One of the greatest pieces of economic wisdom is to know what you do not know.
About this quote
- What does it mean?
- True economic wisdom is recognizing the limits of your knowledge.
- In plain terms
- Know what you don't know about the economy.
- What can you take from it?
- Acknowledge uncertainty in economic decisions.
Where it applies
Putting it to work
Questions to consider
- What don't you know about economics?
- How does ignorance affect decisions?
Another view
Action sometimes requires deciding despite incomplete knowledge.
More from John Kenneth Galbraith
Nothing is so admirable in politics as a short memory.
Permalink to quote #73 The conspicuously wealthy turn up urging the character building values of the privation of the poor.
Permalink to quote #75 Money differs from an automobile or mistress in being equally important to those who have it and those who do not.
Permalink to quote #72
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