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There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
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
Awful
Common
Anything
Attributing
Great
Insubstantial
Something
Stocks
Speculation
Superficial
Depression
More quotes by John Kenneth Galbraith
Anyone who says he won't resign four times, will.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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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.
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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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Meetings are indispensable when you don't want to do anything.
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If people are hungry, ill-clad, unsheltered or diseased, nothing is so important as to remedy their condition.
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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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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.
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Economics exists to make astrology look respectable.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive (Free Market Fraud, January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
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To add to the technostructure is to increase its power in the enterprise.
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You will find that [the] State [Department] is the kind of organisation which, though it does big things badly, does small things badly too.
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Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.
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The conspicuously wealthy turn up urging the character building values of the privation of the poor.
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Of all classes the rich are the most noticed and the least studied.
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Very important functions can be performed very wastefully and often are.
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When people are least sure, they are often most dogmatic.
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All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
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The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
John Kenneth Galbraith
