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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
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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
Numbers
Millions
Speculators
Probably
Peak
Less
Active
Much
Million
However
Number
Safe
More quotes by John Kenneth Galbraith
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
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The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.
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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 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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People who are in a fortunate position always attribute virtue to what makes them so happy.
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The enemy of the conventional wisdom is not ideas but the march of events.
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Writing is a long and lonesome business back of the problems in thought and composition hover always the awful questions: Is this the page that shows the empty shell? Is it here and now that they find me out?
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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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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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Ideas do not respect national frontiers, and this is especially so where language and other traditions are in common.
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I've become accustomed to supporting politicians who are more conservative than I am. This is not entirely a surprise.
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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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The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
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Nothing is so admirable in politics as a short memory.
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Economics exists to make astrology look respectable.
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No ethic is as ethical as the work ethic.
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We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
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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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Decision has greater virtue and force if taken after there has been eloquent dissent.
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