IDEAS home Printed from https://ideas.repec.org/a/ksp/journ4/v3y2016i2p214-218.html
   My bibliography  Save this article

Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought

Author

Listed:
  • Adem LEVENT

    (Turkey.)

Abstract

In this study, the economic thoughts of John Kenneth Galbraith are examined who is one of the most influential economists of the 20th century. For this purpose, Galbraith’s economic thought is dealt with in the context of two heterodox schools for economics which are called as the Institutional Economics and Post Keynesian Economics. Furthermore, the notions of modern company, techno-structure, power, countervailing power, affluent society, dependence effect and consumption culture which are formed Galbraith’s economic thought with reference to economists as Thorstein Veblen, John Maynard Keynes, Joseph Schumpeter and Milton Friedman is analyzed. Galbraith tries to understand the US’s economic, social, and politic changes after World War II with the given notions.

Suggested Citation

  • 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.
  • Handle: RePEc:ksp:journ4:v:3:y:2016:i:2:p:214-218
    as

    Download full text from publisher

    File URL: http://www.kspjournals.org/index.php/JSAS/article/download/895/963
    Download Restriction: no

    File URL: http://www.kspjournals.org/index.php/JSAS/article/view/895/963
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. James K. Galbraith, 1984. "Galbraith and the Theory of the Corporation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 43-60, September.
    2. Gafgen, Gerard, 1974. "On the Methodology and Political Economy of Galbraithian Economics," Kyklos, Wiley Blackwell, vol. 27(4), pages 705-731.
    3. Malcolm Rutherford, 2001. "Institutional Economics: Then and Now," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 173-194, Summer.
    4. Usamah Ramadan & Warren J. Samuels, 1996. "The Treatment of Post Keynesian Economics in the History of Economic Thought Texts," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(4), pages 547-565, July.
    5. Geoffrey M. Hodgson, 2003. "The hidden persuaders: institutions and individuals in economic theory," Cambridge Journal of Economics, Oxford University Press, vol. 27(2), pages 159-175, March.
    6. James Galbraith, 2008. "The Abiding Economics of John Kenneth Galbraith," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 491-499.
    7. Tony Lawson, 2013. "What is this 'school' called neoclassical economics?," Cambridge Journal of Economics, Oxford University Press, vol. 37(5), pages 947-983.
    8. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
    9. 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.
    10. David Dequech, 2012. "Post Keynesianism, Heterodoxy and Mainstream Economics," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 353-368, April.
    11. Dunn,Stephen P., 2012. "The Economics of John Kenneth Galbraith," Cambridge Books, Cambridge University Press, number 9781107404489.
    12. James Ronald Stanfield & Mary Wrenn, 2005. "John Kenneth Galbraith and original institutional economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 26-45.
    13. John Adams, 1984. "Galbraith on Economic Development," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 91-102, September.
    14. Frederic S. Lee, 2011. "The Pluralism Debate in Heterodox Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 540-551, December.
    15. James, Jeffrey & Lister, Stephen, 1980. "Galbraith revisited: advertising in non-affluent societies," World Development, Elsevier, vol. 8(1), pages 87-96, January.
    16. David Colander & Richard Holt & Barkley Rosser, 2004. "The changing face of mainstream economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 485-499.
    17. Blandine Laperche & James K. Galbraith & Dimitri Uzunidis (ed.), 2006. "Innovation, Evolution and Economic Change," Books, Edward Elgar Publishing, number 4087.
    18. David Colander, 2018. "The Death Of Neoclassical Economics," Chapters, in: How Economics Should Be Done, chapter 5, pages 46-62, Edward Elgar Publishing.
    19. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 164-164, September.
    20. Jerry Courvisanos, 2005. "Technological innovation: Galbraith, the Post Keynesians, and a heterodox future," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 83-102.
    21. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    22. Scott Gordon, 1968. "The Close of the Galbraithian System," Journal of Political Economy, University of Chicago Press, vol. 76, pages 635-635.
    23. Marc Lavoie, 2009. "Introduction to Post-Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-23548-9, December.
    24. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 16(4), pages 503-538, July.
    25. Blaug, Mark, 2003. "The Formalist Revolution of the 1950s," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(2), pages 145-156, June.
