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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
Relation
Crisis
Dangerously
Involved
Crises
Fashion
Underlying
Means
Payment
Another
Scale
Become
Scales
Mean
Debt
More quotes by John Kenneth Galbraith
The power of the corporate bureaucracy - the power of technostructure (a term that did not take off) - is something to which I still adhere.
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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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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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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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Even the word depression itself was the terminological product of an effort to soften the connotation of deep trouble. In the last century, the term crisis was normally employed. With time, however, this acquired the connotation of the misfortune it described.
John Kenneth Galbraith
If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to trickle down economics).
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If people are hungry, ill-clad, unsheltered or diseased, nothing is so important as to remedy their condition.
John Kenneth Galbraith
Complexity and obscurity have professional value - they are the academic equivalents of apprenticeship rules in the building trades. They exclude the outsiders, keep down the competition, preserve the image of a privileged or priestly class. The man who makes things clear is a scab. He is criticized less for his clarity than for his treachery.
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In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
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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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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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All writers know that on some golden mornings they are touched by the wand they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
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There's a certain part of the contented majority who love anybody who is worth a billion dollars.
John Kenneth Galbraith
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.
John Kenneth Galbraith
However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
John Kenneth Galbraith
In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.
John Kenneth Galbraith
It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.
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Ideas are inherently conservative. They yield not to the attack of other ideas but to the massive onslaught of circumstance with which they cannot contend.
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Humor is richly rewarding to the person who employs it. It has some value in gaining and holding attention, but it has no persuasive value at all.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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