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Agriculture is one economic activity that does not obey the laws of demand and supply.
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
Demand
Activity
Economic
Law
Agriculture
Doe
Supply
Obey
Economics
Laws
More quotes by 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.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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If all else fails immortality can always be assured by adequate error.
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This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe.
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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 line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
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No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
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.
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I've long believed alas, that in highly organized industrial societies, capitalist or socialist, the stronger tendency is to converge - that if steel or automobiles are wanted and must be made on a large scale, the process will stamp its imprint on the society, whether that me be Magnitogorsk or Gary, Indiana.
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Meetings are indispensable when you don't want to do anything.
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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.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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One man's consumption becomes his neighbor's wish.
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Very important functions can be performed very wastefully and often are.
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No ethic is as ethical as the work ethic.
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People who are in a fortunate position always attribute virtue to what makes them so happy.
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There's a certain part of the contented majority who love anybody who is worth a billion dollars.
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I am for a close global association in trade and financial matters, rather than the opposite possibility of excessive nationalism, as manifested in the two world wars.
John Kenneth Galbraith
Economics exists to make astrology look respectable.
John Kenneth Galbraith
