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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
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John K. Galbraith
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More quotes by John Kenneth Galbraith
The spirit should never grow old.
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Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.
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Agriculture is one economic activity that does not obey the laws of demand and supply.
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There are times in politics when you must be on the right side and lose.
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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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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 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.
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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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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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If all else fails immortality can always be assured by adequate error.
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THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
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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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Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.
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There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
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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.
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Unemployment is rarely considered desirable except by those who have not experienced it.
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Things that come from the private sector are in abundant supply things that depend on the public sector are widely a problem. We're a world, as I said in The Affluent Society, of filthy streets and clean houses, poor schools and expensive television.
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Economists are generally negligent of their heroes.
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I do the best with what exists.
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In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
John Kenneth Galbraith
