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No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.
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
Choice
Crash
Streets
Hundreds
Wall
Thousands
Decision
Individuals
Choices
Product
Free
Street
Engineered
Individual
Responsible
Preceded
Great
Products
Speculation
More quotes by John Kenneth Galbraith
In any great organization it is far, far safer to be wrong with the majority than to be right alone.
John Kenneth Galbraith
Nothing is so admirable in politics as a short memory.
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Nothing so denies a person liberty as the total absence of money.
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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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Economics exists to make astrology look respectable.
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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.
John Kenneth Galbraith
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.
John Kenneth Galbraith
There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
John Kenneth Galbraith
One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.
John Kenneth Galbraith
Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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When you see reference to a new paradigm you should always, under all circumstances, take cover.
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The greater the wealth the thicker will be the dirt.
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There's no question that in my lifetime, the contrast between what I called private affluence and public squalor has become very much greater.
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To add to the technostructure is to increase its power in the enterprise.
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Authorship of any sort is a fantastic indulgence of the ego.
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In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
John Kenneth Galbraith
The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
John Kenneth Galbraith
The foresight of financial experts was, as so often, a poor guide to the future.
John Kenneth Galbraith
Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
John Kenneth Galbraith
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
John Kenneth Galbraith
