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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.

John Kenneth Galbraith

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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
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John K. Galbraith
Seems
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Thomas
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Ruthlessly
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Indefinitely
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Nicky

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In economics, the majority is always wrong.
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I've become accustomed to supporting politicians who are more conservative than I am. This is not entirely a surprise.
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Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.
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Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
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Things that come from the private sector are in abundant supply things that depend on the public sector are widely a problem. We're a world, as I said in The Affluent Society, of filthy streets and clean houses, poor schools and expensive television.
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What was needed was a policy that increased the supply of money available for use and then ensured its use. Then the state of trade would have to improve.
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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 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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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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Meetings are indispensable when you don't want to do anything.
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If you get a reputation for being honest, you have 95 percent of the competition already beat.
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It takes some skill to spoil a breakfast - even the English can't do it.
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Economics is not an exact science.
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To add to the technostructure is to increase its power in the enterprise.
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.
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Nothing so weakens government as persistent inflation.
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Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
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No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.
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