In economics, the majority is always wrong.
About this quote
- What does it mean?
- Economic consensus among the majority is often incorrect.
- In plain terms
- Most people get economics wrong.
- What can you take from it?
- Question popular economic opinion with evidence.
Where it applies
Putting it to work
Questions to consider
- When is the majority wrong?
- How do you spot bad economics?
Another view
Majorities can be right on simple economic matters.
More from John Kenneth Galbraith
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everybody gets busy on the proof.
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