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Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.

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
Often
Exception
Skeptical
Without
Operations
Wheel
Versions
Described
Hails
World
Invention
Slightly
Celebrated
Innovation
Finance
Hail
Financial
Version
Lend
Design
Established
Unstable
Small
Wheels
Variation

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Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
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American university presidents are a nervous breed I have never thought well of them as a class.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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Pundits forecast not because they know, but because they are asked.
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No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
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I do the best with what exists.
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Power is as power does.
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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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One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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I react to what is necessary. I would like to eschew any formula.
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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
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The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
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Men are, in fact, either sustained by organization or they sustain organization.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
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Anyone who says he won't resign four times, will.
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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
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Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
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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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The line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
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