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The Paramount Position Of Production

In: Inequality and Global Supra-Surplus Capitalism

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  • E Ray Canterbery

Abstract

In his elegant and persuasive magnum opus, John Kenneth Galbraith (JKG) devoted a chapter with the above title. We repeat it here, with a summary of Galbraith’s chapter in The Affluent Society. This position of production is not simply a matter of belief, though that is important, but rather of reality. First, we spread caution to the winds about production, then we take a look at the national income accounts and the place of production there. We end on the quite unconventional note that income is more important than production, followed closely by employment. As promised, the first words of caution emanate from JKG. Why, we must ask, does production have such a prominent position in the USA and other economies?

Suggested Citation

  • E Ray Canterbery, 2018. "The Paramount Position Of Production," World Scientific Book Chapters, in: Inequality and Global Supra-Surplus Capitalism, chapter 1, pages 3-22, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813200838_0001
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