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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.
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
Fact
Insufficient
Facts
Occurs
Wage
Counterpart
Also
Unemployment
Spiral
Enough
Unfortunately
Spirals
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Latter
Counterparts
Price
Functional
Demand
Operates
More quotes by John Kenneth Galbraith
In recent times no problem has been more puzzling to thoughtful people than why, in a troubled world, we make such poor use of our affluence.
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In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.
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Private enterprise did not get us atomic energy.
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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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The privileged have regularly invited their own destruction with their greed.
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Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.
John Kenneth Galbraith
In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
John Kenneth Galbraith
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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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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Inventions that are not made, like babies that are not born, are rarely missed.
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Educators have yet to realize how deeply the industrial system is dependent upon them.
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The spirit should never grow old.
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No nice philosophical point has ever been so decisively resolved as this: that those who are not conceived do not miss the pleasure of consuming the goods they do not get born to enjoy.
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Economics exists to make astrology look respectable.
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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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Nothing is so admirable in politics as a short memory.
John Kenneth Galbraith
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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Writing is a long and lonesome business back of the problems in thought and composition hover always the awful questions: Is this the page that shows the empty shell? Is it here and now that they find me out?
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In 1736, Franklin's Pennsylvania Gazette printed an apology for its irregular appearence because its printer was with the Press, labouring for the publick Good, to make Money more plentiful. The press was busy printing money.
John Kenneth Galbraith
Agriculture is one economic activity that does not obey the laws of demand and supply.
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