John Kenneth Galbraith
John Kenneth Galbraith
John Kenneth "Ken" Galbraith, OCwas a Canadianeconomist, public official, and diplomat, and a leading proponent of 20th-century American liberalism. His books on economic topics were bestsellers from the 1950s through the 2000s, during which time Galbraith fulfilled the role of public intellectual. As an economist, he leaned toward Post-Keynesian economics from an institutionalist perspective...
NationalityAmerican
ProfessionEconomist
Date of Birth15 October 1908
CountryUnited States of America
We all agree that pessimism is a mark of superior intellect.
The huge capacity to purchase submission that goes with any large sum of money, well, this we have. This is a power of which we should all be aware.
However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
In a world where for pedagogic and other purposes a very large number of economists is required, an arrangement which discourages many of them from
Economics exists to make astrology look respectable.
Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.
The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
The fully planned economy, so far from being unpopular, is warmly regarded by those who know it best.
In the market economy the price that is offered is counted upon to produce the result that is sought.
Some things were never meant to be recycled.
Milton Friedman’s misfortune is that his economic policies have been tried.
The foresight of financial experts was, as so often, a poor guide to the future.
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.
If we were not in Vietnam, all that part of the world would be enjoying the obscurity it so richly deserves.