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Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.
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
Aspect
Approached
Taught
Reserve
Almost
Disregard
History
Commonly
Every
Reserves
Federal
Investing
Believed
Discriminating
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The more underdeveloped the country, the more overdeveloped the women.
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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
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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 the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
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The enemy of the conventional wisdom is not ideas but the march of events.
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Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
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No ethic is as ethical as the work ethic.
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I never enjoyed writing a book more indeed, it is the only one I remember in no sense as a labor but as a joy.
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In the early days of the crash it was widely believed that Jesse L. Livermore, a Bostonian with a large and unquestionably exaggerated reputation for bear operations, leading a syndicate that was driving the market down.
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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.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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Both we and the Soviets face the common threat of nuclear destruction and there is no likelihood that either capitalism or communism will survive a nuclear war.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
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If it is dangerous to suppose that government is always right, it will sooner or later be awkward for public administration if most people suppose that it is always wrong.
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Foreign policy is conducted for the convenience and enjoyment of people in Washington.
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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.
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If you're rich you can buy books. If you're poor, you need a library.
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