John Kenneth Galbraith - The oldest problem in economic education is how to exclude...

The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.

John Kenneth Galbraith

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John Kenneth Galbraith Quotes

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The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device. John Kenneth Galbraith

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Keywords

oldest problem economic education exclude incompetent glib mastery verbiage- ability speak portentously sententiously relation money supply price level- easy unlearned aided mildly enfeebled intellect requirement master difficult models including mathematical competence required highly screening device

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