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Keynes, the British economist, had discovered in his work that economies are not machines. They have souls, emotions, and feelings. Keynes called them “animal spirits.”
Morgan Housel • Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life
Keynes was a failed investor and statistician who never studied economics but was so well‐connected with the ruling class in Britain that the embarrassing drivel he wrote in his most famous book, The General Theory of Employment, Money, and Interest, was immediately elevated into the status of founding truths of macroeconomics. His theory begins wi
... See moreSaifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
The General Theory of Employment, Interest, and Money
John Maynard Keynes: “Better to be approximately right than precisely wrong”
The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes
Keynes was a probabilist. He also had other interesting attributes (he blew up trading his account after experiencing excessive opulence—people’s understanding of probability does not translate into their behavior).
Nassim Nicholas Taleb • Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto Book 1)
The Economic Consequences of Peace
Keynes said, “I would rather be vaguely right than precisely wrong.”