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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
More quotes by 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
The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
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Writing is a long and lonesome business back of the problems in thought and composition hover always the awful questions: Is this the page that shows the empty shell? Is it here and now that they find me out?
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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.
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
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
Originality is something that is easily exaggerated, especially by authors contemplating their own work.
John Kenneth Galbraith
The modern conservative is engaged in one of man's oldest exercises in moral philosophy that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
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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In the affluent society, no useful distinction can be made between luxuries and necessities.
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Pundits forecast not because they know, but because they are asked.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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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
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.
John Kenneth Galbraith
No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
John Kenneth Galbraith
A more important antidote to American democracy is American gerontocracy. The positions of eminence and authority in Congress are allotted in accordance with length of service, regardless of quality.
John Kenneth Galbraith
Power is not something that can be assumed or discarded at will like underwear.
John Kenneth Galbraith
We talk of the enormous virtues of work, but it turns out that that is mostly for the poor. If you're rich enough or if you're a college professor, the virtue lies in leisure and the use you make of your leisure time.
John Kenneth Galbraith
A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
John Kenneth Galbraith
American university presidents are a nervous breed I have never thought well of them as a class.
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