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April 29, 2006

Economist John Kenneth Galbraith Dies

Economist John Kenneth Galbraith died tonight in Cambridge. He was 97. Sad news, but this giant of a man -- both physically (6' 7" !) and intellectually -- lived a giant life.

Not to turn Galbraith into a mere dispenser of aphorisms and quotes, but he produced a few of my economic (and life) favorites:

Economics is extremely useful as a form of employment for economists.

Meetings are indispensable when you don't want to do anything.

The happiest time of a person's life is after his first divorce.

The only function of economic forecasting is to make astrology look respectable.

There are many misfortunes that can befall an economist. The worst, by far, is to have a theory in which he devoutly believes, and which is wrong, put into practice.

Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.

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