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Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
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
Fields
Castes
Subjects
Agricultural
Theory
Instruction
Study
Lower
Economic
Marketing
Economics
Subject
Prestigious
Labor
Caste
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Foreign policy is conducted for the convenience and enjoyment of people in Washington.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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A more important antidote to American democracy is American gerontocracy. The positions of eminence and authority in Congress are allotted in accordance with length of service, regardless of quality.
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One man's consumption becomes his neighbor's wish.
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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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Meetings are indispensable when you don't want to do anything.
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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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There are times in politics when you must be on the right side and lose.
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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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I think the role of the Federal Reserve is enormously exaggerated.
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It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
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Economic stimulation that works through the increased outlays to the affluent has, inevitably, an aspect of soundness and sanity that is lacking in expenditure on behalf of the undeserving poor.
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Nothing is so admirable in politics as a short memory.
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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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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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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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No ethic is as ethical as the work ethic.
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There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
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What was needed was a policy that increased the supply of money available for use and then ensured its use. Then the state of trade would have to improve.
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The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
John Kenneth Galbraith
