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In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
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
Minors
Totally
Behaviour
Seems
Utterly
World
Odd
Statistics
Equally
Lunacy
Insane
Minor
Rational
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Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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I am for a close global association in trade and financial matters, rather than the opposite possibility of excessive nationalism, as manifested in the two world wars.
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
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Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
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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 little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
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Genius is a rising stock market.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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Agriculture is one economic activity that does not obey the laws of demand and supply.
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I think the role of the Federal Reserve is enormously exaggerated.
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You will find that [the] State [Department] is the kind of organisation which, though it does big things badly, does small things badly too.
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The power of the corporate bureaucracy - the power of technostructure (a term that did not take off) - is something to which I still adhere.
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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
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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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Both we and the Soviets face the common threat of nuclear destruction and there is no likelihood that either capitalism or communism will survive a nuclear war.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.
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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. . .
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