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Economic stimulation that works through the increased outlays to the affluent has, inevitably, an aspect of soundness and sanity that is lacking in expenditure on behalf of the undeserving poor.
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
Works
Expenditures
Economic
Stimulation
Poor
Increased
Inevitably
Behalf
Undeserving
Sanity
Soundness
Lacking
Expenditure
Aspect
Affluent
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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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Of all classes the rich are the most noticed and the least studied.
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Economists are generally negligent of their heroes.
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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.
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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
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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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Authorship of any sort is a fantastic indulgence of the ego.
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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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Inventions that are not made, like babies that are not born, are rarely missed.
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Nothing is more portable than rich people and their money
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Men are, in fact, either sustained by organization or they sustain organization.
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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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In the affluent society, no useful distinction can be made between luxuries and necessities.
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Pundits forecast not because they know, but because they are asked.
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The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.
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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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Economics is not an exact science.
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No ethic is as ethical as the work ethic.
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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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It has been the acknowledged right of every Marxist scholar to read into Marx the particular meaning that he himself prefers and to treat all others with indignation.
John Kenneth Galbraith
