Alice, Catherine, and Archibald William Bill. By the time he was a teenager, he had adopted the name Ken, and later disliked being called John. His mother, a homemaker and a community activist, died when he was fourteen years old.
As a result, Galbraith has remained something of a renegade in modern economics - and his work has been nothing if not provocative. In the s, he presented economics with two tracts that needled the mainstream: It is a formula for growth because it enables technical innovation which might otherwise not been done.
However, it can only be regarded as successful provided there is a "countervailing power" against potential abuse in the form of trade unions, supplier and consumer organizations and government regulation.
Many have since argued the formula for East Asian success later in the century was based precisely on this combination of oligopolistic power and "countervailing" institutions.
It was his smallish book, The Affluent Society, that earned Galbraith his popular renown and professional emnity. Although the thesis was not astoundingly new - having long been argued by Veblen, Mitchell and Knight - his attack on the myth of "consumer sovereignty" went against the cornerstone of mainstream economics and, in many ways, the culturally hegemonic "American way of life".
His New Industrial State expanded on Galbraith's theory of the firm, arguing that the orthodox theories of the perfectly competitive firm fell far short in analytical power.The Affluent Society To form a critique of the book The Affluent Society by John Kenneth Galbraith one first must have a better idea of who exactly Professor Galbraith is and what his views are.
John Galbraith was an American-Canadian economist. He mainly believed in Keynesian and institutional economics, and considered to play an important part in the 20th century American Economy.3/5(2). Last April John Kenneth Galbraith died at the age of Galbraith was one of America ‘s most famous economists and a self-proclaimed liberal (in the American sense of “statist” rather than in the European sense of “believer in freedom”).
John Kenneth Galbraith's dazzling career as an economist and public intellectual has left an oddly thin legacy. A new biography sets out to explain why -- tracing, in the process, the rise and fall of twentieth-century American liberalism.
John Kenneth Galbraith OC (October 15, - April 29, ), also known as Ken Galbraith, was a Canadian-born economist, public official, and diplomat, and a leading proponent of 20th-century American torosgazete.com books on economic topics were bestsellers from the s through the s, during which time Galbraith fulfilled the role of public torosgazete.combutions: Countervailing power, Technostructure, Conventional wisdom.
Click here to learn more. Continue. We are offering free and open access for a short period of time.