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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
Several
Capitalism
Hundred
System
History
Part
Years
Inborn
Instability
More quotes by John Kenneth Galbraith
Economics is not an exact science.
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There is wonder and a certain wicked pleasure in these giddy ascents and terrible falls, especially as they happen to other people.
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No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
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But there is merit even in the mentally retarded legislator. He asks the questions that everyone is afraid to ask for fear of seeming simple.
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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
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Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.
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In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd.
John Kenneth Galbraith
Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
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A good rule of conversation is never answer a foolish question.
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The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
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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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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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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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We all agree that pessimism is a mark of superior intellect.
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[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
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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.
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In economics, the majority is always wrong.
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Unemployment is rarely considered desirable except by those who have not experienced it.
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The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
John Kenneth Galbraith
