--- title: "Meaning & Key Takeaway of: There is an old saying, or should be…" description: "\"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" image: "https://sms4smile.com/quotes/i/5b7/john-kenneth-galbraith-643_economics_there-is-an-old-saying-or-should-be-that_992036.png" --- # There is an old saying, or should be, that it is a wise… ![“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](https://sms4smile.com/quotes/i/5b7/john-kenneth-galbraith-643_economics_there-is-an-old-saying-or-should-be-that_992036.png) [Download](https://sms4smile.com/quotes/i/5b7/john-kenneth-galbraith-643_economics_there-is-an-old-saying-or-should-be-that_992036.png) [Open image](https://sms4smile.com/quotes/i/5b7/john-kenneth-galbraith-643_economics_there-is-an-old-saying-or-should-be-that_992036.png) > “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](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. 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. ★ ★ ★ ★ ★ No ratings yet [Economics](https://sms4smile.com/quotes/about/economics/) [Economist](https://sms4smile.com/quotes/about/economist/) [Generalization](https://sms4smile.com/quotes/about/generalization/) [Old saying](https://sms4smile.com/quotes/about/old-saying/) [Scope](https://sms4smile.com/quotes/about/scope/) [Wisdom](https://sms4smile.com/quotes/about/wisdom/) [Wise](https://sms4smile.com/quotes/about/wise/) ## Related quotes > [Be saving, but not at the cost of all liberality. Have the soul of a king and the hand of a wise economist.](https://sms4smile.com/quotes/joseph-joubert/be-saving-but-not-at-the-cost-of-all-liberality-have-the-soul-of-a/) [Joseph Joubert](https://sms4smile.com/quotes/author/joseph-joubert/) > [All generalizations are inaccurate, including this one.](https://sms4smile.com/quotes/dwight-d-eisenhower/all-generalizations-are-inaccurate-including-this-one/) [Dwight D. 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