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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
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
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John K. Galbraith
Process
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Evade
Money
Economics
Monetary
Truth
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Bankers
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Simple
Complexity
Repelled
More quotes by John Kenneth Galbraith
Foreign policy is conducted for the convenience and enjoyment of people in Washington.
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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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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.
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If you're rich you can buy books. If you're poor, you need a library.
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There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
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Ralph [ Nader] is an old friend of mine, and he does a useful job in displaying a position.
John Kenneth Galbraith
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
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Humor is richly rewarding to the person who employs it. It has some value in gaining and holding attention, but it has no persuasive value at all.
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I never enjoyed writing a book more indeed, it is the only one I remember in no sense as a labor but as a joy.
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The line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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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 wrong decision isn't forever it can always be reversed. The losses from a delayed decision are forever they can never be retrieved.
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Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T as private business.
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Those days [of the Vietnam War] you couldn't get on a bus going to the South without expecting a riot over something or the other. All of that has disappeared thanks to Lyndon Johnson.
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A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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Inventions that are not made, like babies that are not born, are rarely missed.
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We talk of the enormous virtues of work, but it turns out that that is mostly for the poor. If you're rich enough or if you're a college professor, the virtue lies in leisure and the use you make of your leisure time.
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The spirit should never grow old.
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Happiness does not require an expanding economy
John Kenneth Galbraith
