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Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
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
Traders
Inflation
Optimism
Stupidity
Errors
Trade
Doe
Rescuing
More quotes by John Kenneth Galbraith
The Senate has unlimited debate in the House, debate is ruthlessly circumscribed. There is frequent discussion as to which technique most effectively frustrates democratic process.
John Kenneth Galbraith
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
It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.
John Kenneth Galbraith
Both we and the Soviets face the common threat of nuclear destruction and there is no likelihood that either capitalism or communism will survive a nuclear war.
John Kenneth Galbraith
Economics is not an exact science.
John Kenneth Galbraith
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.
John Kenneth Galbraith
Of all the mysteries of the stock exchange there is none so impenetrable as why there should be a buyer for everyone who seeks to sell.
John Kenneth Galbraith
Faced with having to change our views or prove that there is no need to do so, most of us immediately get busy on the proof.
John Kenneth Galbraith
In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.
John Kenneth Galbraith
No ethic is as ethical as the work ethic.
John Kenneth Galbraith
Of all classes the rich are the most noticed and the least studied.
John Kenneth Galbraith
Private enterprise did not get us atomic energy.
John Kenneth Galbraith
According to the experience of all but the most accomplished jugglers, it is easier to keep one ball in the air than many.
John Kenneth Galbraith
There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
John Kenneth Galbraith
Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
John Kenneth Galbraith
Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.
John Kenneth Galbraith
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.
John Kenneth Galbraith
There are a significant number of learned men and women who hold that any successful effort to make ideas lively, intelligible and interesting is a manifestation of deficient scholarship. This is the fortress behind which the minimally coherent regularly find refuge.
John Kenneth Galbraith
All writers know that on some golden mornings they are touched by the wand they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
John Kenneth Galbraith
In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
John Kenneth Galbraith
