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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
There are times in politics when you must be on the right side and lose.
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All writers know that on some golden mornings they are touched by the wand they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
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The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.
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It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
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I've become accustomed to supporting politicians who are more conservative than I am. This is not entirely a surprise.
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Inventions that are not made, like babies that are not born, are rarely missed.
John Kenneth Galbraith
Of late I have searched diligently to discover the advantages of age, and there is, I have concluded, only one. It is that lovely women treat your approaches with understanding rather than with disdain.
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.
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If you're rich you can buy books. If you're poor, you need a library.
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Power is not something that can be assumed or discarded at will like underwear.
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There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
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[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
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There are a significant number of learned men and women who hold that any successful effort to make ideas lively, intelligible and interesting is a manifestation of deficient scholarship. This is the fortress behind which the minimally coherent regularly find refuge.
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A wrong decision isn't forever it can always be reversed. The losses from a delayed decision are forever they can never be retrieved.
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It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.
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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.
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Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.
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The greater the wealth the thicker will be the dirt.
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Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
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A good rule of conversation is never answer a foolish question.
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