John Kenneth Galbraith: Study $

Posted by admin on Monday, September 28, 2020

John Kenneth Galbraith Money Quote saying of all the fields of economic understanding, the study of money is the muddiest and least clear. John Kenneth Galbraith said:
 
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it Quote
 

“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it” — John Kenneth Galbraith

 

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In this quote, John Kenneth Galbraith is criticizing how the field of economics often uses complex theories or analysis regarding money in a way that obscures the truth rather than clarifying it. His implication seems to be that the subject of money lends itself to obfuscation through complicated models and discussions when in reality the truths about monetary systems may be more straightforward.

The best interpretation is that Galbraith believes economists at times deliberately or unintentionally employ complexity to avoid acknowledging simple or inconvenient truths about how money and monetary policies actually function in practice. He appears to be calling for more transparency and less obfuscation in the economic study and discussion of money and its role.

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