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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
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Speculation
Choice
Crash
Streets
Hundreds
Wall
Thousands
Decision
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Engineered
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More quotes by John Kenneth Galbraith
Happiness does not require an expanding economy
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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 has been the acknowledged right of every Marxist scholar to read into Marx the particular meaning that he himself prefers and to treat all others with indignation.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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According to the experience of all but the most accomplished jugglers, it is easier to keep one ball in the air than many.
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Conscience is better served by a myth.
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The foresight of financial experts was, as so often, a poor guide to the future.
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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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The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
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There's a certain part of the contented majority who love anybody who is worth a billion dollars.
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Pundits forecast not because they know, but because they are asked.
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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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Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.
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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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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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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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The more underdeveloped the country, the more overdeveloped the women.
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
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Things that come from the private sector are in abundant supply things that depend on the public sector are widely a problem. We're a world, as I said in The Affluent Society, of filthy streets and clean houses, poor schools and expensive television.
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Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action then we move from the remedy so available or desired back to a cause to which that remedy is relevant.
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