A Quote by John Kenneth Galbraith

Broadly 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 Galbraith

Quote Topics

Aggregate Autonomous Basic Been Behavior Being Boom Controls Couple Course Demand Economy Employment Expansion Far Flow Force G Force Government Great Idea Keynes Keynesianism Means Own Power Purchasing Purchasing Power Put Recession Responsibility Restraining Sentences Since Speaking Specific Times Work

Quote Author

John Kenneth Galbraith
American - Economist
October 15, 1908 - April 29, 2006

Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.

Edmund Phelps

Only the federal government has the power to spend beyond its current revenue. It shouldn't do that when the economy is at full employment. But it's an essential step for an economy mired in recession.

Robert H. Frank

There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.

Robert Skidelsky, Baron Skidelsky

The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.

Joseph A. Schumpeter

The government businesses, they all operate in the Tasmanian economy and as the economy strengthens the demand for services in those areas strengthens.

Peter Gutwein

China's government has far more control over the country's economy than our government has over ours, and it is moving from export dependence to a model of growth driven by domestic demand. Any restriction on exports to the U.S. would simply accelerate a process already underway.

Joseph Stiglitz

In the business world, lower profits reflect less demand for your product. But in government the opposite is true - demand for our services increases in hard times.

Sonny Perdue

In the five years since the end of the Great Recession, the economy has made considerable progress in recovering from the largest and most sustained loss of employment in the United States since the Great Depression.

Janet Yellen

I don't want to put myself in any kind of a box as far as my sound goes, because being an artist is fluid. If you look at a painter's work, a lot of times, it's similar in style, but other times - over even a year's period - it can change so much. I'm just going with the flow.

Luke Combs

It isn't possible to give government just a little control over the economy and our lives. Once we cede that power to government, it uses the power to take more from us. That's why every year the government controls more of our lives.

Harry Browne

We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.

James Callaghan

The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it.

Mark Zandi

It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.

Mark Zandi

Aggregate aid is to the Ethiopian economy what Obama's fiscal stimulus was to the American economy: minus these injections, both economies would suffer catastrophically. The theatrical blustering of the Ethiopian government notwithstanding, donor countries have a make-or-break power over the Ethiopia's prosperity.

Eskinder Nega

Republicans controlled the federal government for decades after the Civil War, and their policies funneled wealth upward -- with dire consequences. In 1893, the economy crashed, and too few Americans had enough purchasing power to revive it. Lincoln had been right: Government that served the wealthy would ruin the country.

Heather Cox Richardson

Since the 1980s, we've been living in this era, really, of corporate rule, based on this idea that the role of government is to liberate the power of capital so that they can have as much economic growth as quickly as possible, and then all good things will flow from that.

Naomi Klein

A Quote by John Kenneth Galbraith

Quote Topics

Quote Author

Related Quotes

Related Authors