Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.
John Kenneth GalbraithThen came the second Amsterdam discovery, although the principle was known elsewhere. Bank deposits...did not need to be left idly in the bank. They could be lent. The bank then got interest. The borrower then had a deposit that he could spend. But the original deposit still stood to the credit of the original depositor. That too could be spent. Money, spendable money, had been created. Let no one rub his or her eyes. It's still being done-every day. The creation of money by a bank is as simple as this, so simple, I've often said, that the mind is slightly repelled.
John Kenneth GalbraithBroadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.
John Kenneth GalbraithThe miserable consumption of the poor is partly the result of the ostentatious demands of the rich. There isn't enough for both, and the latter get far more than they need...But could anything seriously be done about it?
John Kenneth GalbraithShe is a reflection of comfortable middle-class values that do not take seriously the continuing unemployment. What I particularly regret is that she does not take seriously the intellectual decline. Having given up the Empire and the mass production of industrial goods, Britain's future lay in its scientific and artistic pre-eminence. Mrs Thatcher will be long remembered for the damage she has done.
John Kenneth GalbraithIf we are concerned about our great appetite for materials, it is plausible to decrease waste, to make better use of stocks available, and to develop substitutes. But what about the appetite itself? The major cause of the continued deterioration of the global environment is the unsustainable pattern of consumption and production, particularly in industrialised countries
John Kenneth Galbraith