I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive ("Free Market Fraud," January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
John Kenneth GalbraithAll writers know that on some golden mornings they are touched by the wand; they are on intimate terms with poetry and cosmic truth. I have experienced these moments myself. Their lesson is simple: It's a total illusion. And the danger in the illusion is that you will wait for those moments.
John Kenneth GalbraithThere is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.
John Kenneth GalbraithMuch literary criticism comes from people for whom extreme specialization is a cover either for grave cerebral inadequacy or terminal laziness, the latter being a much-cherished aspect of academic freedom.
John Kenneth GalbraithI talked about the consolidation of power in the hands of the corporate bureaucracy, as distinct from the stockholders. To this view, I still strongly adhere.
John Kenneth GalbraithMore investment trusts securities were offered in September of 1929 even than in August - the total was above $600 million. However, the nearly simultaneous promotion of Shenandoah and Blue Ridge was to stand as the pinnacle of new era finance. It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.
John Kenneth Galbraith