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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
Something
Stocks
Speculation
Superficial
Depression
Awful
Common
Anything
Attributing
Great
Insubstantial
More quotes by John Kenneth Galbraith
Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
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It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
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If you get a reputation for being honest, you have 95 percent of the competition already beat.
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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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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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Of late I have searched diligently to discover the advantages of age, and there is, I have concluded, only one. It is that lovely women treat your approaches with understanding rather than with disdain.
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This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe.
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[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
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Economists are generally negligent of their heroes.
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Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.
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There are a significant number of learned men and women who hold that any successful effort to make ideas lively, intelligible and interesting is a manifestation of deficient scholarship. This is the fortress behind which the minimally coherent regularly find refuge.
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
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The conspicuously wealthy turn up urging the character building values of the privation of the poor.
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Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
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The greater the wealth the thicker will be the dirt.
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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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It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.
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The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
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I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
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The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.
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