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A reappraisal of Galbraith’s challenge to Consumer Sovereignty: preferences, welfare and the non-neutrality thesis

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  • Alexandre Chirat

Abstract

The aim of the paper is to provide an exegesis of Galbraith’s theory of consumption and the conception of preferences on which it is grounded, which has often been misunderstood. From the point of view of the history of economic thought, this paper sheds new light on the origins of Galbraith’s analysis of consumption. This reappraisal also leads us to show that the latter is bound to a challenge to the Consumer Sovereignty Principle. Consequently, Galbraith’s theory contradicts the logic underlying Welfare Economics. Thanks to this exegesis, I finally explain the rationale behind Galbraith’s endorsement of the thesis of non-neutrality on the problem of value judgments in economics, which is illustrated by his presidential address to the American Economic Association.

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  • Alexandre Chirat, 2020. "A reappraisal of Galbraith’s challenge to Consumer Sovereignty: preferences, welfare and the non-neutrality thesis," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(2), pages 248-275, March.
    • Handle: RePEc:taf:eujhet:v:27:y:2020:i:2:p:248-275
    DOI: 10.1080/09672567.2020.1720763
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    Cited by:

    1. Alexandre Chirat, 2021. "The correspondence between Baumol and Galbraith (1957–1958) An unsuspected source of managerial theories of the firm," EconomiX Working Papers 2021-35, University of Paris Nanterre, EconomiX.
    2. Guilhem Lecouteux, 2021. "Reconciling Normative and Behavioural Economics: The Problem that Cannot be Solved," GREDEG Working Papers 2021-27, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    3. Alexandre Chirat, 2021. "When Berle and Galbraith brought political economy back to life : Study of a cross-fertilization (1933-1967)," EconomiX Working Papers 2021-27, University of Paris Nanterre, EconomiX.
    4. 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.
    5. Guilhem Lecouteux, 2021. "Who's Afraid of Incoherence? Behavioural Welfare Economics and the Sovereignty of the Neoclassical Consumer," GREDEG Working Papers 2021-01, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    6. Alexandre Chirat, 2022. "Consumer sovereignty in the digital society," EconomiX Working Papers 2022-25, University of Paris Nanterre, EconomiX.
    7. Alexandre Chirat, 2020. "Démocratie de la demande versus démocratie de l’offre : Reconstruction et interprétation des analogies démocratie-marché," Working Papers 2020-10, CRESE.
    8. Yulia Gruzina & Irina Firsova & Wadim Strielkowski, 2021. "Dynamics of Human Capital Development in Economic Development Cycles," Economies, MDPI, vol. 9(2), pages 1-18, May.

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