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Economists’ magic

John Kenneth Galbraith’s admonition: “The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”

(from John K. Galbraith): There are two kinds of forecasters: those that don't know, and those that don't know they don't know.

"The conventional view serves to protect us from the painful job of thinking"......This line is a famous quote by the economist John Kenneth Galbraith from his 1958 book, The Affluent Society.

Meaning of the Quote

Mental Comfort: People prefer safe and familiar ideas because questioning them takes hard work.

Avoiding Conflict: Accepting standard views keeps people from facing social anger or personal doubt.

Outdated Beliefs: Society often holds onto old rules long after they stop working in the real world.

Why We Rely on the Familiar

Easy Answers: Safe ideas give fast solutions to hard problems without needing deep research.