A Quote by Ben Bernanke
The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
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There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: 'In the long run we are all dead.' And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.
Trees and clean energy [are] the long-run solution but we have no time to wait for the long run. We need a short-run solution now, and one that encourages and facilitates the transition to the long-run solution.
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.
Long run is a misleading guide to current affairs. In the long run we are all dead.
Leonard Woolf in a letter to Lytton Strachey said he hated John Maynard Keynes "for his crass stupidity and hideous face".
As John Maynard Keynes taught us in the 1930s, in such situations, government is the only entity with both the motive and the ability to boost total spending by enough to put people back to work. As it happens there are long lists of important public projects that cry out to be done.
The market likes to lull you into the false security of high success rate techniques, which often lose disastrously in the long run. The general idea is that what works most of the time is nearly the opposite of what works in the long run.
I'd also remind people, if I were running for Presidency, that a long-term problem facing the budget is Social Security and Medicare.
We need to preserve programs like Social Security and Medicare for our seniors of today and tomorrow. But we need to strengthen both Social Security and Medicare to make sure these programs are still available for future generations.
I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence.
John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.
An idealist believes the short run doesn't count. A cynic believes the long run doesn't matter. A realist believes that what is done or left undone in the short run determines the long run.
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
Wicksell's old-fashioned liberalism is reminiscent of John Maynard Keynes' attitude toward conscription during World War I. Keynes opposed conscription, but he was not a pacifist. He opposed conscription because it deprived the citizen of the right to decide for himself whether or not to join in the fight. Keynes was exempt as a civil servant from conscription; so there is no need to question his sincerity. Apparently his belief in the rights of the individual against a majority of his compatriots was very strong indeed.
In 1936, John Maynard Keynes predicted the 'euthanasia of the rentier' before the end of the 20th century. It did not happen.
Lucas went even paler. “Then you’re on the track to suicide,” he whispered. “Take my advice, Valentine. Run. Run as fast as you can, for as long as you can. Steal whatever bit of life you can. You’re already dead.
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