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Economics Quote by John Kenneth Galbraith

“There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations.” quote by John Kenneth Galbraith
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“There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations.”

John Kenneth Galbraith

About This Quote

Source Book: The Affluent Society, 1958

A wise economist knows the limits of his own generalizations and avoids overreaching claims.

In simple terms: Know the bounds of your theories.

Key Takeaway

Stay humble in economic analysis.

Themes

economics humility theory

Mood

analytical cautious

Type

philosophical educational

When to use this quote

  • policy advising
  • academic research
  • public commentary

Key Concepts

cognitive bias scope limitation methodology

Questions to Reflect On

  • What assumptions do you make too broadly?
  • How can you test the limits of your models?
A Different Perspective

Overgeneralization can mislead decisions.

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