There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations. - John Kenneth Galbraith

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... &
... Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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Let the following be one of the unfailing rules by which the individual investor and, needless to say, the pension and other institutional-fund manager are guided: there is the possibility, even the likelihood, of self-approving and extravagantly error-prone behavior on the part of those closely associated with money. Let that also be the continuing lesson of this essay.

There is nothing in economic life so willfully misunderstood as the great speculative episode. T