“ The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. ”
John Maynard Keynes, The General Theory of Employment, Interest and Money (1936). copy citation
| Author | John Maynard Keynes |
|---|---|
| Source | The General Theory of Employment, Interest and Money |
| Topic | investment ignorance |
| Date | 1936 |
| Language | English |
| Reference | |
| Note | |
| Weblink | http://gutenberg.net.au/ebooks03/0300071h/printall.html |
Context
“Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole. The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelop our future. The actual, private object of the most skilled investment to-day is 'to beat the gun', as the Americans so well express it, to outwit the crowd, and to pass the bad, or depreciating, half-crown to the other fellow.”
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