"Long run is a misleading guide to current affairs. In the long run we are all dead"
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Keynes lands the line like a slap, not a seminar: stop hiding behind the comforting haze of “eventually.” Written in the fallout of World War I and sharpened during the interwar economic wreckage, it takes aim at the genteel fatalism of classical economics, which treated downturns as self-correcting if governments simply waited long enough. The joke is macabre and surgical: yes, markets may “adjust” over decades, but people, jobs, and social orders don’t get to pause until theory catches up.
The intent is polemical. Keynes isn’t rejecting the long run as a concept; he’s attacking its use as an alibi. “Misleading guide” signals a methodological critique: economists were smuggling moral indifference into their models by privileging equilibrium over experience. The subtext is political, almost prosecutorial: a government that shrugs at mass unemployment is choosing a kind of slow violence, then laundering that choice through “economic laws.”
The line also works because it compresses time into a moral argument. By dragging death into a debate about interest rates and wage flexibility, Keynes reframes policy as triage: what do you do now, with bodies in the street and legitimacy on the line? It’s one of those rare economic sentences that reads like literature because it understands persuasion. He gives the public a weapon against technocratic delay, insisting that economics is not weather forecasting. It’s governance, and governance has deadlines.
The intent is polemical. Keynes isn’t rejecting the long run as a concept; he’s attacking its use as an alibi. “Misleading guide” signals a methodological critique: economists were smuggling moral indifference into their models by privileging equilibrium over experience. The subtext is political, almost prosecutorial: a government that shrugs at mass unemployment is choosing a kind of slow violence, then laundering that choice through “economic laws.”
The line also works because it compresses time into a moral argument. By dragging death into a debate about interest rates and wage flexibility, Keynes reframes policy as triage: what do you do now, with bodies in the street and legitimacy on the line? It’s one of those rare economic sentences that reads like literature because it understands persuasion. He gives the public a weapon against technocratic delay, insisting that economics is not weather forecasting. It’s governance, and governance has deadlines.
Quote Details
| Topic | Mortality |
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