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?
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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)
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- Galbraith, John Kenneth, 1970. "Economics as a System of Belief," American Economic Review, American Economic Association, vol. 60(2), pages 469-78, May.
- 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.
- Galbraith, John Kenneth, 1973. "Power and the Useful Economist," American Economic Review, American Economic Association, vol. 63(1), pages 1-11, March.
- 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.
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