Principium Volume II, Book 11, Quote 1105 and 1107

1105. (12-22-2010) …the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist (no doubt Lord Keynes is speaking of Adam Smith here, but the concept is true enough)ATJ. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.

- Lord John Maynard Keynes – The General Theory of Employment, Interest, and Money, 1936



1107. (12-24-2010) The opinion which changes the law is in one sense the opinion of the time when the law is actually altered; in another sense it has often been in England the opinion prevalent some twenty or thirty years before that time; it has been as often as not in reality the opinion not of to-day but of yesterday. Legislative (law making)ATJ opinion must be the opinion of the day, because, when laws are altered, the alteration is of necessity carried into effect by legislators who act under the belief that the change is an amendment; but this law-making opinion is also the opinion of yesterday, because the beliefs which have at last gained such hold on the legislature as to produce an alteration in the law have generally been created by thinkers or writers, who exerted their influence long before the change in the law took place. Thus it may well happen that an innovation is carried through at a time when the teachers who supplied the arguments in its favour [sic] are in their grave, or even-and this is well worth noting – when in the world of speculation a movement has already set in against ideas which are exerting their full effect in the world of action and of legislation.

- Albert Venn Dicey, 1835-1922 – Law and Opinion

1 view0 comments

Recent Posts

See All

Principium Volume III, Book 13, Quote 1331 and 1334

1331. (3-3-2011) (The book “On Power” is going to be much more cerebral and feel abstract, but lend your mental faculties to it and bits of truth begin to come. Like the leaks in a dam, dike, or levy,