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In the fifteen years following the First World War, and especially in the immediate aftermath, the industrial nations exploited this new freedom in r… - John Kenneth Galbraith
" "In the fifteen years following the First World War, and especially in the immediate aftermath, the industrial nations exploited this new freedom in remarkably diverse fashion. The French followed the line of least resistance with, on the whole, the best results. The British followed the line of greatest wounds. The Germans so handled matters, or so yielded to circumstances, as to produce the greatest inflation of modern times. The United States, by a combination of mismanagement and non-management, produced the greatest depression. In all the long history of money, the decade of the 1920s—extended by a few years to the consequences—is perhaps the most instructive.
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About John Kenneth Galbraith
John Kenneth Galbraith (15 October 1908 – 29 April 2006) was a Canadian-American economist and author.
Biography information from Wikiquote
Also Known As
Alternative Names:
John K. Galbraith
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John Galbraith
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J. K. Galbraith
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Ken Galbraith
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Additional quotes by John Kenneth Galbraith
That economics has a considerable conceptual apparatus with an appropriate terminology can not be a serious ground for complaint. Economic phenomena, ideas, instruments of analysis exist. They require names. Education in economics is, in considerable measure, an introduction to this terminology and to the ideas that it denotes. Anyone who has difficulties with the ideas should complete his education or, following an exceedingly well-beaten path, leave the subject alone. It is sometimes said that the economist has a special obligation to make himself understood because his subject is of such great and popular importance. By this rule the nuclear physicist would have to speak in monosyllables.
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Even the economist, who most takes for granted the primacy of pecuniary motivation, looks askance at the colleague who is too avid for consulting fees from corporations or textbook revenues or travel at the expense of the Ford Foundation. Academic courtesy may require that he refrain from first-person comment but duty dictates that he be vigorously critical of the transgressor when the latter is absent.
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