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It Is Preferable To Regard Labour, Including, Of Course, The Personal Services Of The Entrepreneur, And His Assistants, As The Sole Factor Of Production, Operating In A Given Environment Of Technique, Natural Resources, Capital Equipment And Effective Demand. This Is Why We Have Been Able To Take Labour As The Sole Physical Unit Which We Require In Our Economic System, Apart From Units Of Money And Of Time.
-John Maynard Keynes
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It Is Preferable To

John Maynard Keynes
It Is Preferable To Regard Labour, Including, Of Course, The Personal Services Of The Entrepreneur, And His Assistants, As The Sole Factor Of Production, Operating In A Given Environment Of Technique, Natural Resources, Capital Equipment And Effective Demand. This Is Why We Have Been Able To Take Labour As The Sole Physical Unit Which We Require In Our Economic System, Apart From Units Of Money And Of Time.
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Entrepreneur
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Done
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Pounds
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Century
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Design
Diplomats
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Would Be
Weight
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Moral
Wealth
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Zero
Supposing That
May
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Humble
Heaven
Vastness
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Mistake
Believe
Thinking
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Mean
Employment
Investing
He Had One Illusion - France; And One Disillusion - Mankind, Including Frenchmen.
France
Illusion
Economics
Chess Is A Cure For Headaches.
Chess
Headache
Cures
The Principle Objectives In Life Are Love, The Creation And Enjoyment If Aesthetic Experience, The Pursuit Of Knowledge. Love Comes A Long Way First.
Long
Principles
Way
I Can't Remember My Telephone Number, But I Know It Was In The High Numbers.
Numbers
Telephones
Remember
Experience Shows That What Happens Is Always The Thing Against Which One Has Not Made Provision In Advance.
Investing
Made
Provision
I Believe That The Future Will Learn More From The Spirit Of Gesell Than From That Of Marx .
Believe
Spirit
I Believe
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.
Bankers
Sound
Investing
Like Odysseus, The President Looked Wiser When He Was Seated.
President
Odysseus
Wiser
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
It Is Generally Agreed That Casinos Should, In The Public Interest, Be Inaccessible And Expensive. And Perhaps The Same Is True Of Stock Exchanges.
Gambling
Casinos
Financial
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.
Strong
Roots
Differences
The Expected Never Happens; It Is The Unexpected Always.
Investing
Unexpected
Expected
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.
Believe
Book
Writing
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
A Study Of The History Of Opinion Is A Necessary Preliminary To The Emancipation Of The Mind.
History
Mind
Opinion
I Am Myself Impressed By The Great Social Advantages Of Increasing The Stock Of Capital Until It Ceases To Be Scarce.
Social
Advantage
Scarce
It Is Not The Ownership Of The Instruments Of Production Which It Is Important For The State To Assume. If The State Is Able To Determine The Aggregate Amount Of Resources Devoted To Augmenting The Instruments And The Basic Rate Of Reward To Those Who Own Them, It Will Have Accomplished All That Is Necessary. Moreover, The Necessary Measures Of Socialization Can Be Introduced Gradually And Without A Break In The General Traditions Of Society.
Wisdom
Important
Politics
I Know Of Only Three People Who Really Understand Money. A Professor At Another University. One Of My Students. And A Rather Junior Clerk At The Bank Of England.
People
Clerks
Juniors
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
Three
Investing
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.
Eye
Science
Years
