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John Kenneth Galbraith (1908-2006) Canadian-American economist, diplomat, author


When you see reference to a new paradigm you should always, under all circumstances, take cover. Because ever since the great tulipmania in 1637, speculation has always been covered by a new paradigm. There was never a paradigm so new and so wonderful as the one that covered John Law and the South Sea Bubble - until the day of disaster.

¶ (Attributed)

Quoted in B. Laurance, W. Keegan, "Galbraith on crashes, Japan and Walking Sticks", The Observer (21 Jun 1998)

You will find that the State is the kind of organization which, though it does big things badly, does small things badly, too.

¶ (Attributed)

http://www.decrepitoldfool.com/index.php/weblog/comments/jk_galbraith_dies/

All successful revolutions are the kicking in of a rotten door.

¶ (Attributed)

http://www.decrepitoldfool.com/index.php/weblog/comments/jk_galbraith_dies/

It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled sea of thought.

¶ (Attributed)

http://www.decrepitoldfool.com/index.php/weblog/comments/jk_galbraith_dies/

Where humor is concerned there are no standards … no one can say what is good or bad, although you can be sure that everyone will.

¶ (Attributed)

There is something uniquely obscene about competition to promote weapons of mass destruction for the purposes of improving the stock market position of a corporation.

¶ (Attributed)

Under capitalism, man exploits man. Under communism, it's just the opposite.

¶ (Attributed)

It is almost as important to know what is not serious as to know what is.

¶ (Attributed)

Faced with the choice between changing one's mind and proving there is no need to do so, almost everyone gets busy on the proof.

¶ (Attributed)

(also called "Galbraith's Law")

Politics is not the art of the possible. It consists in choosing between the disastrous and the unpalatable.

Ambassador’s Journal (1969)

In all life one should comfort the afflicted, but verily, also, one should afflict the comfortable, and especially when they are comfortably, contentedly, even happily wrong.

London Guardian (28 July 1989)

also attrib. Darrow

If all else fails immortality can always be assured by adequate error.

Money: Whence It Came, Where It Went (1975)

If all else fails, immortality can always be assured by spectacular error.

Money: Whence it came, where it went (1975)

The enemy of the conventional wisdom is not ideas but the march of events.

The Affluent Society, Introduction (1977 ed.)

When people put their ballots in the boxes, they are, by that act, inoculated against the feeling that the government is not theirs. They then accept, in some measure, that its errors are their errors, its aberrations their aberrations, that any revolt will be against them. It's a remarkably shrewd and rather conservative arrangement when one thinks of it.

The Age of Uncertainty, ch. 12 (1977)

All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.

The Age of Uncertainty, ch. 12 (1977)

When people are least sure, they are often most dogmatic.

The Great Crash, 1929 (1955)

In any great organization it is far, far safer to be wrong with the majority than to be right alone.

¶ In The Guardian, London (28 Jul 1989)

Politics is not the art of the possible. It consists in choosing between the disastrous and the unpalatable

¶ Letter to Pres. Kennedy (2 Mar. 1962)

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