A Quote by John Kenneth Galbraith
It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
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Confession heals, confession justifies, confession grants pardon of sin, all hope consists in confession; in confession there is a chance for mercy.
Just as a poetic discussion of the weather is not meteorology, so an issuance of moral pronouncements or political creeds about the economy is not economics. Economics is a study of cause-and-effect relationships in an economy.
Economics taught in most of the elite universities are practically useless in my context. My country is dominated by drug economy and a mafia. Textbook economics does not work in my context, and I have very few recommendations from anybody as to how to put together a legal economy.
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
My Prime Minister regards the economy as our highest priority and forgets that economics and ecology are derived from the same Greek word, oikos, meaning household or domain. Ecology is the study of home, while economics is its management. Ecologists try to define the conditions and principles that enable a species to survive and flourish. Yet in elevating the economy above those principles, we seem to think we are immune to the laws of nature. We have to put the ‘eco’ back into economics.
It's time to take Economics 101 to Washington. We believe in liberty, we believe in limited government, we believe in free enterprise, we believe in family values and the sanctity of human life, and we all believe Washington needs a good dose of Economics 101.
I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy.
The greatest achievement is selflessness.
The greatest worth is self-mastery.
The greatest quality is seeking to serve others.
The greatest precept is continual awareness.
The greatest medicine is the emptiness of everything.
The greatest action is not conforming with the worlds ways.
The greatest magic is transmuting the passions.
The greatest generosity is non-attachment.
The greatest goodness is a peaceful mind.
The greatest patience is humility.
The greatest effort is not concerned with results.
The greatest meditation is a mind that lets go.
The greatest wisdom is seeing through appearances.
Anyway that's a large part of what economics is - people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful
Economy is the basis of society. When the economy is stable, society develops. The ideal economy combines the spiritual and the material, and the best commodities to trade in are sincerity and love.
To have a stable economy, to have a stable democracy, and to have a modern government is not enough. We have to build new pillars of development. Education, science and technology, innovation and entrepreneurship, and more equality.
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics.
Growing up in Israel, how can I not be an optimist? When you remember what Israel was 50 years ago and you see Israel now, one of the most successful countries in the world, stable, democratic, with an enormously stable economy despite everything that has happened in the global economy in the last few years, how can I not be an optimist?
Confession frees, but power reduces one to silence; truth does not belong to the order of power, but shares an origincal affinity with freedom: traditional themes in philosophy, which a political history of truth would have to overturn by showing that truth is not by nature free--nor error servile--but that its production is thoroughly imbued with relations of power. The confession is an example of this.
Either [Jesus] was what he said he was or he was the world's greatest liar. It is impossible for me to believe a liar or charlatan could have had the effect on mankind that he has had for 2000 years. We could ask, would even the greatest of liars carry his lie through the crucifixion, when a simple confession would have saved him? ... Did he allow us the choice... to believe in his teaching but reject his statements about his own identity?
Commercial institutions, proud of their achievements, do not see that healthy living systems - clean air and water, healthy soil, stable climates - are integral to a functioning economy. As our living systems deteriorate, traditional forecasting and business economics become the equivalent of house rules on a sinking cruise ship.
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