...This attitude, it seems to me. would not have appealed to Keynes. who wrote (1936. pp. 161-2): ... a large proportion of our positive activities depend...optimism rather than on a mathematical expectation . . . Only a little more than an expedition to the South Pole, is it based on an exact cak-ulation...

...there might not be much investment merely as a result of cold calculation' (GT, p. 150). Indeed, it is: characteristic of human nature that a large proportion...expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn...

...stress on the role of confidence in determining the stability and instability of economic activity: [A] large proportion of our positive activities depend...expectation, whether moral or hedonistic or economic . . . Enterprise only pretends to itself to be mainly actuated by the statements in its own prospectus,...

...mine or a farm, there might not be much investment merely as a result of cold calculation. [P. 150.] [A] large proportion of our positive activities depend...expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn...

...nonprobabilistic sense. In any event. Keynes argued in the General Theory that there is the instability due to the characteristic of human nature that a large...expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn...

...and 'animal spirits'. Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large...expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn...

...undercutting it. Like the marginal efficiency of capital, it defeated prudent calculation to a great extent "due to the characteristic of human nature that a...optimism rather than on a mathematical expectation." He concluded with a phrase that has become part of contemporary idiom: "Most, probably, of our decisions...

...should be pointed out:"Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large...expectation, whether moral or hedonistic or economic. Most,probably, of our decisions to do something positive, the full consequences of which will be drawn...

...necessary to make rational decisions, the primary spur to action is one's emotion. As he indicates: "a large proportion of our positive activities depend...expectation, whether moral or hedonistic or economic" (Keynes 1964: 161). Elucidating this point further, Keynes writes: We are merely reminding ourselves...

...'reading' of such material. Keynes argued that, most probably, due to the characteristics of human nature: a large proportion of our positive activities depend...optimism rather than on a mathematical expectation ... a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average...