John Kenneth Galbraith: Economics Majority
on Wednesday, November 9, 2016John Kenneth Galbraith Money Quote saying when looking to the financial crowd to answer tough questions, count on the majority of economists to make the wrong choices. John Kenneth Galbraith said:
“In economics, the majority is always wrong” — John Kenneth Galbraith
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In this quote, John Kenneth Galbraith is making a commentary on the field of economics. His point seems to be that when it comes to economic theories, forecasts, or viewpoints, going along with or agreeing with the majority opinion is often misguided.
Galbraith implies that in economics especially, being in the mainstream or consensus view does not necessarily mean one is correct. His statement suggests that non-conventional, dissenting, or minority economic perspectives may in fact prove to be more accurate than the dominant or widely-held beliefs.
So in summary, Galbraith is asserting that in the realm of economics, the popular or majority position is more likely to be mistaken than the minority viewpoint.
Birthday: October 15, 1908 – Death: April 29, 2006