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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

  • academic study
  • policy formation
  • public trust

Putting it to work

  • question economic certainty
  • evaluate economic claims critically

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.

More from John Kenneth Galbraith

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