Galbraith, John Kenneth

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Galbraith, John Kenneth

(1908-) Canadian-born economist whose radical views about the workings of the market economy have been expressed in a series of books such as The Affluent Society (1958) and The New Industrial State (1967). Galbraith suggests that advanced industrial economies comprise a competitive sector of small owner-managed businesses and a monopoly sector of large industrial companies managed by salaried technocrats, and he concentrates on the workings of the latter.

Galbraith argues that large companies plan their activities so as to minimize market uncertainty and that they seek through advertising to create demand for new products before manufacturing them: a REVISED SEQUENCE, compared with the conventional economic view that consumers express innate wants then see resources allocated to satisfying these wants. Nevertheless, Galbraith acknowledges that such large firms help to foster technical innovation and scale economies that have yielded large gains in incomes. Furthermore, he sees the growth of large companies leading to the growth of trade unions as a COUNTERVAILING POWER to secure a share of efficiency gains for workers. Consequently, Galbraith argues that large companies should not be broken up but controlled by government to prevent abuse of their monopoly power, with attempts to increase the countervailing power of consumers and small businesses.

Galbraith also attacked the American market economy for devoting too few resources to the public sector while allowing private sector activities to dominate, creating a situation of private affluence and public squalor.

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AMERICA'S greatest economist John Kenneth Galbraith once noted that the only function of economic forecasting was to make astrology look respectable.
One insight came from famed economist John Kenneth Galbraith, who once said "Pundits forecast not because they know, but because they are asked.
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Sharpe books (an imprint of which published this work), the author has two previous collections of poems, a collection of articles, and an academic book, John Kenneth Galbraith and the Lower Economics.
The Canadian-American economist John Kenneth Galbraith, to explain the miracle of post war Italian reconstruction, claimed that "the real reason is that Italy has incorporated in its products an essential component of culture, and cities such as Milan, Parma, Florence, Siena, Venice, Rome, Naples and Palermo, while having very poor infrastructure, display in their standard of living a huge amount of beauty".
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She contributed to the works of economist John Kenneth Galbraith, Irish short story teller Mary Lavin, and psychologist Julian Janes among many others.
The late Harvard economist John Kenneth Galbraith predicted convergence between the US and the USSR -- that these economies and societies would continue to grow more and more alike, both evolving into welfare states in which the government ran the marketplace.
The Harvard economist John Kenneth Galbraith, who served under President Kennedy as US Ambassador to India, described the country as a 'functioning anarchy'.
of Northern Colorado) profile the life and work of the famed North American economist and public intellectual John Kenneth Galbraith.
I remember reading about it in college while perusing the India journal of the then US ambassador, John Kenneth Galbraith, and later finding stray mentions of it while reading declassified US documents of the Kennedy administration when researching an undergrad paper.