RIP: John Kenneth Galbraith

[PLATO]

RIP

Can't say I agreed with his philosophy, but there is no doubt that he was one of the greater thinkers of our time and that he had society's best interest at heart.

[Alexander's Horse]

Originally posted by Winston
He was among the foremost gurus of European Social Democratic economic thinking and, as such, has caused immense harm to our societies over the years.

yeah - he encouraged governments spend money to help their citizens get housing, healthcare and employment rather waste it on armaments. What a bastard.

[GePap]

Originally posted by Alexander's Horse


yeah - he encouraged governments spend money to help their citizens get housing, healthcare and employment rather waste it on armaments. What a bastard.

That bastard! He is the reason for all that poverty and disease and crime sweaping Europe!

[chequita guevara]

JKG

[CrONoS]

My one cent on J.K. Galbraith

He was also criticized a lot; notably by Friedmann and the school of chicago. (By his lack of math formulation). He was accused to have undermined the economics of some country by the imposition of minimal wages. (But Friedmann himself says some of his own idean and action he made in U.K. in the eighties was "maybe" a bad idea)

He was praised also a lot; and he became chief of the American Economics Association.

For myself; I find his idea of technostrure helped us a lot to understand many new aspect of the firm, and how manager are acting.

He helped a lot of people to have better understanding of economics, since many of his book became great sellers. And he help us, economist, to also be very critics even on our own "dogma". Since economics are based on "dogma" or hypothesis.

So JKB

(I made a paper on his idea in my course of History of Economics, my professor was a student of the school of chicago and I received the best notes of the class for my paper).

[Odin]

"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." - J. K. Galbraith

RIP

[Spiffor]

Sad to see an intelligent economist die

RIP

[Alexander's Horse]

there is such a thing?

[Spiffor]

Originally posted by Alexander's Horse
there is such a thing?

Not anymore

[Imran Siddiqui]

on Spiffor for insulting Adam Smith (our poster)

[Nostromo]

Under capitalism, man exploits man. Under communism, it's just the opposite.

RIP

[Kidlicious]

He thought outside the box. I enjoyed what I did read from him.

RIP

[Agathon]

Originally posted by Odin
"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." - J. K. Galbraith

RIP

This is what I liked about him. All great economists are deeply interested in political philosophy.

[Adam Smith]

Galbraith had quite a popular following, but not nearly as much impact on either policy or the economics profession.

Galbraith's analysis of conspicuous consumption (Affluent Society, 1958) was made much more forcefully by Thorstein Veblen 50 years earlier. (Galbraith is to Veblen as Keith Richards is to Robert Johnson). His analysis of the role of advertising and competition (The New Industrial State, 1967) was largely refuted by the economics of information and growth of consumer protection agencies, both of which were in their infancy when Galbraith's book was written. The huge costs of the business-labor-government institutional triumvirate he advocated in American Capitalism (1952) were illustrated by the massive economic dislocations of the 1970's and early 1980's, as well as the current GM melt-down.

While I share Galbraith's disgust at conspicuous consumption, and his dismay at the overly mathematical nature of economics today, it would quite a stretch to call him a great economist. If you are a lefty and like Galbraith, try reading VEBLEN. If you are a mainstream Democrat and like Galbraith, try reading SOLOW or TOBIN. In fact, if you have any interest at all in economics or economic policy, read Solow.

[Kidlicious]

Veblen is pretty tough reading.