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John Kenneth Galbraith and the Post Keynesian Tradition in Economics

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  • Steven Pressman

Abstract

This paper discusses some of the key contributions of John Kenneth Galbraith to economics and puts them into an historical context. It argues that the work of Galbraith should be recognized as making major contributions to the Post Keynesian paradigm. His work expands on the contributions made by John Maynard Keynes and is consistent with the main ideas of Post Keynesian thought. Much of his work can be thought of as a Post Keynesian microeconomics that needs to be added on to the Post Keynesian macroeconomics begun by Keynes. This work encompasses an understanding of how people behave and how firms behave, a recognition of the importance of uncertainty in the real world, and an emphasis on income effects being more important than substitution effects. The paper then points out how Galbraith has provided a Post Keynesian approach to key macroeconomic issues. The paper concludes with a brief summary of the other articles that make up this special issue to honor John Kenneth Galbraith on the hundredth anniversary of his birth.

Suggested Citation

  • Steven Pressman, 2008. "John Kenneth Galbraith and the Post Keynesian Tradition in Economics," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 475-489.
    • Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:475-489
    DOI: 10.1080/09538250802354616
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    1. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
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    Cited by:

    1. 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.
    2. Alexandre Chirat & Charlotte Le Chapelain, 2017. "Some “unexpected proximities” between Schultz and Galbraith on human capital," Working Papers of BETA 2017-18, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    3. Alexandre Chirat & Charlotte Le Chapelain, 2017. "Some “unexpected proximities” between Schultz and Galbraith on human capital," Working Papers 08-17, Association Française de Cliométrie (AFC).
    4. Lenore Palladino, 2022. "Economic Policies for Innovative Enterprises: Implementing Multi-Stakeholder Corporate Governance," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(1), pages 5-25, March.

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