The Atomic Hypothesis Which Had Worked So Splendidly In Physics Breaks Down In Psychics.
Psychics
Physics
Breaking Down
If We Consistently Act On The Optimistic Hypothesis, This Hypothesis Will Tend To Be Realised; Whilst By Acting On The Pessimistic Hypothesis We Can Keep Ourselves For Ever In The Pit Of Want.
Optimistic
Acting
Pits
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
Adam Smith And Malthus And Ricardo ! There Is Something About These Three Figures To Evoke More Than Ordinary Sentiments From Us Their Children In The Spirit.
Children
Ordinary
Three
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
If We Aim Deliberately At The Impoverishment Of Central Europe, Vengeance, I Dare Predict, Will Not Limp.
Europe
Vengeance
Dare
It's Not Bringing In The New Ideas That's So Hard; It's Getting Rid Of The Old Ones.
Ideas
New Ideas
Hard
Everything Is Always Decided For Reasons Other Than The Real Merits Of The Case
Real
Merit
Reason
Should Government Refrain From Regulation (taxation), The Worthlessness Of The Money Becomes Apparent And The Fraud Can No Longer Be Concealed.
Government
Taxation
Regulation
There Is Nothing So Disastrous As A Rational Investment Policy In An Irrational World.
Investing
World
Investment
[silvio] Gesell's Chiefwork Is Written In Cool And Scientific Terms, Although It Is Run Through By A More Passionate And Charged Devotion To Social Justice Than Many Think Fit For A Scholar. I Believe That The Future Will Learn More From The Spirit Of Gesell Then From That Of Marx.
Running
Believe
Thinking
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
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
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.
Mistake
Book
Historical
Words Ought To Be A Little Wild, For They Are The Assault Of Thoughts On The Unthinking.
Inspirational
Business
Past
The Engine Which Drives Enterprise Is Not Thrift, But Profit.
Profit
Enterprise
Thrift
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
In This Autumn Of 1919, In Which I Write, We Are At The Dead Season Of Our Fortunes.
Writing
Autumn
Fortune
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
The Classical Theorists Resemble Euclidean Geometers In A Non-euclidean World Who, Discovering That In Experience Straight Lines Apparently Parallel Often Meet, Rebuke The Lines For Not Keeping Straight As The Only Remedy For The Unfortunate Collisions Which Are Occurring. Yet, In Truth, There Is No Remedy Except To Throw Over The Axiom Of Parallels And To Work Out A Non-euclidean Geometry.
Work Out
World
Lines
When The Facts Change, I Change My Mind.
Business
Mind
Facts
I Am Trying To Re-shape And Improve My Central Position.
Trying
Shapes
Position
Education: The Inculcation Of The Incomprehensible Into The Indifferent By The Incompetent.
Education
Economics
Indifferent
It Is Impossible That The Intention Of The Entrepreneur Who Has Borrowed In Order To Increase Investment Can Become Effective (except In Substitution For Investment By Other Entrepreneurs Which Would Have Occurred Otherwise) At A Faster Rate Than The Public Decide To Increase Their Savings
Philosophy
Order
Entrepreneur
It Is Enterprise Which Build And Improves The World's Possessions...if Enterprise Is Afoot, Wealth Accumulates Whatever May Be Happening To Thrift; And If Enterprise Is Asleep, Wealth Decays, Whatever Thrift May Be Doing.
Decay
World
May
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.
Principles
Bottles
Laissez Faire
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.
Powerful
Freedom
Ideas
Economists Must Leave To Adam Smith Alone The Glory Of The Quarto, Must Pluck The Day, Fling Pamphlets Into The Wind, Write Always Sub Specie Temporis , And Achieve Immortality By Accident, If At All.
Writing
Wind
Glory
Gold Is A Relic From A Time When Government's Were Less Trustworthy In These Matters (currency Debasement) Than They Are Now.
Philosophy
Government
Political
In A Regime Of Free Trade And Free Economic Intercourse It Would Be Of Little Consequence That Iron Lay On One Side Of A Political Frontier, And Labour, Coal, And Blast Furnaces On The Other. But As It Is, Men Have Devised Ways To Impoverish Themselves And One Another; And Prefer Collective Animosities To Individual Happiness.
