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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
Also
Wage
Counterpart
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Unemployment
Spiral
Much
Unfortunately
Spirals
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Operates
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But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.
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The spirit should never grow old.
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A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.
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Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.
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There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .
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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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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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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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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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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.
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A good rule of conversation is never answer a foolish question.
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In any great organization it is far, far safer to be wrong with the majority than to be right alone.
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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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Of all classes the rich are the most noticed and the least studied.
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