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Economics is not an exact science.

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
Exact
Economics
Science

More quotes by John Kenneth Galbraith

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We all agree that pessimism is a mark of superior intellect.
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The conspicuously wealthy turn up urging the character building values of the privation of the poor.
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
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We shall have a race of men who are strong on telemetry and space communications but who cannot read anything but a blueprint or write anything but a computer program.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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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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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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Only men of considerable vanity write books consistently therewith, I worried lest the world were exchanging an irreplaceable author for a more easily purchased diplomat.
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I think without a doubt, that what is called financial genius is merely a rising market.
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I react to what is necessary. I would like to eschew any formula.
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There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
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Where humor is concerned there are no standards - no one can say what is good or bad, although you can be sure that everyone will.
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Anyone who says he won't resign four times, will.
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The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
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We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
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In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds... for it means that the most expensive restaurants are, with rare exceptions, the worst.
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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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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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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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To add to the technostructure is to increase its power in the enterprise.
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