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Quote by John Kenneth Galbraith

Work

A Short History of Financial Euphoria

This book delves into the patterns and causes of financial euphoria, analyzing various historical periods to understand the dynamics of speculative bubbles and market crashes. more

Author

John Kenneth Galbraith
John Kenneth Galbraith

John Kenneth Galbraith was a renowned economist known for his research on economic cycles, market structures, and government policies. His works have had a profound impact on economic theory and policy practice. more

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“By exiling human judgment in the last few decades, modern law changed role from useful tool to brainless tyrant. This legal regime will never be up to the job, any more than the Soviet system of central planning was, because ti can't think. The comedy of law's sterile logic--large POISON signs warning against common sand, spending twenty-two years on pesticide review and deciding next to nothing, allowing fifty-year-old white men to sue for discrimination--is all too reminiscent of the old jokes we used to hear about life in the Eastern bloc. Judgement is to law as water is to crops. It should not be surprising that law has become brittle, and society along with it.”

“Most young people have rebellious, anti-authoritarian impulses. They don't like being told what, when, or how to do something. It's ironic, then, that many of these same people embrace a system in which there would be far more regulations, many more bureaucrats micromanaging their lives, and far more rules and restrictions on how things can be done.”

“The wonder was, it was there at all. It had been ruined so often, that it was amazing how it had borne so many shocks. Surely there never was such a fragile china-ware as that of which the millers of Coketown were made. Handle them never so lightly, and they fell to pieces with such ease that you might suspect them of having been flawed before. They were ruined, when they were required to send labouring children to school; they were ruined, when inspectors were appointed to look into their works; they were ruined when such inspectors considered it doubtful whether they were quite justified in chopping people up with their machinery; they were utterly undone, when it was hinted that perhaps they need not always make quite so much smoke. Besides Mr Bounderby's gold spoon which was generally received in Coketown, another prevalent fiction was very popular there. It took the form of a threat. Whenever a Coketowner felt he was ill-used -- that is to say, whenever he was not left entirely alone, and it was proposed to hold him accountable for the consequences of any of his acts -- he was sure to come out with the awful menace, that he would 'sooner pitch his property into the Atlantic'. This had terrified the Home Secretary within an inch of his life, on several occasions.”