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Political Economy and the Public Purpose

In: John Kenneth Galbraith

Author

Listed:
  • James Ronald Stanfield
  • Jacqueline Bloom Stanfield

Abstract

Joan Robinson’ s Ely lecture provides a convenient ingress to this chapter, which is primarily concerned with the third volume of Galbraith’ s trilogy, Economics and the Public Purpose. An early dissident from the neoclassical synthesis, Robinson had been very much engaged in the capital controversy between the two Cambridges (England and Massachusetts) and adamantly insisted that the neo-Keynesian interpretation of Keynes was erroneous; her epithet for those who adhered to it was the ‘ bastard Keynesians’ (Robinson, 1974; see also Gibson, 2005). Thus Robinson, literally an original Keynesian economist who was in Cambridge when Keynes was formulating The General Theory, and Galbraith, one of the earliest and staunchest American articulators of Keynes, agreed that the New Economics was critically inadequate.

Suggested Citation

  • James Ronald Stanfield & Jacqueline Bloom Stanfield, 2011. "Political Economy and the Public Purpose," Great Thinkers in Economics, in: John Kenneth Galbraith, chapter 6, pages 148-174, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-30244-0_6
    DOI: 10.1057/9780230302440_6
    as

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