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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
Free
Street
Engineered
Individual
Responsible
Preceded
Great
Products
Speculation
Choice
Crash
Streets
Hundreds
Wall
Thousands
Decision
Individuals
Choices
Product
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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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I accept the global complex and global trade more than do some of my liberal colleagues because I consider this a wise alternative to national tension and conflict.
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We all agree that pessimism is a mark of superior intellect.
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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.
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Conscience is better served by a myth.
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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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In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
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Superficial observers have long criticized the United States for making a fetish of youth. This is unfair. Uniquely among modern organs of public and private administration, its national legislature rewards senility.
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Educators have yet to realize how deeply the industrial system is dependent upon them.
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The only function of economic forecasting is 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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Power is as power does.
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Agriculture is one economic activity that does not obey the laws of demand and supply.
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There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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War remains the decisive human failure.
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A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
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