James K. Galbraith
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John Kenneth Galbraith [a] OC (October 15, 1908 – April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual. His books on economic topics were bestsellers from the 1950s through the 2000s.
Nov 21, 2005 · Galbraith was one of the foremost advocates of incorporating Keynes’ guiding principles into the economic policies of the U.S. government during the 1930s and after. Enhanced government spending, so Keynes contended, assists the market in achieving fulltime employment, particularly in times of recession.
Galbraith’s first major book, published in 1952, is American Capitalism: The Concept of Countervailing Power. In it he argued that giant firms had replaced small ones to the point where the perfectly competitive model no longer applied to much of the American economy.
The economic contributions of John Kenneth Galbraith can be viewed both negatively and positively. On the negative side Galbraith was highly critical of traditional approaches to understanding the way the economy works and the concomitant economic policies that are pursued.
In his popular critique of the wealth gap, The Affluent Society (1958), Galbraith faulted the “conventional wisdom” of American economic policies and called for less spending on consumer goods and more spending on government programs.
The economic contributions of John Kenneth Galbraith can be viewed both negatively and positively. On the negative side Galbraith was highly critical of traditional approaches to understanding the way the economy works and the concomitant economic policies that are pursued.
Jul 6, 2024 · When asked if economics can separate itself from politics, the environment, history or other fields, Galbraith stated: ‘All distinctions – all lines of separation – are artificial. If something influences economic behavior, then it is important for economics’ (Galbraith and Salinger 1978: 6).
