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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
Doe
Rescuing
Traders
Inflation
Optimism
Stupidity
Errors
Trade
More quotes by John Kenneth Galbraith
Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
John Kenneth Galbraith
Authorship of any sort is a fantastic indulgence of the ego.
John Kenneth Galbraith
The family which takes it mauve and cerise, air conditioned, power-steered, and power braked automobile out for a tour passes through cities that are badly paved, made hideous by litter, blighted buildings, billboards, and posts for wires that should long since have been put underground.
John Kenneth Galbraith
Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
John Kenneth Galbraith
The only function of economic forecasting is to make astrology look respectable.
John Kenneth Galbraith
A good rule of conversation is never answer a foolish question.
John Kenneth Galbraith
Talk of revolution is one of avoiding reality.
John Kenneth Galbraith
We shall have a race of men who are strong on telemetry and space communications but who cannot read anything but a blueprint or write anything but a computer program.
John Kenneth Galbraith
No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
John Kenneth Galbraith
We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
John Kenneth Galbraith
There is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.
John Kenneth Galbraith
The power of the corporate bureaucracy - the power of technostructure (a term that did not take off) - is something to which I still adhere.
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
Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
John Kenneth Galbraith
All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
John Kenneth Galbraith
But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.
John Kenneth Galbraith
No ethic is as ethical as the work ethic.
John Kenneth Galbraith
The conspicuously wealthy turn up urging the character building values of the privation of the poor.
John Kenneth Galbraith
It was not hard to persuade people that the market was sound as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.
John Kenneth Galbraith
THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
John Kenneth Galbraith
