In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.
About this quote
- What does it mean?
- Galbraith notes that economics mixes hope and faith with scientific claims and a desire for respectability.
- In plain terms
- Economics acts like a science but often relies on belief and wanting respect.
- What can you take from it?
- Recognize that economic theories may contain faith-based elements.
Where it applies
Putting it to work
Questions to consider
- How much faith do we put in economics?
- Can economics be truly objective?
Another view
It suggests economics is less scientific than it aims to be.
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