A Quote by John Kenneth Galbraith
In economics, the majority is always wrong.
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So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. The vast majority is wrong even more of the time. I've learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they're almost always wrong.
Don't make decisions by majority vote. The majority is almost always wrong.
It’s wrong to hate. It always has been wrong and it always will be wrong! It’s wrong in America, it’s wrong in Germany, it’s wrong in Russia, it’s wrong in China! It was wrong in two thousand B.C., and it’s wrong in nineteen fifty-four A.D.! It always has been wrong, and it always will be wrong!
It's characteristic of democracy that majority rule is understood as being effective not only in politics but also in thinking. In thinking, of course, the majority is always wrong.
Majorities can be wrong, majorities can overrule rights of minorities. If majorities ruled, we could still have slavery. 80% of the population once enslaved 20% of the population. While run by majority rule that is ok. That is very flawed notion of what democracy is. Democracy has to take into account several things - proportionate requirements of people, not just needs of the majority, but also needs of the minority. Majority, especially in societies where the media manipulates public opinion, can be totally wrong and evil. People have to act according to conscience and not by majority vote.
It is only because the majority opinion will always be opposed by some that our knowledge and understanding progress... it is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
I think historically modern economics, capitalist economics, tends to erode moral categories... And this is where I think the right gets capitalism wrong. They kind of assume that there is a moral equivalence or moral valence to capitalism, but I tend to think that economics erodes all the kind of cultural taboos and inhibitions and values it comes into contact with.
The minority is sometimes right; the majority always wrong.
The majority is always wrong; the minority is rarely right.
A minority may be right, and a majority is always wrong.
Watch what everyone else does--do the opposite. The majority is always wrong.
I was born with the wrong sign
In the wrong house
With the wrong ascendancy
I took the wrong road
That led to
The wrong tendencies
I was in the wrong place
At the wrong time
For the wrong reason
And the wrong rhyme
On the wrong day
Of the wrong week
Used the wrong method
With the wrong technique
Wrong
Wrong.
History shows that where ethics and economics come in conflict, victory is always with economics.
If the majority doesn't laugh at you, beware that you must be saying something wrong. When the majority thinks you are a fool, only then is there some possibility of you being a wise man.
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