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I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive (Free Market Fraud, January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.

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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Get the process of negotiation away from the small specialized group that some people have called the nuclear theologians ... Only a few people can understand the nature of these weapons ... This kept the whole discussion to a very limited group of people who, in a way, had assumed responsibility for saying whether we should live or die.
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There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
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Economics exists to make astrology look respectable.
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Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
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No ethic is as ethical as the work ethic.
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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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Genius is a rising stock market.
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I predict, not because I know, but because I'm asked.
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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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If all else fails immortality can always be assured by adequate error.
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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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It takes some skill to spoil a breakfast - even the English can't do it.
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In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds... for it means that the most expensive restaurants are, with rare exceptions, the worst.
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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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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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Why is anything intrinsically so valueless so obviously desirable?
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I am for a close global association in trade and financial matters, rather than the opposite possibility of excessive nationalism, as manifested in the two world wars.
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Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.
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