Men
Individual Happiness
Iron
Once Doubt Begins It Spreads Rapidly.
Doubt
Spread
The Markets Are Moved By Animal Spirits, And Not By Reason.
Animal
Spirit
Reason
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
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
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.
Wisdom
War
Benefits
It Is The Duty Of The Long-term Investor To Endure Great Losses With Equanimity.
Loss
Long
Investing
In Truth, The Gold Standard Is Already A Barbarous Relic.
Gold
Standards
Relics
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 See, Therefore, The Rentier Aspect Of Capitalism As A Transitional Phase Which Will Disappear When It Has Done Its Work. And With The Disappearance Of Its Rentier Aspect Much Else In It Besides Will Suffer A Sea-change. It Will Be, Moreover, A Great Advantage Of The Order Of Events Which I Am Advocating, That The Euthanasia Of The Rentier, Of The Functionless Investor, Will Be Nothing Sudden, Merely A Gradual But Prolonged Continuance Of What We Have Seen Recently In Great Britain, And Will Need No Revolution.
Wisdom
Order
Sea
I Am Sure That The Power Of Vested Interests Is Vastly Exaggerated Compared With The Gradual Encroachment Of Ideas.
Ideas
Encroachment
Interest
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 And Orthodox Way Along With His Fellows, So That No One Can Really Blame Him. It Is Necessarily Part Of The Business Of A Banker To Maintain Appearances, And To Confess A Conventional Respectability, Which Is More Than Human. Life-long Practices Of This Kind Make Them The Most Romantic And The Least Realistic Of Men.
Men
Practice
Long
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
The Friends Of Gold Will Have To Be Extremely Wise And Moderate If They Are To Avoid A Revolution.
Wise
Gold
Revolution
We Will Not Have Any More Crashes In Our Time.
Depression
Great Depression
Crash
It Is Better That A Man Should Tyrannize Over His Bank Balance Than Over His Fellow-citizens.
Men
Democracy
Balance
Economics Is A Very Dangerous Science.
Economics
Dangerous
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
If Human Nature Felt No Temptation To Take A Chance There Might Not Be Much Investment Merely As A Result Of Cold Calculation.
Business
Temptation
Might
I Wish I'd Drunk More Champagne.
Bad Ass
Drunk
Alcohol
I Work For A Government I Despise For Ends I Think Criminal.
Thinking
Government
Criminals
When The Accumulation Of Wealth Is No Longer Of High Social Importance, There Will Be Great Changes In The Code Of Morals. We Shall Be Able To Rid Ourselves Of Many Of The Pseudo-moral Principles Which Have Hag-ridden Us For Two Hundred Years, By Which We Have Exulted Some Of The Most Distasteful Of Human Qualities Into The Highest Virtues.
Years
Two
Quality
Thus, The Weight Of My Criticism Is Directed Against The Inadequacy Of The Theoretical Foundations Of The Laissez-faire Doctrine Upon Which I Was Brought Up And For Many Years I Taught
Years
Criticism
Foundation
The Businessman Is Only Tolerable So Long As His Gains Can Be Held To Bear Some Relation To What, Roughly And In Some Sense, His Activities Have Contributed To Society.
Long
Gains
Bears
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
The Importance Of Money Flows From It Being A Link Between The Present And The Future.
Money
Business
Future
The Time Has Already Come When Each Country Needs A Considered National Policy About What Size Of Population, Whether Larger Or Smaller Than At Present Or The Same, Is Most Expedient. And Having Settled This Policy, We Must Take Steps To Carry It Into Operation. The Time May Arrive A Little Later When The Community As A Whole Must Pay Attention To The Innate Quality As Well As To The Mere Numbers Of Its Future Members.
Country
Numbers
Eugenics
Most Men Love Money And Security More, And Creation And Construction Less, As They Get Older.
Love
Money
Men
Government Machinery Has Been Described As A Marvelous Labor Saving Device Which Enables Ten Men To Do The Work Of One.
Men
Liberty
Saving
I'd Rather Be Vaguely Right Than Precisely Wrong.
Economics
Understanding Quotes: Their Essence and Application

