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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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
Instability
Several
Capitalism
Hundred
System
History
Part
Years
Inborn
More quotes by John Kenneth Galbraith
Economics exists to make astrology look respectable.
John Kenneth Galbraith
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 greater the wealth the thicker will be the dirt.
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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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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.
John Kenneth Galbraith
Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
John Kenneth Galbraith
I think the role of the Federal Reserve is enormously exaggerated.
John Kenneth Galbraith
Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
John Kenneth Galbraith
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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No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.
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There is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.
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Economics is not an exact science.
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Clearly the most unfortunate people are those who must do the same thing over and over again, every minute, or perhaps twenty to the minute. They deserve the shortest hours and the highest pay.
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This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe.
John Kenneth Galbraith
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
John Kenneth Galbraith
One man's consumption becomes his neighbor's wish.
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Educators have yet to realize how deeply the industrial system is dependent upon them.
John Kenneth Galbraith
The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
John Kenneth Galbraith
