John Kenneth Galbraith: Greatness

“If the state is the executive committee of the great corporation and the planning system, it is partly because neoclassical economics is its instrument for neutralizing the suspicion that this is so.”

John Kenneth Galbraith

Power and the Useful Economist (1973)
Context: This is what economics now does. It tells the young and susceptible (and also the old and vulnerable) that economic life has no content of power and politics because the firm is safely subordinate to the market and the state and for this reason it is safely at the command of the consumer and citizen. Such an economics is not neutral. It is the influential and invaluable ally of those whose exercise of power depends on an acquiescent public. If the state is the executive committee of the great corporation and the planning system, it is partly because neoclassical economics is its instrument for neutralizing the suspicion that this is so.

“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.”

John Kenneth Galbraith

Source: The Age of Uncertainty (1977), Chapter 12, p. 330

Motivational , Leadership , People , Time

“Meetings are a great trap. … they are indispensable when you don't want to do anything.”

John Kenneth Galbraith

Ambassador's Journal (1969), p. 84 http://books.google.com/books?id=J1NCAAAAIAAJ&q="meetings+are+a+great+trap"+"they+are+indispensable+when+you+don't+want+to+do+anything"&pg=PA84#v=onepage

“Despite a flattering supposition to the contrary, people come readily to terms with power. There is little reason to think that the power of the great bankers, while they were assumed to have it, was much resented. But as the ghosts of numerous tyrants, from Julius Caesar to Benito Mussolini will testify, people are very hard on those who, having had power, lose it or are destroyed. Then anger at past arrogance is joined with contempt for the present weakness. The victim or his corpse is made to suffer all available indignities.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VI https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Things Become More Serious, Section IV, p 115
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

People , Thinking , Suffering , Past

“In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.”

John Kenneth Galbraith

The New York Times Magazine (7 June 1970)

Faith , Hope

“A businessman who reads Business Week is lost to fame. One who reads Proust is marked for greatness.”

John Kenneth Galbraith book The Affluent Society

Source: The Affluent Society (1958), Chapter 13, Section V, p. 155

Business , Reading

“Our political tradition sets great store by the generalized symbol of evil. This is the wrongdoer whose wrongdoing will be taken by the public to be the secret propensity of a whole community or class.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VIII https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Aftermath II, Section IV, p 154
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

Secret , Communication , Evil

“The decisive weakness in neoclassical and neo-Keynesian economics is not the error in the assumptions by which it elides the problem of power. The capacity for erroneous belief is very great, especially where it coincides with convenience. Rather, in eliding power — in making economics a nonpolitical subject — neoclassical theory destroys its relation to the real world. In that world, power is decisive in what happens. And the problems of that world are increasing both in number and in the depth of their social affliction. In consequence, neoclassical and neo-Keynesian economics is relegating its players to the social sidelines where they either call no plays or use the wrong ones. To change the metaphor, they manipulate levers to which no machinery is attached.”

John Kenneth Galbraith

Power and the Useful Economist (1973)

World , Error , Problem , Decision

“No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.”

John Kenneth Galbraith book The Great Crash, 1929

Source: The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929), Chapter I, A Year To Remember, p. 4

Decision

“Our political life favors the extremes of speech; the man who is gifted in the arts of abuse is bound to be a notable, if not always a great figure.”

John Kenneth Galbraith book The Great Crash, 1929

Chapter VI https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929, Things Become More Serious, Section II, p 110
The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929)

Life , Art

“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.”

John Kenneth Galbraith

Booknotes interview (1994)

Behavior , Idea , Time

“I was studying agriculture, how to produce better chickens, better cattle, better horses — horses in those days — better fruit, better vegetables. This was in the early years of the Great Depression, and the thoughts crossed my mind that there wasn't a hell of a lot of use producing better crops and better livestock if you couldn't sell them, that the real problem of agriculture was not efficiency in production but the problem of whether you could make money after you produced the stuff. So I shifted from the technical side to, first, the study of agricultural economic issues and then on to economics itself.”

John Kenneth Galbraith

Booknotes interview (1994)

Money , Hell , Problem , Study

“There is an insistent tendency among serious social scientists to think of any institution which features rhymed and singing commercials, intense and lachrymose voices urging highly improbable enjoyment, caricatures of the human esophagus in normal and impaired operation, and which hints implausibly at opportunities for antiseptic seduction as inherently trivial. This is a great mistake. The industrial system is profoundly dependent on commercial television and could not exist in its present form without it.”

John Kenneth Galbraith book The New Industrial State

Source: The New Industrial State (1967), Chapter XVIII, Section 5, p. 208