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In economics, the majority is always wrong.
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
Economist
Investing
Economics
Majority
Economic
Wrong
Inspirational
Always
More quotes by John Kenneth Galbraith
There are times in politics when you must be on the right side and lose.
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Decision has greater virtue and force if taken after there has been eloquent dissent.
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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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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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Ralph [ Nader] is an old friend of mine, and he does a useful job in displaying a position.
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Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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Originality is something that is easily exaggerated, especially by authors contemplating their own work.
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Very important functions can be performed very wastefully and often are.
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Economists are generally negligent of their heroes.
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No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
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Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action then we move from the remedy so available or desired back to a cause to which that remedy is relevant.
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A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.
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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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According to the experience of all but the most accomplished jugglers, it is easier to keep one ball in the air than many.
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Of all the mysteries of the stock exchange there is none so impenetrable as why there should be a buyer for everyone who seeks to sell.
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Hermann Goering, Joachim von Ribbentrop, Albert Speer, Walther Frank, Julius Streicher and Robert Ley did pass under my inspectionand interrogation in 1945 but they only proved that National Socialism was a gangster interlude at a rather low order of mental capacity and with a surprisingly high incidence of alcoholism.
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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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