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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
Politics
Wrong
Experience
Political
Many
Disastrously
Salutary
Economist
Denied
More quotes by John Kenneth Galbraith
I predict, not because I know, but because I'm asked.
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In economics, the majority is always wrong.
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However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
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We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
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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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The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
John Kenneth Galbraith
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.
John Kenneth Galbraith
A good rule of conversation is never answer a foolish question.
John Kenneth Galbraith
The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
John Kenneth Galbraith
The first goal of the technostructure is its own security.
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.
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In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds... for it means that the most expensive restaurants are, with rare exceptions, the worst.
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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.
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I think without a doubt, that what is called financial genius is merely a rising market.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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To add to the technostructure is to increase its power in the enterprise.
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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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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.
John Kenneth Galbraith
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.
John Kenneth Galbraith
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.
John Kenneth Galbraith
