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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
Majority
Economic
Wrong
Inspirational
Always
Economist
Investing
Economics
More quotes by 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
There is wonder and a certain wicked pleasure in these giddy ascents and terrible falls, especially as they happen to other people.
John Kenneth Galbraith
Nothing so weakens government as persistent inflation.
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
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
Only in very recent times has the average man been a source of savings.
John Kenneth Galbraith
I've become accustomed to supporting politicians who are more conservative than I am. This is not entirely a surprise.
John Kenneth Galbraith
There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
John Kenneth Galbraith
There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
John Kenneth Galbraith
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.
John Kenneth Galbraith
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.
John Kenneth Galbraith
Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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Genius is a rising stock market.
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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
At best, in such depression times, monetary policy is a feeble reed on which to lean.
John Kenneth Galbraith
Who is king in the world of the blind when there isn't even a one eyed man?
John Kenneth Galbraith
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
John Kenneth Galbraith
Technology means the systematic application of scientific or other organized knowledge to practical tasks.
John Kenneth Galbraith
A good rule of conversation is never answer a foolish question.
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
