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The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
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
Salutary
Economist
Denied
Politics
Wrong
Experience
Political
Many
Disastrously
More quotes by John Kenneth Galbraith
No nice philosophical point has ever been so decisively resolved as this: that those who are not conceived do not miss the pleasure of consuming the goods they do not get born to enjoy.
John Kenneth Galbraith
The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
John Kenneth Galbraith
Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
John Kenneth Galbraith
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.
John Kenneth Galbraith
A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
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
It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
John Kenneth Galbraith
In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
John Kenneth Galbraith
There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .
John Kenneth Galbraith
A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.
John Kenneth Galbraith
Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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
A wrong decision isn't forever it can always be reversed. The losses from a delayed decision are forever they can never be retrieved.
John Kenneth Galbraith
Nothing is so admirable in politics as a short memory.
John Kenneth Galbraith
In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
John Kenneth Galbraith
I do the best with what exists.
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
I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
John Kenneth Galbraith
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.
John Kenneth Galbraith
Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
John Kenneth Galbraith
