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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
Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
John Kenneth Galbraith
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
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
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
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
When you see reference to a new paradigm you should always, under all circumstances, take cover.
John Kenneth Galbraith
Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
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.
John Kenneth Galbraith
A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.
John Kenneth Galbraith
All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
John Kenneth Galbraith
Superficial observers have long criticized the United States for making a fetish of youth. This is unfair. Uniquely among modern organs of public and private administration, its national legislature rewards senility.
John Kenneth Galbraith
Only in very recent times has the average man been a source of savings.
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
I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive (Free Market Fraud, January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
John Kenneth Galbraith
In the conventional wisdom of conservatives, the modern search for security is regularly billed as the greatest single threat to economic progress.
John Kenneth Galbraith
Agriculture is one economic activity that does not obey the laws of demand and supply.
John Kenneth Galbraith
It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.
John Kenneth Galbraith
Nothing is more portable than rich people and their money
John Kenneth Galbraith
There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
John Kenneth Galbraith
