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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.

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
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Inflation
Economy
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Including
Technical
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Mass
Consumers
Emphasizes
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Speculative
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Complicated
Borrowing
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Although
Consumer

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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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The first goal of the technostructure is its own security.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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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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The more underdeveloped the country, the more overdeveloped the women.
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A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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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 recent times no problem has been more puzzling to thoughtful people than why, in a troubled world, we make such poor use of our affluence.
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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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Anyone who says he won't resign four times, will.
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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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In dealing with Mr. Nixon, it is not easy to be unfair. He invites and justifies all available criticism.
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Pundits forecast not because they know, but because they are asked.
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