    26. Sheila C. Dow, 2008. "Plurality in Orthodox and Heterodox Economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 1(2), pages 73-96, March.
    27. David Reisman, 1980. "Galbraith and Market Capitalism," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-04952-3, December.
    28. Geoffrey M. Hodgson, 2006. "What Are Institutions?," Journal of Economic Issues, Taylor & Francis Journals, vol. 40(1), pages 1-25, March.
    29. Veblen, Thorstein, 1900. "The Preconceptions of Economic Science III," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 14.
    30. Tony Lawson, 2006. "The nature of heterodox economics," Cambridge Journal of Economics, Oxford University Press, vol. 30(4), pages 483-505, July.
    31. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    32. Gintis, Herbert, 1972. "Consumer Behavior and the Concept of Sovereignty: Explanations of Social Decay," American Economic Review, American Economic Association, vol. 62(2), pages 267-278, May.
    33. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    34. Lall Ramrattan & Michael Szenberg, 2010. "Memorializing John K. Galbraith: A Review of His Major Works, 1908–2006," The American Economist, Sage Publications, vol. 55(1), pages 31-45, May.
    35. Gäfgen, Gérard, 1974. "On the methodology and political economy of Galbraithian economics," Discussion Papers, Series I 49, University of Konstanz, Department of Economics.
    36. William Waller, 2008. "John Kenneth Galbraith: Cultural Theorist of Consumption and Power," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 13-24, March.
    37. David Audretsch, 2015. "Joseph Schumpeter and John Kenneth Galbraith: two sides of the same coin?," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 197-214, January.
    38. Galbraith, John Kenneth, 1973. "Power and the Useful Economist," American Economic Review, American Economic Association, vol. 63(1), pages 1-11, March.
    39. Adaman, Fikret & Devine, Pat, 1996. "The Economic Calculation Debate: Lessons for Socialists," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 523-537, September.
    40. 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.
    41. Mark Blaug, 1972. "Was There a Marginal Revolution?," History of Political Economy, Duke University Press, vol. 4(2), pages 269-280, Fall.
    42. Richard Parker, 2004. "The Legacy of John Kenneth Galbraith," Challenge, Taylor & Francis Journals, vol. 47(2), pages 81-89.
    43. Sheila C. Dow, 2011. "Heterodox economics: history and prospects," Cambridge Journal of Economics, Oxford University Press, vol. 35(6), pages 1151-1165.
    44. Stephen Dunn & Andrew Mearman, 2006. "The Realist Approach of John Kenneth Galbraith," Challenge, Taylor & Francis Journals, vol. 49(4), pages 7-30.
    45. Stephen Dunn & Steven Pressman, 2005. "The Economic Contributions of John Kenneth Galbraith," Review of Political Economy, Taylor & Francis Journals, vol. 17(2), pages 161-209.
    46. Stéphanie Laguérodie & Francisco Vergara, 2008. "The Theory of Price Control: John Kenneth Galbraith's Contribution," Post-Print halshs-00547787, HAL.
    47. David Colander, 1984. "Galbraith and the Theory of Price Control," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 30-42, September.
    48. David Dequech, 2007. "Neoclassical, mainstream, orthodox, and heterodox economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(2), pages 279-302.
    49. Stephanie Laguerodie & Francisco Vergara, 2008. "The Theory of Price Controls: John Kenneth Galbraith's Contribution," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 569-593.
    50. Philip Mirowski, 1991. "The When, the How and the Why of Mathematical Expression in the History of Economic Analysis," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 145-157, Winter.
    51. Stefan Kesting, 2005. "Countervailing, conditioned, and contingent--the power theory of John Kenneth Galbraith," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 3-23.
    52. William Breit, 1984. "Galbraith and Friedman: Two Versions of Economic Reality," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 18-29, September.
    53. Warren J. Samuels, 1984. "Galbraith on Economics as a System of Professional Belief," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 61-76, September.
    54. John Kenneth Galbraith, 1978. "On Post Keynesian Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 1(1), pages 8-11, October.
    55. 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.
    56. Myrdal, Gunnar, 1978. "Political and Institutional Economics," Research Series, Economic and Social Research Institute (ESRI), number GLS11, August.
    57. Paul Davidson, 2005. "Galbraith and the Post Keynesians," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 103-113.
    58. Thorstein Veblen, 1898. "Why is Economics Not an Evolutionary Science?," The Quarterly Journal of Economics, Oxford University Press, vol. 12(4), pages 373-397.
