November 17, 2010
We Are Not All Keynesians Yet

From Economic Possibilities for Our Grandchildren, by John Maynard Keynes:

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 the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession as distinguished from the love of money as a means to the enjoyment 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.
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Posted by Jerome Doolittle at November 17, 2010 11:34 AM
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Thanks for this quote. Goes well with the recent announcement of the highest paid CEOs for the last year, one of whom was a high school classmate. His goal in life back then was to make lots of money. He succeeded.

http://online.wsj.com/article/SB10001424052748704393604575614852198144276.html

Posted by: George on November 17, 2010 11:50 AM

I'll ever be grateful to John D. MacDonald for putting me on the track to Keynes (in MacDonald's Travis McGee series of novels, Travis' friend Meyer, an economist, is living on a boat called the John Maynard Keynes). Keynes always has been a great source of wisdom.

Thanks, John, posthumously.

Posted by: Peter on November 17, 2010 12:35 PM
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