Genius Quote by John Kenneth Galbraith
“THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.”
About This Quote
Source Book: The New Industrial State, 1967
Industrial efficiency comes from coordinated use of capital and technology, achieved by planning over market forces.
In simple terms: Planning boosts industrial efficiency.
Key Takeaway
Embrace strategic planning in business.
Themes
economics
industrial organization
technology
Mood
analytical
strategic
Type
economic
philosophical
When to use this quote
- corporate strategy
- government policy
- tech development
Key Concepts
systems theory
capital allocation
Questions to Reflect On
- How can planning balance flexibility?
- What role should markets play in modern industry?
A Different Perspective
Planning can stifle innovation if rigid.
![“Next came the Patent laws. These began in England in 1624; and, in this country, with the adoption of our constitution. Before then [these?], any man might instantly use what another had invented; so that the inventor had no special advantage from his own invention. The patent system changed this…” quote by Abraham Lincoln](https://sms4smile.com/quotes/img-quotes/449/abraham-lincoln-88_adoption_next-came-the-patent-laws-these-began-in_1828.jpg)
