Of Trade. For A Favourable Balance, Provided It Is Not Too Large, Will Prove Extremely Stimulating; Whilst An Unfavourable Balance May Soon Produce A State Of Persistent Depression.
Balance
Essentials
Attention
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