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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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
Myth
Corporation
Market
Consumer
Fact
Powerless
Facts
Devices
Power
Holds
Great
Servant
Perpetuated
Consumers
Puppet
Corporations
Puppets
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Humor is richly rewarding to the person who employs it. It has some value in gaining and holding attention, but it has no persuasive value at all.
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One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
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One man's consumption becomes his neighbor's wish.
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Pundits forecast not because they know, but because they are asked.
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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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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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A [New Yorker ] is what it has always been. It combines those who pursue the truth with those who pursue the rewards of orthodoxy and those who pursue what is comfortable to the rich.
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Complexity and obscurity have professional value - they are the academic equivalents of apprenticeship rules in the building trades. They exclude the outsiders, keep down the competition, preserve the image of a privileged or priestly class. The man who makes things clear is a scab. He is criticized less for his clarity than for his treachery.
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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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It takes some skill to spoil a breakfast - even the English can't do it.
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Conscience is better served by a myth.
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Authorship of any sort is a fantastic indulgence of the ego.
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Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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Ideas do not respect national frontiers, and this is especially so where language and other traditions are in common.
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In economics it is a far, far wiser thing to be right than to be consistent
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Nothing so weakens government as persistent inflation.
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Only in very recent times has the average man been a source of savings.
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The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
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