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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
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More quotes by John Kenneth Galbraith
In economics, the majority is always wrong.
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It is not the individual's right to buy that is being protected. Rather, it is the seller's right to manage the individual.
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In the early days of the crash it was widely believed that Jesse L. Livermore, a Bostonian with a large and unquestionably exaggerated reputation for bear operations, leading a syndicate that was driving the market down.
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People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
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When you see reference to a new paradigm you should always, under all circumstances, take cover.
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Writing is a long and lonesome business back of the problems in thought and composition hover always the awful questions: Is this the page that shows the empty shell? Is it here and now that they find me out?
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Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.
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Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
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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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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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Originality is something that is easily exaggerated, especially by authors contemplating their own work.
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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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In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.
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It was not hard to persuade people that the market was sound as always in such times they asked only that the dispiriting voices of doubt be muted and that there should be tolerably frequent expressions of confidence.
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One can relish the varied idiocy of human action during a panic to the full, for, while it is a time of great tragedy, nothing is being lost but money.
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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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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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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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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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A good rule of conversation is never answer a foolish question.
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