If, However, A Government Refrains From Regulations

Once Doubt Begins It Spreads Rapidly.

It Is Impossible That The Intention Of The Entrepreneur Who Has Borrowed In Order To Increase Investment Can Become Effective (except In Substitution For Investment By Other Entrepreneurs Which Would Have Occurred Otherwise) At A Faster Rate Than The Public Decide To Increase Their Savings

It Is The Long Term Investor Who Will In Practice Come In For The Most Criticism. For It Is The Essence Of His Behaviour That He Should Be Eccentric, Unconventional And Rash In The Eyes Of The Average Opinion. If He Is Successful, That Will Only Confirm The General Belief In His Rashness; And If In The Short Run He Is Unsuccessful, Which Is Very Likely, He Will Not Receive Much Mercy. Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.

Whenever You Save Five Shillings You Put A Man Out Of Work For A Day.

Those, Who Are Strongly Wedded To What I Shall Call 'the Classical Theory', Will Fluctuate, I Expect, Between A Belief That I Am Quite Wrong And A Belief That I Am Saying Nothing New. It Is For Others To Determine If Either Of These Or The Third Alternative Is Right.