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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. . .
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
Leads
Prolonged
Economics
Damaging
Mathematics
Exercises
Commitment
Judgement
However
Statistics
Exercise
Intuition
Question
Mathematical
Math
Atrophy
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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.
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If it is dangerous to suppose that government is always right, it will sooner or later be awkward for public administration if most people suppose that it is always wrong.
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Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
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The privileged have regularly invited their own destruction with their greed.
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In 1736, Franklin's Pennsylvania Gazette printed an apology for its irregular appearence because its printer was with the Press, labouring for the publick Good, to make Money more plentiful. The press was busy printing money.
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Speeches in our culture are the vacuum that fills a vacuum.
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The enemy of the conventional wisdom is not ideas but the march of events.
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Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
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In economics it is a far, far wiser thing to be right than to be consistent
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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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Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.
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It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.
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One man's consumption becomes his neighbor's wish.
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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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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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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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There's no question that in my lifetime, the contrast between what I called private affluence and public squalor has become very much greater.
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I accept the global complex and global trade more than do some of my liberal colleagues because I consider this a wise alternative to national tension and conflict.
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This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe.
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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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