Under capitalism, man exploits man. Under communism, it's just the opposite. John Kenneth Galbraith More Quotes by John Kenneth Galbraith More Quotes From John Kenneth Galbraith In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well. John Kenneth Galbraith choices discovery peace Clearly the most unfortunate people are those who must do the same thing over and over again, every minute, or perhaps twenty to the minute. They deserve the shortest hours and the highest pay. John Kenneth Galbraith twenties work people It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium. John Kenneth Galbraith perfectly-normal aberration men Inventions that are not made, like babies that are not born, are rarely missed. John Kenneth Galbraith invention born baby Some things were never meant to be recycled. John Kenneth Galbraith some-things-are-meant-to-be recycled politics The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version. John Kenneth Galbraith investing business world It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure. John Kenneth Galbraith investing errors believe 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. . . John Kenneth Galbraith exercise math commitment In the world of minor lunacy the behaviour of both the utterly rational and the totally insane seems equally odd. John Kenneth Galbraith behaviour insane world There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations. John Kenneth Galbraith economics scope wise 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. John Kenneth Galbraith revision four writing She is a reflection of comfortable middle-class values that do not take seriously the continuing unemployment. What I particularly regret is that she does not take seriously the intellectual decline. Having given up the Empire and the mass production of industrial goods, Britain's future lay in its scientific and artistic pre-eminence. Mrs Thatcher will be long remembered for the damage she has done. John Kenneth Galbraith regret reflection science People who are in a fortunate position always attribute virtue to what makes them so happy. John Kenneth Galbraith umpires virtue people Originality is something that is easily exaggerated, especially by authors contemplating their own work. John Kenneth Galbraith exaggerated originality contemplating Faced with having to change our views or prove that there is no need to do so, most of us immediately get busy on the proof. John Kenneth Galbraith views work witty Few economic problems, if any, are difficult of solution. The difficulty, all but invariably, is in confronting them. We know what needs to be done; for reasons of inertia, pecuniary interest, passion or ignorance, we do not wish to say so. John Kenneth Galbraith passion ignorance wish We are becoming the servants in thought, as in action of the machine we have created to serve us. John Kenneth Galbraith machines becoming action People are the common denominator of progress; no improvement is possible with unimproved people. John Kenneth Galbraith progress teaching people And there was a deeper, less visible effect of the Truman loyalty program. Seeing its consequences for certain individuals and fearing its intrusion on their own lives, many in the government sought protection by strongly asserting their anti-Communism. In the public action that ensued, policy was based not on reality but, instinctively or deliberately, on personal caution...Those who urged a militant and sometimes military anti-Communism were considered sound, trustworthy and personally safe; those who questioned such a course were politically unsafe, possible even slightly disloyal. John Kenneth Galbraith loyalty military reality Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity. John Kenneth Galbraith optimism stupidity errors
