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May 1, 2006 3:40 pm

Who Said This?

"There are two sorts of forecasters. Those who don't know, and those who don't know they don't know."

John Kenneth Galbraith, who died Saturday aged 97.

Galbraith was noted for his wit and sagacity (click on image). Here is another of his quips:"If all else fails, immortality can always be achieved by a spectacular mistake."

Although Galbraith's economics left a lot to be desired (to put it mildly), he wrote very well. If only more libertarian economists had Galbraith's eloquence and wit. Two notable examples of good style and good economics are Milton Friedman's Capitalism and Freedom and David Ramsay Steele's From Marx to Mises. Read and enjoy.

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David T. Beito - 5/1/2006

When it came to foreign policy, including involvement in Vietnam, Galbraith took this insight seriously.