FROM GALBRAITH TO KRUGMAN AND BACK Galbraith, Krugman and ‘Good Economics’
AbstractJ.K. Galbraith's heyday was in the 1950s-70s. He was one of the most cited economists of his time, and attracted much praise and blame. In 1994, Krugman was a caustic critic and dismissed Galbraith's influence as a victory of style over substance. He castigated Galbraith as but “a policy entrepreneur”, yet by 2004, Krugman appeared to have undergone a striking metamorphosis, and his New York Times columns (2000-2006) conspicuously echo Galbraith’s understanding of socio-economic issues. This newer Krugman questions consumer sovereignty, bemoans the power of producers, questions the uses to which State power is put, worries about a medical-industrial complex, and laments the hijacking of public policy by private interests. Is this new Krugman merely a journalist, who has left scientific economics behind, or has he 'seen the light' as to what really constitutes ‘good economics’ and a more holistic scientific procedure?
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 369.
Date of creation: 2008
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-06-13 (All new papers)
- NEP-HPE-2008-06-13 (History & Philosophy of Economics)
- NEP-PKE-2008-06-13 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Warren J. Samuels, 1984. "Galbraith on Economics as a System of Professional Belief," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 7(1), pages 61-76, October.
- William Breit, 1984. "Galbraith and Friedman: Two Versions of Economic Reality," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 7(1), pages 18-29, October.
- Galbraith, John Kenneth, 1970. "Economics as a System of Belief," American Economic Review, American Economic Association, vol. 60(2), pages 469-78, May.
- Galbraith, John Kenneth, 1973. "Power and the Useful Economist," American Economic Review, American Economic Association, vol. 63(1), pages 1-11, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Randal Anderson).
If references are entirely missing, you can add them using this form.