#johnkennethgalbraith — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #johnkennethgalbraith, aggregated by home.social.
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“Total physical and mental #inertia are highly agreeable, much more so than we allow ourselves to imagine. A #beach not only permits such inertia but enforces it, thus neatly eliminating all problems of guilt.” - #JohnKennethGalbraith
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“Total physical and mental #inertia are highly agreeable, much more so than we allow ourselves to imagine. A #beach not only permits such inertia but enforces it, thus neatly eliminating all problems of guilt.” - #JohnKennethGalbraith
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“Total physical and mental #inertia are highly agreeable, much more so than we allow ourselves to imagine. A #beach not only permits such inertia but enforces it, thus neatly eliminating all problems of guilt.” - #JohnKennethGalbraith
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If all else fails, immortality can always be assured by adequate error.
John Kenneth Galbraith (1908-2006) Canadian-American economist, diplomat, author
Money: Whence It Came, Where It Went, ch. 13 “The Self Inflicted Wounds” (1975)More info about this quote: wist.info/galbraith-john-kenne…
#quote #quotes #quotation #qotd #galbraith #johnkennethgalbraith #error #failures #fame #immortality #infamy #legacy #mistakes #renown #reputation
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Faced with the choice between changing one's own mind and proving that there is no need to do so, almost everyone gets busy on the proof.
-- John Kenneth Galbraith -
Faced with the choice between changing one's own mind and proving that there is no need to do so, almost everyone gets busy on the proof.
-- John Kenneth Galbraith -
Feeling it is time to reread Galbraith
Swap in tech and techbros for Industrial Revolution
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The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
-- John Kenneth Galbraith⬆ #Wisdom #Quotes #JohnKennethGalbraith #Conservatism #Rationalization #Selfishness
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CW: Long thread/8
By buying your cheating advice from the same company that is paid to certify that you're not cheating, you greatly improve your chances of avoiding detection until you've blown town.
Which brings me to the idea of #TheBezzle. This is #JohnKennethGalbraith's term for "the weeks, months, or years that elapse between the commission of the crime and its discovery." This is the period in which both the criminal and the victim feel like they're better off.
8/
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The J.K Galbraith "bad investments driving out good" dynamic is basically: when investors' portfolios go so poorly that they need to raise cash to cover obligations, they'll sell anything to raise that.
So if some IvanInvestor is 50% in HonestSamsSkeeveyStock and 50% in BlueChipCo, leveraged 50%, then if HSSS crashes, IvanInvestor must sell BlueChipCo to cover margins. (Or other obligations.)
If there are enough IvanIvestors ... the price of BSC starts to move.
With housing it's similar, though the mechanism is often of reserves or assets, particularly for banks. With a sufficient movement, enough sellers become "highly motivated" that the market as a whole moves.
Of course, if you're planning to profit from this, you've got to have lower exposure and cash (or equivalently robust assets, which aren't falling) on hand to be able to buy. That tends to be a wealth ratchet for the already uber-wealthy.
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@pluralistic Another ... interesting ... dynamic of collapsing bubbles is of bad investments driving down good.
J.K. Galbraith notes in The Great Crash: 1929, a book I know you've read and like --- see also "bezzle".
Galbraith:
The great investment trust boom had ended in a unique manifestation of Gresham's Law in which the bad stocks were driving out the good.
#Housing #Bubbles #JKGalbraith #JohnKennethGalbraith #TheGreatCrash1929 #GreshamsLaw