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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
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University Teacher
John K. Galbraith
System
History
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Years
Inborn
Instability
Several
Capitalism
Hundred
More quotes by John Kenneth Galbraith
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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Those days [of the Vietnam War] you couldn't get on a bus going to the South without expecting a riot over something or the other. All of that has disappeared thanks to Lyndon Johnson.
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The happiest time of anyone's life is just after the first divorce.
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There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
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In economics it is a far, far wiser thing to be right than to be consistent
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Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
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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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Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.
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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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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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Conscience is better served by a myth.
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Very important functions can be performed very wastefully and often are.
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I predict, not because I know, but because I'm asked.
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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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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
John Kenneth Galbraith
The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
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The privileged have regularly invited their own destruction with their greed.
John Kenneth Galbraith
We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
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
