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.”
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.
Stay humble in economic analysis.
Themes
Mood
Type
When to use this quote
- policy advising
- academic research
- public commentary
Key Concepts
Questions to Reflect On
- What assumptions do you make too broadly?
- How can you test the limits of your models?
Overgeneralization can mislead decisions.