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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
Become
Scales
Mean
Debt
Relation
Crisis
Dangerously
Involved
Crises
Fashion
Underlying
Means
Payment
Another
Scale

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The modern conservative is engaged in one of man's oldest exercises in moral philosophy that is, the search for a superior moral justification for selfishness.
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Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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Anyone who says he won't resign four times, will.
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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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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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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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We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
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To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
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Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
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American university presidents are a nervous breed I have never thought well of them as a class.
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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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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
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