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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.
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
Mean
Debt
Relation
Crisis
Dangerously
Involved
Crises
Fashion
Underlying
Means
Payment
Another
Scale
Become
Scales
More quotes by John Kenneth Galbraith
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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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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If all else fails immortality can always be assured by adequate error.
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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.
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The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.
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These are the days when men of all social disciplines and all political faiths seek the comfortable and the accepted when the man of controversy is looked upon as a disturbing influence when originality is taken to be a mark of instability and when, in minor modification of the original parable, the bland lead the bland.
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No ethic is as ethical as the work ethic.
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In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
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I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.
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Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.
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There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
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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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Happiness does not require an expanding economy
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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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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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In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.
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The privileged have regularly invited their own destruction with their greed.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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Speeches in our culture are the vacuum that fills a vacuum.
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