Monday, December 10, 2007

Keynes Quotes to Live By

Tim Riddiough reminded me of this one:

"When the facts change, I change my mind. What do you do, sir?"

Reply to a criticism during the Great Depression of having changed his position on monetary policy, as quoted in Lost Prophets: An Insider's History of the Modern Eonomists (1994) by Alfred L. Malabre, p. 220

And just as germane at the moment:

"If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has."

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