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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
Optimism
Stupidity
Errors
Trade
Doe
Rescuing
Traders
Inflation
More quotes by John Kenneth Galbraith
In economics, the majority is always wrong.
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Nothing is so admirable in politics as a short memory.
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Authorship of any sort is a fantastic indulgence of the ego.
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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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Nothing so denies a person liberty as the total absence of money.
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I accept the global complex and global trade more than do some of my liberal colleagues because I consider this a wise alternative to national tension and conflict.
John Kenneth Galbraith
In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
John Kenneth Galbraith
The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
John Kenneth Galbraith
There's no question that in my lifetime, the contrast between what I called private affluence and public squalor has become very much greater.
John Kenneth Galbraith
The happiest time of anyone's life is just after the first divorce.
John Kenneth Galbraith
In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand the spiral operates when there is too much and also,unfortunately, when there is just enough.
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Hermann Goering, Joachim von Ribbentrop, Albert Speer, Walther Frank, Julius Streicher and Robert Ley did pass under my inspectionand interrogation in 1945 but they only proved that National Socialism was a gangster interlude at a rather low order of mental capacity and with a surprisingly high incidence of alcoholism.
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Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
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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.
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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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A [New Yorker ] is what it has always been. It combines those who pursue the truth with those who pursue the rewards of orthodoxy and those who pursue what is comfortable to the rich.
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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
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
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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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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