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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
Rescuing
Traders
Inflation
Optimism
Stupidity
Errors
Trade
Doe
More quotes by 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
I do the best with what exists.
John Kenneth Galbraith
To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
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
A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
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
If all else fails immortality can always be assured by adequate error.
John Kenneth Galbraith
Unemployment is rarely considered desirable except by those who have not experienced it.
John Kenneth Galbraith
The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.
John Kenneth Galbraith
We talk of the enormous virtues of work, but it turns out that that is mostly for the poor. If you're rich enough or if you're a college professor, the virtue lies in leisure and the use you make of your leisure time.
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
We all agree that pessimism is a mark of superior intellect.
John Kenneth Galbraith
There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
John Kenneth Galbraith
The first goal of the technostructure is its own security.
John Kenneth Galbraith
Who is king in the world of the blind when there isn't even a one eyed man?
John Kenneth Galbraith
Nothing is so admirable in politics as a short memory.
John Kenneth Galbraith
Meetings are indispensable when you don't want to do anything.
John Kenneth Galbraith
I predict, not because I know, but because I'm asked.
John Kenneth Galbraith
It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.
John Kenneth Galbraith
It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
John Kenneth Galbraith
