Absence Quote by John Kenneth Galbraith
“Monetary policy suffers from the unfortunate absence of any occult effect. It has long been clear that economic management...would be greatly facilitated if resort could occasionally be had to witchcraft.”
About This Quote
Economic policy lacks the flexibility and intuition that could be likened to magical insight.
In simple terms: Economics needs more intuition.
Key Takeaway
Incorporate creative thinking in policy.
Themes
economics
policy
creativity
Mood
skeptical
curious
Type
academic
philosophical
When to use this quote
- government budgeting
- financial crises
- strategic planning
- research
Key Concepts
economic theory
innovation
Questions to Reflect On
- How can intuition be measured?
- What safeguards ensure evidence‑based policy?
A Different Perspective
Rational analysis may conflict with mystical approaches.
