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There is wonder and a certain wicked pleasure in these giddy ascents and terrible falls, especially as they happen to other people.
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
Pleasure
Giddy
Fall
Ascent
Happens
Falls
Certain
Wicked
People
Especially
Terrible
Happen
Wonder
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If you're rich you can buy books. If you're poor, you need a library.
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The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
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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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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
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However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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Conscience is better served by a myth.
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People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
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All successful revolutions are the kicking in of a rotten door. The violence of revolutions is the violence of men who charge into a vacuum.
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I predict, not because I know, but because I'm asked.
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If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to trickle down economics).
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Anyone who says he won't resign four times, will.
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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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American university presidents are a nervous breed I have never thought well of them as a class.
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