The problem of the modern economy is not a failure of a knowledge of economics; it's a failure of a knowledge of history. John Kenneth Galbraith More Quotes by John Kenneth Galbraith More Quotes From John Kenneth Galbraith The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith honesty integrity philosophy Under capitalism, man exploits man. Under communism, it's just the opposite. John Kenneth Galbraith witty men funny 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. John Kenneth Galbraith oats horse sides The process by which banks create money is so simple that the mind is repelled. John Kenneth Galbraith simple mind bankers There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know. John Kenneth Galbraith investing kind two Economics is extremely useful as a form of employment for economists. John Kenneth Galbraith home-economics employment government The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. John Kenneth Galbraith money simple mind A wrong decision isn't forever; it can always be reversed. The losses from a delayed decision are forever; they can never be retrieved. John Kenneth Galbraith decision loss forever No solution [to the problem of poverty] is so effective as providing income to the poor. Whether in the form of food, housing, health services, education or money, income is an excellent antidote for deprivation. No truth has spawned so much ingenious evasion. John Kenneth Galbraith income poverty problem More die in the United States of too much food than of too little. John Kenneth Galbraith funny-inspirational weight-loss food Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything. John Kenneth Galbraith agreement people thinking Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. John Kenneth Galbraith change sweet inspirational Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce. John Kenneth Galbraith money love men The conventional view serves to protect us from the painful job of thinking. John Kenneth Galbraith motivational jobs life Change comes not from men and women changing their minds, but from the change from one generation to the next. John Kenneth Galbraith change men peace The only function of economic forecasting is to make astrology look respectable. John Kenneth Galbraith astrology economic looks World War II revealed two of the enduring features of the Keynesian Revolution. One was the moral difference between spending for welfare and spending for war. During the Depression very modest outlays for the unemployed seemed socially debilitating, economically unsound. Now expenditures many times greater for weapons and soldiers were perfectly safe. It's a difference that still persists. John Kenneth Galbraith differences war two Do not be alarmed by simplification, complexity is often a device for claiming sophistication, or for evading simple truths. John Kenneth Galbraith sophistication complexity simple Let’s begin with capitalism, a word that has gone largely out of fashion. The approved reference now is to the market system. This shift minimizes - indeed, deletes - the role of wealth in the economic and social system. And it sheds the adverse connotation going back to Marx. Instead of the owners of capital or their attendants in control, we have the admirably impersonal role of market forces. It would be hard to think of a change in terminology more in the interest of those to whom money accords power. They have now a functional anonymity. John Kenneth Galbraith fashion would-be thinking People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. John Kenneth Galbraith investing risk people
