Wednesday, May 03, 2006

Galbraith

Rest in peace. Some thoughts on his work.

An early advocate of Keynesian ideas he lived long enough to know Keynes personally and see his ideas debunked by both the Chicago School and the Stagflation of the 1970s. Galbraith had confidently predicted in testimony before a 1956 Congressional committee that another Great Depression was inevitable. His ideas, despite their wide acclaim in liberal circles as challenging and original, were largely derivative of the early 20th century economist Thorstein Veblen. A professor at the University of Chicago, when the school was known for its statist inclinations, Veblen coined the phrase "conspicuous consumption" and argued that the emphasis placed on the accumulation of great private wealth by the free market harmed society in general by depriving the public sector of needed resources, an idea echoed in Galbraithline about 1950s America having "private splendor next to public squalor."

HT: SDA

6 comments:

R.S. Porter said...

It's a shame he was associated with Canada.

Zeker said...

In between this post and the one above was a post that minimized the atrocities of the nazis - where did it go David?

R.S. Porter said...

Well I'd assume it was removed because people whined about it not being directly related to taxes.

Yet, you obviously didn't even read the post if you thought it " minimized the atrocities of the nazis".

Zeker said...

hey david, (I mean r.s. porter) do you agree or disagree with the statements you "referenced for interest"?

R.S. Porter said...

What?

Are you trying to imply David and myself are the same?

And what was "referenced for interest"?

David MacLean said...

Zeker: Take a capture of this. We reserve the right to delete any all comments we feel are innapropriate. Stick to the topic.

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