The Age of Uncertainty by John K Galbraith

The Age of Uncertainty by John K Galbraith

Quotes and comments, mostly from Chapter 7, The Mandarin Revolution

Fisher discovered what people, including numerous economists, have been exceedingly reluctant to believe. There are no cheap and easy inventions involving money alone that will solve all, or any, economic problems. Were it so, the inventions would already have been made; we would now all be saved from depression or inflation and be otherwise prosperous and happy. (P 195)

Comment: We can change money to policy, social system, institutions, law, culture, or any other social constructs.

And it was when they are wrong that great men most resent the breaking of ranks. (P 203)

It had happened again; when the men of great reputation are wrong, it is the worst of personal tactics to be right. (p 207)

In economics one should never be right too soon. The shrewd scholar always waits until the parade is passing his door and then steps bravely out in front of the band. (P 220)

Comment: Not only in economics but also in every other area.

From the Federal Reserve in the late thirties Currie went to the White House as an assistant to FDR. This was a strategic spot. When an economic post opened in the government or someone was needed for a special economic task, he would see, if possible, that someone with reliably Keynesian views was employed. Several times he called on me. Conservatives always believed that there was a conspiracy to promote the Keynesian ideas. This everyone concerned indignantly denied. Much depends on the point of view. In later years Currie was accused being a communist. He was not, But for many people the difference between Keynes and Communism wasn’t too great. (P 220)

Also as unemployment diminished, but well before it disappeared, inflation became a threat. Keynes believed himself to have a remedy and so did his followers; it was to put everything into reverse. Raise taxes to keep pace with wartime spending, (P 221)

Comment: High tax is a great way to low inflation. This is manifested in modern days, especially in high tax systems, such as China.

In 1945, Berlin was literally a city of death, for the bodies were still in the canals and tunnels and under the broken buildings. From Tempelhof airdrome where you came in, one saw burial parties passing into the big cemetery nearby, and also American soldiers with their girls. As a civilian, I had not previously realized that an accomplished warrior could make love with an M-1 rifle slung on his shoulder. Life in Berlin went on. (P 229)

Comment: American soldiers with their German girls. All wars are about resources. Ideology is simply naked interest dressed up.

Personal interest always wears the disguise of public purpose, and no one is more easily persuaded of the validity or righteousness of a public cause than the person who stands personally to gain therefrom. (P 232)