John Kenneth Galbraith
Cross-posted at Free Association.
comments powered by Disqus
Craig J. Bolton - 5/3/2006
Galbraith reminded one of the old graduate school joke of the contrast between the Ph.D economics programs at Chicago and MIT. At Chicago the questions on the qualifying examination changed ever year but the answer was always the same ["the market will provide the solution"]. At MIT the question was the same each year ["how do you model the economy"] but the answer changed depending on the latest twicks to the econometric GRAND MODEL OF EVERYTHING.
Galbraith was a Chicago-style economist. He could think up a new explanation for what drove the economy every year [sheep like consumer preferences for tailfins, huge corporations that looked like the bureaucracies in which he started his career, etc.], but the answer was always the same: ["we need more collectivism"].
- In America, there was a time when even 'Thanksgiving' was a fightin' word
- Was Walt Whitman 'gay'?
- Victims of Canada’s ‘Gay Purge’ to Get Apology from Trudeau
- Should Trump Be Impeached? What Founding Father James Madison Gave as Grounds for Impeachment.
- Long Lost Nordic Village Mysteriously Abandoned in the Middle Ages Rediscovered
- Is This Professor ‘Putin’s American Apologist’?
- Vietnam veterans challenge Ken Burns on the accuracy of his epic documentary
- OAH historians say events of the past year show they were right to emphasize freedom as the theme of the 2019 annual convention
- Why being a historian is about so much more than producing displays for museums
- Historian Says Textbooks Have Shaped Our Attitudes On Race