Meaning: The quote "For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still" is from the renowned economist John Maynard Keynes. This quote can be found in his book "The General Theory of Employment, Interest and Money," which was published in 1936. In this work, Keynes presented his theories on macroeconomics and the role of government in managing economic fluctuations.

In this quote, Keynes seems to be expressing a cynical view of the prevailing economic and social values of his time. The phrase "fair is foul and foul is fair" is a reversal of the traditional understanding of fairness and morality. It suggests that what is considered fair and just may actually be detrimental, while actions or behaviors that are seen as foul or unethical may be advantageous in the economic context.

Keynes goes on to assert that "for at least another hundred years" society must continue to deceive itself about the true nature of fairness and utility. The mention of "avarice and usury and precaution" as "our gods" reflects his belief that greed, excessive interest charges, and excessive caution in financial matters have become the guiding principles of the economic system.

This quote can be interpreted as a critique of the prevailing economic and social values of Keynes' time. He seems to be challenging the notion of fairness and justice within the economic system, suggesting that the pursuit of profit and the accumulation of wealth have overshadowed ethical considerations. Keynes may be warning against the dangers of prioritizing financial gain over the well-being of society as a whole.

In the broader context of Keynes' work, this quote can be seen as a reflection of his critique of classical economic theory, which he believed failed to account for the complexities of real-world economic systems. Keynes argued for the active role of government in managing the economy, particularly during times of recession or depression. He advocated for policies such as deficit spending and monetary intervention to stimulate economic growth and reduce unemployment.

Keynes' ideas had a profound impact on the development of macroeconomic theory and policy in the 20th century. His work laid the foundation for the school of thought known as Keynesian economics, which emphasized the importance of aggregate demand in driving economic activity. Keynesian principles have been influential in shaping government economic policy, particularly in the aftermath of the Great Depression and during periods of economic downturn.

In conclusion, the quote by John Maynard Keynes reflects his critical perspective on the prevailing economic and social values of his time. It challenges the conventional notions of fairness and utility within the economic system and highlights the detrimental effects of prioritizing greed and usury over ethical considerations. Keynes' work continues to be influential in shaping economic theory and policy, and his ideas have had a lasting impact on the field of macroeconomics.