Words From the Wise Economist

When John Kenneth Galbraith expounds on his ideas, he chooses his words carefully, frequently recasting phrases moments after he utters them, as if each sentence were crafted to be a quote for the ages.

Here’s a sampling:

On the lessons learned from the Wall Street crash of 1929 and the merger mania of the 1980s: “There’s no necessary association between intelligence and money.”

On the usefulness of economic predictions: “I do not have a high regard for economic forecasting. I’ve always been cautious about it, partly because people have a wonderful memory for your wrong forecasts, but rarely for your right ones.”

On the role of government serving the needy: “If you’re rich, you can buy books. If you’re poor, you need a library.”