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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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
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John K. Galbraith
Despotism
Monarchy
Monopoly
Imperfect
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Oligopoly
Dual
Incompetence
More quotes by John Kenneth Galbraith
The enemy of the conventional wisdom is not ideas but the march of events.
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One of my greatest pleasures in my writing has come from the thought that perhaps my work might annoy someone of comfortably pretentious position. Then comes the realization that such people rarely read.
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Few economic problems, if any, are difficult of solution. The difficulty, all but invariably, is in confronting them. We know what needs to be done for reasons of inertia, pecuniary interest, passion or ignorance, we do not wish to say so.
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There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.
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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.
John Kenneth Galbraith
The privileged have regularly invited their own destruction with their greed.
John Kenneth Galbraith
A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.
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I predict, not because I know, but because I'm asked.
John Kenneth Galbraith
Economic stimulation that works through the increased outlays to the affluent has, inevitably, an aspect of soundness and sanity that is lacking in expenditure on behalf of the undeserving poor.
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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.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
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Nothing is more portable than rich people and their money
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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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THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
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It is not the individual's right to buy that is being protected. Rather, it is the seller's right to manage the individual.
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Ideas are inherently conservative. They yield not to the attack of other ideas but to the massive onslaught of circumstance with which they cannot contend.
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Of all the mysteries of the stock exchange there is none so impenetrable as why there should be a buyer for everyone who seeks to sell.
John Kenneth Galbraith
To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
John Kenneth Galbraith
