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The lasting economic contributions of John Kenneth Galbraith, 1908-2006

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Author Info

  • Stephen P. Dunn
  • Steven Pressman

Abstract

J.K. Galbraith was a highly original theorist whose contributions deserve lasting recognition. Galbraith analyzed the significant economic power held by large firms, which underpinned the success of the U.S. economy in the post-World War II era. Galbraith highlighted how this concentration of power creates a range of unintended problems—social and environmental. Galbraith recognized that firms manipulate the consumer and that their actions lead to the inequitable distribution of income and social goods. In response to this, the "good society" must secure the provision of essential goods and services that are not automatically forthcoming and mitigate macroeconomic problems such as financial instability, unemployment, inflation, and poverty.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 29 (2007)
Issue (Month): 2 (January)
Pages: 179-190

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Handle: RePEc:mes:postke:v:29:y:2007:i:2:p:179-190

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: economic power; Galbraith; poverty;

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Cited by:
  1. Baker Matthew J. & George Lisa M, 2010. "The Role of Television in Household Debt: Evidence from the 1950's," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-38, May.
  2. Clive L Spash & Heinz Schandl, 2009. "Growth, the Environment and Keynes: Reflections on Two Heterodox Schools of Thought," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-01, CSIRO Sustainable Ecosystems.
  3. Stefan Kesting, 2010. "John Kenneth Galbraith: a radical economist?," International Journal of Social Economics, Emerald Group Publishing, vol. 37(3), pages 179-196, March.

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