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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
Inspirational
Always
Economist
Investing
Economics
Majority
Economic
Wrong
More quotes by John Kenneth Galbraith
Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.
John Kenneth Galbraith
To add to the technostructure is to increase its power in the enterprise.
John Kenneth Galbraith
There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.
John Kenneth Galbraith
Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
John Kenneth Galbraith
The line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
John Kenneth Galbraith
In economics it is a far, far wiser thing to be right than to be consistent
John Kenneth Galbraith
No ethic is as ethical as the work ethic.
John Kenneth Galbraith
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
Of late I have searched diligently to discover the advantages of age, and there is, I have concluded, only one. It is that lovely women treat your approaches with understanding rather than with disdain.
John Kenneth Galbraith
I predict, not because I know, but because I'm asked.
John Kenneth Galbraith
The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
John Kenneth Galbraith
Educators have yet to realize how deeply the industrial system is dependent upon them.
John Kenneth Galbraith
Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
John Kenneth Galbraith
Complexity and obscurity have professional value - they are the academic equivalents of apprenticeship rules in the building trades. They exclude the outsiders, keep down the competition, preserve the image of a privileged or priestly class. The man who makes things clear is a scab. He is criticized less for his clarity than for his treachery.
John Kenneth Galbraith
We shall have a race of men who are strong on telemetry and space communications but who cannot read anything but a blueprint or write anything but a computer program.
John Kenneth Galbraith
The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
John Kenneth Galbraith
Happiness does not require an expanding economy
John Kenneth Galbraith
In all life one should comfort the afflicted, but verily, also, one should afflict the comfortable, and especially when they are comfortably, contentedly, even happily wrong.
John Kenneth Galbraith
Originality is something that is easily exaggerated, especially by authors contemplating their own work.
John Kenneth Galbraith
All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
John Kenneth Galbraith
