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Burke’s Prudence Influenced Keynes
- Keynes admired Edmund Burke's prudence, cautioning sacrifice in the present for long-term uncertain gains.
- He emphasized that costs of change must not outweigh future benefits, critiquing excessive revolutionary enthusiasm.
Keynes’ Partial Yet Profound Prediction
- Keynes was partly right about Germany post-WWI; German defeat denial fueled future conflict more than reparations.
- The Treaty of Versailles' failures and German resentment enabled Hitler's rise and WWII.
Keynes Esteemed Malthus Highly
- Keynes admired Malthus second only to Adam Smith for focusing on short-term impacts and effective demand.
- Malthus introduced demand-side thinking; Ricardo focused narrowly on supply sides of economics.