One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
John Kenneth GalbraithRead
It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
Interpretation
The quote emphasizes that viewing the economy as fixed and unchanging is a significant mistake.
John Kenneth Galbraith argues that perceiving the economy as a stable and unchanging entity is a major flaw in economic thought. He suggests that the economy is in fact dynamic, influenced by human behavior, societal changes, and various external factors, and should be viewed as fluid rather than rigid.
In practice
In a lecture about economic theories, one could use this quote to challenge conventional thinking.
One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
If all else fails, immortality can always be assured by spectacular error.
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.
All successful revolutions are the kicking in of a rotten door.
Money differs from an automobile or mistress in being equally important to those who have it and those who do not.
People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
What we know about the global financial crisis is that we don't know very much.
Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.
Trade and commerce, if they were not made of Indian rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way.
Hemp is of first necessity to the wealth & protection of the country.
A winner-takes-all economy that offers only limited access to the middle class is a recipe for democratic malaise and dereliction.
Economics taught in most of the elite universities are practically useless in my context. My country is dominated by drug economy and a mafia. Textbook economics does not work in my context, and I have very few recommendations from anybody as to how to put together a legal economy.
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