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I think the role of the Federal Reserve is enormously exaggerated.
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
Reserve
Exaggerated
Reserves
Federal
Role
Roles
Think
Thinking
Enormously
More quotes by John Kenneth Galbraith
There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .
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It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
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A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
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No ethic is as ethical as the work ethic.
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Economics exists to make astrology look respectable.
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War remains the decisive human failure.
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Happiness does not require an expanding economy
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
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These are the days when men of all social disciplines and all political faiths seek the comfortable and the accepted when the man of controversy is looked upon as a disturbing influence when originality is taken to be a mark of instability and when, in minor modification of the original parable, the bland lead the bland.
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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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The Senate has unlimited debate in the House, debate is ruthlessly circumscribed. There is frequent discussion as to which technique most effectively frustrates democratic process.
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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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When people are least sure, they are often most dogmatic.
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Anyone who says he won't resign four times, will.
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Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
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Ralph [ Nader] is an old friend of mine, and he does a useful job in displaying a position.
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The greater the wealth the thicker will be the dirt.
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One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
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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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To add to the technostructure is to increase its power in the enterprise.
John Kenneth Galbraith
