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Originally posted by 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.
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.
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