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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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
Investing
Errors
Economics
Structure
Immutable
Greatest
Guiding
Economy
Confession
Seeing
Stable
Believe
Error
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In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.
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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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It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
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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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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.
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These are the days when men of all social disciplines and all political faiths seek the comfortable and the accepted when the man of controversy is looked upon as a disturbing influence when originality is taken to be a mark of instability and when, in minor modification of the original parable, the bland lead the bland.
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Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
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A good rule of conversation is never answer a foolish question.
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There's a certain part of the contented majority who love anybody who is worth a billion dollars.
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To add to the technostructure is to increase its power in the enterprise.
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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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In recent times no problem has been more puzzling to thoughtful people than why, in a troubled world, we make such poor use of our affluence.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
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The present age of contentment will come to an end only when and if the adverse developments that it fosters challenge the sense of comfortable well-being
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Genius is a rising stock market.
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In any great organization it is far, far safer to be wrong with the majority than to be right alone.
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