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A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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
Way
Memory
Weakness
Pathological
Memories
Repeated
Modern
Phenomenon
Point
Allows
Experience
Investing
Must
Debt
Believe
Financial
More quotes by 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.
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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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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
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One of my greatest pleasures in my writing has come from the thought that perhaps my work might annoy someone of comfortably pretentious position. Then comes the realization that such people rarely read.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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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.
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We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
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We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
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Where humor is concerned there are no standards - no one can say what is good or bad, although you can be sure that everyone will.
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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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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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Talk of revolution is one of avoiding reality.
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The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
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When you see reference to a new paradigm you should always, under all circumstances, take cover.
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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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It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
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In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
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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.
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It is not the individual's right to buy that is being protected. Rather, it is the seller's right to manage the individual.
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In 1736, Franklin's Pennsylvania Gazette printed an apology for its irregular appearence because its printer was with the Press, labouring for the publick Good, to make Money more plentiful. The press was busy printing money.
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