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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
Errors
Economics
Structure
Immutable
Greatest
Guiding
Economy
Confession
Seeing
Stable
Believe
Error
Investing
More quotes by John Kenneth Galbraith
If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to trickle down economics).
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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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People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
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Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T as private business.
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Speeches in our culture are the vacuum that fills a vacuum.
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To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
John Kenneth Galbraith
The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
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.
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The only function of economic forecasting is to make astrology look respectable.
John Kenneth Galbraith
I think the role of the Federal Reserve is enormously exaggerated.
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You roll back the stones, and you find slithering things. That is the world of Richard Nixon.
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
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Superficial observers have long criticized the United States for making a fetish of youth. This is unfair. Uniquely among modern organs of public and private administration, its national legislature rewards senility.
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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.
John Kenneth Galbraith
Ralph [ Nader] is an old friend of mine, and he does a useful job in displaying a position.
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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.
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People who are in a fortunate position always attribute virtue to what makes them so happy.
John Kenneth Galbraith
It takes some skill to spoil a breakfast - even the English can't do it.
John Kenneth Galbraith
All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
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