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People are the common denominator of progress. So, paucis verbis, no improvement is possible with unimproved people, and advance is certain when peop… - John Kenneth Galbraith
" "People are the common denominator of progress. So, paucis verbis, no improvement is possible with unimproved people, and advance is certain when people are liberated and educated. It would be wrong to dismiss the importance of roads, railroads, power plants, mills, and the other familiar furniture of economic development. At some stages of development — the stage that India and Pakistan have reached, for example — they are central to the strategy of development. But we are coming to realize, I think, that there is a certain sterility in economic monuments that stand alone in a sea of illiteracy. Conquest of illiteracy comes first.
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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
The crash in 1929, however, did have one therapeutic effect: it, somewhat exceptionally, lingered in the financial memory. For the next quarter of a century securities markets were generally orderly and dull. Although this mood lasted longer than usual, financial history was not at an end. The commitment to Schumpeter’s mania was soon to be reasserted.
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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.
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