John Kenneth Galbraith and the Future of Economics by Blandine Laperche, Dimitri Uzunidis

By Blandine Laperche, Dimitri Uzunidis

This ebook examines the lifestyles and works of John Kenneth Galbraith and demonstrates how his non-conventional method of economics is necessary to knowing the difficulty that at the moment exists inside economics and financial rules. With new views on his paintings, this ebook proposes new solutions to the commercial demanding situations either industrialized and constructing economies are facing.

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22 John Kenneth Galbraith and the Future of Economics They are noteworthy as efforts to reconcile neoclassical ideas and policy commitments to real social problems, and their exposition helps in the formation of tactical alliances. But these constructs also extend, rather than attempt to overcome, the logical flaws and empirical difficulties of the neoclassical system. As such, they lack the essential radicalism of our approach. Fifth, nor should we accept the reconstruction of economics as an amalgam of interest-group politics, however progressive the groups may themselves be.

The fact that race, gender and the environment are important social issues does not mean that economics requires a separate branch for the economics of race, another for the economics of gender and another for ‘sustainable development’. It should mean, rather, that the core of our approach should handle these questions (which relate to power, discrimination, entropy and so forth) in a way that is central to the discipline we espouse. Sixth, an economics of modern capitalism should study the actual, existing features and behaviour of our system.

At his birth in 1908, kings, sultans and emperors ruled most of the nations of the earth, just as they had for thousands of years, and the number of authentically democratic states could be counted on two hands – or perhaps even one. Electricity was new, the automobile was new, motion pictures and the telephone and the airplane and modern medicine were all new. The majority of the world’s citizens were illiterate, and still lived by primitive farming in many ways just as their ancestors had, not by industry.

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