Greed and Capitalism

What kind of society isn't structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of a system.
- Milton Friedman

Monday, October 8, 2012

John Kenneth Galbraith -- The Great Crash 1929


"Financial insanity can be a source of pure enjoyment because nothing is being lost but someone else's money."


"Economists, when they seek to be profound, often succeed only in being wrong.  There can, in fact, be no serious doubt that the collapse in the value of securities, the collapse in the fortunes of those who were playing the market, the immediate immediate effect on investment and consumer spending and the only slightly more remote effect on business investment prospects had a traumatic influence on production, income and employment.




John Kenneth Galbraith
From the introduction to "The Great Crash 1929"

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