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John Kenneth Galbraith: a radical economist?

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  • Stefan Kesting

Abstract

Purpose - The paper seeks to answer the question: why is John Kenneth Galbraith a radical economist? The purpose of this paper is to show how he contributed to the development of economic theory and how this contribution differs radically from mainstream economics. Design/methodology/approach - In concentrating on Galbraith's theory of power – certainly his most radical contribution to economics – the paper begins to provide an overview of his conceptual work. This overview includes Galbraith's theory of consumption, the firm and financial crisis and ends with his vision for the future. To demonstrate the radical nature of Galbraith's frameworks, they are compared to other heterodox economic theories – namely Institutional and Post Keynesian economics and to a number of randomly chosen standard economics textbook. Findings - This comparative and interpretive exercise clearly demonstrates links of Galbraithian with other heterodox economic theories and very little mentioning and uptake of these concepts in widely used economics textbooks. Galbraith's ideas do seem to fit in well with Institutional and Post Keynesian economics, but not with standard economics. Practical implications - Galbraithian economics is a clear example of a set of heterodox economic ideas that can be taught probably best as a separate and alternative framework of analysis to the mainstream. To familiarize students with Galbraith's economics will certainly strengthen their analytical abilities and provide them with radically different and particularly useful insights in this time of financial crisis. Originality/value - The paper demonstrates the explanatory value of Galbraith's economics and the origin of the radical nature of his concepts which lies in his theory of power.

Suggested Citation

  • Stefan Kesting, 2010. "John Kenneth Galbraith: a radical economist?," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 37(3), pages 179-196, February.
    • Handle: RePEc:eme:ijsepp:v:37:y:2010:i:3:p:179-196
    DOI: 10.1108/03068291011018758
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    References listed on IDEAS

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    1. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471, January.
    2. Jan Toporowski, 2005. "Theories of Financial Disturbance," Books, Edward Elgar Publishing, number 3179.
    3. Stephen Dunn & Steven Pressman, 2006. "The lasting economic contributions of John Kenneth Galbraith, 1908-2006," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(2), pages 179-190.
    4. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    5. John Kenneth Galbraith, 1983. "The Anatomy of Power," Challenge, Taylor & Francis Journals, vol. 26(3), pages 26-33, July.
    6. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 33-50, Winter.
    7. Stephen P. Dunn & Steven Pressman, 2007. "The lasting economic contributions of John Kenneth Galbraith, 1908-2006," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(2), pages 179-190, January.
    8. McCloskey,Deirdre N., 1994. "Knowledge and Persuasion in Economics," Cambridge Books, Cambridge University Press, number 9780521436038.
    9. David Reisman, 2005. "Democracy and Exchange," Books, Edward Elgar Publishing, number 3616.
    10. Francis Munier & Zhao Wang, 2005. "Consumer sovereign and consumption routine: a reexamination of the Galbraithian concept of the dependence effect," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 65-82.
    11. McCloskey,Deirdre N., 1994. "Knowledge and Persuasion in Economics," Cambridge Books, Cambridge University Press, number 9780521434751.
    12. Geoffrey M. Hodgson, 2000. "What Is the Essence of Institutional Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(2), pages 317-329, June.
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    Cited by:

    1. Kosta Josifidis & Alpar Lošonc, 2012. "Value and Power in Economics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 501-519, September.
    2. Adem LEVENT, 2016. "Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(2), pages 214-218, June.

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