In all life one should comfort the afflicted, but verily, also, one should afflict the comfortable, and especially when they are comfortably, contentedly, even happily wrong.
John Galbraith (1908 -)
Source: Guardian (London, 28 July 1989)
Contributed by: Zaady
One of the greatest pieces of economic wisdom is to know what you do not know.
In economics, the majority is always wrong.
The ideas by which people . . . interpret their existence and in measure guide their behavior, were not forged in a world of wealth.
It is easy to overlook the absence of appreciable advance in an industry. Inventions that are not made, like babies that are not born, are rarely missed.
There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition...
Politics is not the art of the posssible. It consists in choosing between the disastrous and the unpalatable.
Source: Ambassador's Journal
Copyright © 2013 Gaiam, Inc.