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We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
Little
Abandon
Much
Doctrine
Economy
Rich
Working
Eighties
Poor
Safely
Money
Namely
Littles
Eighty
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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
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Very important functions can be performed very wastefully and often are.
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
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Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
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The enemy of the conventional wisdom is not ideas but the march of events.
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THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
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No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.
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Happiness does not require an expanding economy
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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
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If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to trickle down economics).
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Meetings are indispensable when you don't want to do anything.
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The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
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Superficial observers have long criticized the United States for making a fetish of youth. This is unfair. Uniquely among modern organs of public and private administration, its national legislature rewards senility.
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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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Ideas do not respect national frontiers, and this is especially so where language and other traditions are in common.
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Faced with having to change our views or prove that there is no need to do so, most of us immediately get busy on the proof.
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