Quotes, or quotations, are powerful tools in communication, encapsulating ideas, emotions, and wisdom in concise expressions. They serve various purposes across different contexts, from academic writing to everyday conversation.

1. Defining Quotes

A quote is a repetition of someone else's statement or thoughts. It can be a direct replication of words spoken or written by another individual, often used to support arguments, provide evidence, or convey profound insights.


2. The Importance of Quotes

2.1. Enhancing Credibility

Incorporating quotes from authoritative sources can bolster the credibility of your work. By referencing experts or primary sources, you demonstrate thorough research and a solid foundation for your arguments.


2.2. Providing Evidence

Quotes serve as concrete evidence to support claims. In academic and professional writing, they validate points made, offering readers a basis to trust the information presented.


2.3. Conveying Emotions and Perspectives

Quotes can encapsulate emotions and perspectives succinctly. They allow writers to express complex feelings or viewpoints through the words of others, often more eloquently than paraphrasing.


3. Types of Quotes

3.1. Direct Quotes

Direct quotes involve copying the exact words from a source, enclosed in quotation marks. They are used when the original wording is significant or particularly well-expressed.


3.2. Indirect Quotes (Paraphrasing)

Indirect quotes restate the original message in your own words. While not enclosed in quotation marks, they still require proper attribution to the original source.


3.3. Block Quotes

Block quotes are lengthy direct quotations, formatted as a separate block of text. They are typically used for quotes exceeding a certain length, varying by citation style. For instance, in APA style, quotes longer than 40 words are formatted as block quotes.



4. Proper Usage of Quotes


4.1. Contextual Relevance

Ensure that the quote you choose is relevant to the topic and adds value to your content. Avoid inserting quotes solely for decorative purposes.


4.2. Integration into Your Writing

Seamlessly integrate quotes into your writing. Introduce them appropriately and follow up with analysis or commentary to connect them to your main points.


4.3. Attribution and Citation

Always attribute quotes to their original authors and provide proper citations according to the required style guide (APA, MLA, Chicago, etc.).


5. Common Mistakes to Avoid


5.1. Overusing Quotes

Relying too heavily on quotes can overshadow your voice. Use them sparingly to support your arguments, not replace them.


5.2. Lack of Analysis

Presenting a quote without analysis or explanation can leave readers questioning its relevance. Always follow up with your interpretation or discussion.


5.3. Misquoting or Taking Out of Context

Ensure that quotes are accurate and not taken out of context, as this can mislead readers and undermine your credibility.



6. Quotes in Different Contexts


6.1. Academic Writing

In academic writing, quotes are used to support arguments, provide evidence, and engage with existing literature. Proper citation is crucial to avoid plagiarism.


6.2. Journalism

Journalists use quotes to provide firsthand accounts, add authenticity, and present multiple perspectives within a story.


6.3. Literature and Creative Writing

In literature, quotes can be used to convey character voices, themes, and stylistic elements. They enrich narratives and provide depth to storytelling.



7. Punctuation and Formatting


Understanding the correct punctuation and formatting of quotes is essential:


Quotation Marks: Always enclose direct quotes within quotation marks.


Punctuation Placement: In American English, periods and commas are placed inside quotation marks, while colons and semicolons are placed outside.


Block Quotes: For longer quotes, format them as block quotes without quotation marks, and indent the entire block.



8. Ethical Considerations


Ethical use of quotes involves accurate representation, proper attribution, and respect for intellectual property. Misuse can lead to plagiarism, which carries serious academic and professional consequences.

9. Tools for Managing Quotes


Utilize tools like citation generators and plagiarism checkers to manage quotes effectively. These tools help ensure proper formatting and originality in your writing.



Conclusion


Quotes are invaluable in enriching content, providing evidence, and conveying complex ideas succinctly. When used appropriately, they enhance the quality and credibility of your writing. Always ensure relevance, proper integration, and ethical usage to maximize their impact.


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