    59. E. Ray Canterbery, 1984. "Galbraith, Sraffa, Kalecki and Supra-Surplus Capitalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 77-90, September.
    60. Charles Leathers & J. Patrick Raines, 2008. "John Kenneth Galbraith's Contributions to the Theory and Analysis of Speculative Financial Markets," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 551-568.
    61. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 1-22, June.
    62. Philip Arestis & Malcolm Sawyer (ed.), 1994. "The Elgar Companion to Radical Political Economy," Books, Edward Elgar Publishing, number 19.
    63. Marc Humbert, 2005. "With John Kenneth Galbraith: a "political and moral philosophy" conception to study economic activities," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 47-64.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. 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).
    3. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    4. Angela Ambrosino & Magda Fontana & Anna Azzurra Gigante, 2018. "Shifting Boundaries In Economics: The Institutional Cognitive Strand And The Future Of Institutional Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 767-791, July.
    5. Tamila Arnania-Kepuladze, 2014. "Institutions: Uncertainty In Definition Of The Term. A Brief Look At The History: 1890-1930," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 9(4), pages 79-102, December.
    6. Amitava Krishna Dutt, 2015. "Uncertainty, power, institutions, and crisis: implications for economic analysis and the future of capitalism," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(1), pages 9-28, January.
    7. Alexandre Chirat & Basile Clerc, 2023. "Convergence on inflation and divergence on price-control among Post-Keynesian pioneers: insights from Galbraith and Lerner," EconomiX Working Papers 2023-4, University of Paris Nanterre, EconomiX.
    8. Georgina M. Gómez, 2018. "Why do people want currency? Institutions, habit, and bricolage in an Argentine marketplace," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 413-430, December.
    9. Michele Di Maio, 2013. "Are Mainstream and Heterodox Economists Different? An Empirical Analysis," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1315-1348, November.
    10. Mark Setterfield, 2015. "Heterodox economics, social ontology, and the use of mathematics," Working Papers 1503, New School for Social Research, Department of Economics, revised May 2015.
    11. Duarte N. Leite & Sandra T. Silva & Oscar Afonso, 2014. "Institutions, Economics And The Development Quest," Journal of Economic Surveys, Wiley Blackwell, vol. 28(3), pages 491-515, July.
    12. Gagliardi, Francesca, 2008. "Institutions and economic change: A critical survey of the new institutional approaches and empirical evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 416-443, February.
    13. Luis Alfonso Dau & Aya S. Chacar & Marjorie A. Lyles & Jiatao Li, 2022. "Informal institutions and international business: Toward an integrative research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 985-1010, August.
    14. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    15. Thierry Baudassé & Rémi Bazillier & Ismaël Issifou, 2018. "Migration And Institutions: Exit And Voice (From Abroad)?," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 727-766, July.
    16. Dimitrios Zikos, 2020. "Revisiting the Role of Institutions in Transformative Contexts: Institutional Change and Conflicts," Sustainability, MDPI, vol. 12(21), pages 1-20, October.
    17. Barbara Dluhosch, 2011. "European Economics at a Crossroads, by J. Barkley Rosser, Jr., Richard P. F. Holt, and David Colander," Journal of Regional Science, Wiley Blackwell, vol. 51(3), pages 629-631, August.
    18. Scrieciu, S. Şerban & Barker, Terry & Ackerman, Frank, 2013. "Pushing the boundaries of climate economics: critical issues to consider in climate policy analysis," Ecological Economics, Elsevier, vol. 85(C), pages 155-165.
    19. Iazdi, Oz, 2023. "Vieses orto-heterodoxos e os algoritmos economistas do ChatGPT [Ortho-Heterodox biases and the economist algorithms of ChatGPT]," MPRA Paper 117655, University Library of Munich, Germany.
    20. David Colander & Richard Holt & J. Rosser, 2007. "Live and dead issues in the methodology of economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(2), pages 303-312.

    More about this item

    Keywords

    Modern Company; Countervailing Power; Affluent Society; Techno-Structure; Conventional Wisdom; Planning System; Market System.;
    All these keywords.

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ksp:journ4:v:3:y:2016:i:2:p:214-218. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bilal KARGI (email available below). General contact details of provider: http://www.kspjournals.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.