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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
Streets
Hundreds
Wall
Thousands
Decision
Individuals
Choices
Product
Free
Street
Engineered
Individual
Responsible
Preceded
Great
Products
Speculation
Choice
Crash
More quotes by John Kenneth Galbraith
Power is as power does.
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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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No ethic is as ethical as the work ethic.
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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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Meetings are indispensable when you don't want to do anything.
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The conspicuously wealthy turn up urging the character building values of the privation of the poor.
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I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
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In economics it is a far, far wiser thing to be right than to be consistent
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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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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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The present age of contentment will come to an end only when and if the adverse developments that it fosters challenge the sense of comfortable well-being
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It is not the individual's right to buy that is being protected. Rather, it is the seller's right to manage the individual.
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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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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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The modern conservative is engaged in one of man's oldest exercises in moral philosophy that is, the search for a superior moral justification for selfishness.
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Of late I have searched diligently to discover the advantages of age, and there is, I have concluded, only one. It is that lovely women treat your approaches with understanding rather than with disdain.
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It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
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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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Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
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Private enterprise did not get us atomic energy.
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