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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
Always
Economist
Investing
Economics
Majority
Economic
Wrong
Inspirational
More quotes by John Kenneth Galbraith
Conscience is better served by a myth.
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Economists are generally negligent of their heroes.
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The first goal of the technostructure is its own security.
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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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If people are hungry, ill-clad, unsheltered or diseased, nothing is so important as to remedy their condition.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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It takes some skill to spoil a breakfast - even the English can't do it.
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A [New Yorker ] is what it has always been. It combines those who pursue the truth with those who pursue the rewards of orthodoxy and those who pursue what is comfortable to the rich.
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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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The family which takes it mauve and cerise, air conditioned, power-steered, and power braked automobile out for a tour passes through cities that are badly paved, made hideous by litter, blighted buildings, billboards, and posts for wires that should long since have been put underground.
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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.
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Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
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Unemployment is rarely considered desirable except by those who have not experienced it.
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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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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.
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It was not hard to persuade people that the market was sound as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.
John Kenneth Galbraith
In the conventional wisdom of conservatives, the modern search for security is regularly billed as the greatest single threat to economic progress.
John Kenneth Galbraith
Pundits forecast not because they know, but because they are asked.
John Kenneth Galbraith
We all agree that pessimism is a mark of superior intellect.
John Kenneth Galbraith
Agriculture is one economic activity that does not obey the laws of demand and supply.
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