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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.

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
Sides
Generation
Supply
Economic
Road
David
Horse
Feed
Called
Approach
Cover
Oats
Less
Generations
Economics
Trickle
Enough
Theory
Pass
Sparrow
Policy
Older
Sparrows
Side
Merely
Elegant

More quotes by John Kenneth Galbraith

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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
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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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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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When people are least sure, they are often most dogmatic.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
John Kenneth Galbraith
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To add to the technostructure is to increase its power in the enterprise.
John Kenneth Galbraith
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I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.
John Kenneth Galbraith
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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
John Kenneth Galbraith
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
John Kenneth Galbraith
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Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.
John Kenneth Galbraith
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In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand the spiral operates when there is too much and also,unfortunately, when there is just enough.
John Kenneth Galbraith
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No ethic is as ethical as the work ethic.
John Kenneth Galbraith
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Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action then we move from the remedy so available or desired back to a cause to which that remedy is relevant.
John Kenneth Galbraith
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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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Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
John Kenneth Galbraith
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Both we and the Soviets face the common threat of nuclear destruction and there is no likelihood that either capitalism or communism will survive a nuclear war.
John Kenneth Galbraith
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In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.
John Kenneth Galbraith
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
John Kenneth Galbraith
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The greater the wealth the thicker will be the dirt.
John Kenneth Galbraith
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In economics it is a far, far wiser thing to be right than to be consistent
John Kenneth Galbraith