The economics of John Kenneth Galbraith : introduction, persuasion, and rehabilitation

The recent financial crisis has once again seen John Kenneth Galbraith return to the bestseller lists. Yet, despite the continued popular success of his works, Galbraith's contribution to economic theory is rarely recognised by today's economists. This book redresses the balance by providing an introductory and sympathetic discussion of Galbraith's theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. The book highlights and explains key features of Galbraith's economic thought, including his penetrating critique of society, his distinctive methodology, his specific brand of Keynesianism and his original - but largely ignored - contribution to the theory of the firm. It also presents, for the first time, a detailed examination of Galbraith's monetary economics and revisits his analysis of financial euphoria. This unique work seeks to rehabilitate Galbraith's contribution, setting out several directions for possible future research in the Galbraithian tradition.Review'Richard Parker's book John Kenneth Galbraith is an intellectual and political history nestled inside a biography. Stephen Dunn's book is almost exactly the opposite. Parker's book is about the man. Dunn's is about the structure of what went on inside his brain and what appeared in his major books.' James K. Galbraith, University of Texas, Austin 'This is a remarkably rich and intelligent assessment of John Kenneth Galbraith's place in, and relevance to, modern economics. At a moment when Galbraithian analysis far better explains the global financial crisis than any of the standard models, Stephen Dunn's cogent handling of the richness of Galbraith's authentic originality will help provoke a much-needed debate on where we are heading - and why.' Richard Parker, Harvard University, and official biographer of John Kenneth Galbraith 'In setting out to rehabilitate J. K. Galbraith, Stephen Dunn has done us all a great favor. This book would be important at any time. In the current global conditions, it is invaluable. It will provide a much needed impetus to encourage a new generation of economists and policy-makers to address the policy questions that so preoccupied Galbraith.' Patricia Hewitt MP, Former Secretary of State for Health and Secretary of State for Trade and Industry 'Stephen Dunn has produced a timely, insightful and valuable introduction to the economic thinking of J. K. Galbraith. It deserves to be widely read. And it will inform debate in these interesting times.' Alan Milburn MP, Former Secretary of State for Health and Chief Secretary of the Treasury 'In the face of the financial crisis, Galbraith's work on the Great Crash of 1929 has gained particular attention for its many insights into the irrational exuberance of the financial sector. This book demonstrates the vast breadth of Galbraith's work on capitalism, the dominance of large corporations, private affluence and public squalor, technological development, poverty and government policy as well as money, finance and instability. This is all set within an appreciation of Galbraith's methodological approach. A fine monument to the continuing relevance of J. K. Galbraith.' Malcolm Sawyer, University of Leeds 'Stephen Dunn has done more than anyone else in the last decade to keep the ideas of John Kenneth Galbraith alive. In this volume Dunn establishes the breadth and depth of Galbraith's vision, and the force and contemporary relevance of his analysis. This work is a timely and engaging monument to one of the greatest economists of the twentieth century.' Geoff Hodgson, University of Hertfordshire 'Stephen Dunn's book on Galbraith is comprehensive and scholarly and an absorbing read. Dunn writes clearly, providing detailed suggestions for further research and developments based on Galbraith's contributions.' Geoff Harcourt, University of Cambridge 'Stephen Dunn is already a hero to health service reformers and to East of England patients for his work in East Anglia, which was not just about Hinchingbrooke, but a region-wide improvement in access and quality. Now he has also made a significant contribution to economic thinking.' Nick Bosanquet, Imperial College London Book DescriptionDespite the continued popular success of his works, John Kenneth Galbraith's contribution to economic theory is rarely recognized by today's economists. This 2010 book redresses the balance by providing an introductory and sympathetic discussion of Galbraith's theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. [C:\Users\Microsoft\Documents\Calibre Library] Machine generated contents note: List of figures; List of tables; List of contributors; Introduction: structural economic dynamics and contemporary growth theory Richard Arena and Pier Luigi Porta; Part I. Structural Dynamics: Past and Present: 1. Structural change: some historical aspects with special reference to classical economics Peter Groenewegen; 2. Structural dynamics in an historical perspective Mario Pomini; 3. Two approaches to the study of structural change and economic development: Kuznets and Pasinetti Moshe Syrquin; 4. Analyzing knowledge flows by means of vertical integration Önder Nomaler and Bart Verspagen; 5. Growth: towards a structural endogenous macro-model William J. Baumol; Part II. Structural Dynamics: The Cambridge Keynesian Perspective: 6. Luigi Pasinetti: the senior living heir of the Cambridge school of economics and the last of the great system-builders Geoffrey Harcourt; 7. Toward a synthesis in post-Keynesian economics in Luigi Pasinetti's contribution Heinrich Bortis; 8. Growth theory, structural dynamics and the analysis of consumption Davide Gualerzi; 9. Luigi Pasinetti's structural economic dynamics and the employment consequences of new technologies Harald Hagemann; 10. The concept of 'natural economic system': a tool for structural analysis and an instrument for policy design Roberto Scazzieri; 11. Structural change and invariable standards Takashi Yagi; Part III. Epilogue: Structural dynamics as part of the 'unfinished revolution': on Pasinetti and the unfinished Keynesian revolution Robert M. Solow; First afterword: Pasinetti on structural dynamics Robert M. Solow; Growth and structural change: perspectives for the future Luigi L. Pasinetti; Second afterword: the significance of structural economic dynamics Luigi L. Pasinetti; Index. The Recent Financial Crisis Has Once Again Seen John Kenneth Galbraith Return To The Bestseller Lists. Yet, Despite The Continued Popular Success Of His Works, Galbraith's Contribution To Economic Theory Is Rarely Recognized By Today's Economists. This Book Redresses The Balance By Providing An Introductory And Sympathetic Discussion Of Galbraith's Theoretical Contributions, Introducing The Reader To His Economics And His Broader Vision Of The Economic Process. The Book Highlights And Explains Key Features Of Galbraith's Economic Thought, Including His Penetrating Critique Of Society, His Distinctive Methodology, His Specific Brand Of Keynesianism, And His Original - But Largely Ignored - Contribution To The Theory Of The Firm. It Also Presents, For The First Time, A Detailed Examination Of Galbraith's Monetary Economics And Revisits His Analysis Of Financial Euphoria. This Unique Work Seeks To Rehabilitate Galbraith's Contribution, Setting Out Several Directions For Possible Future Research In The Galbraithian Tradition-- 1. The Eclipse Of The New Industrial State? -- 2. A Life In Our Times -- 3. The Economics Of John Kenneth Galbraith -- 4. The Methodology Of John Keneth Galbraith -- 5. The General Theory Of Advanced Development -- 6. Why People Are Poor -- 7. Uncertainty And The Modern Corporation -- 8. A Theory Of The Multinational Corporation -- 9. The Management Of Specific Demand -- 10. Money And The Real World -- 11. A Man For Our Times -- 12. The Origins Of The Galbraithian System: Talking To John Keneth Galbraith. Stephen P. Dunn. Includes Bibliographical References (p. 397-451)and Index. La 4e de couverture indique : "Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow." "Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The mainstream neo-classical models of growth that have largely dominated modern growth theory are based around assumptions of diminishing returns on extra capital with technological innovation and appropriate institutions being seen as key to economic growth. An alternative model of economic growth emerged from the Cambridge school of Keynesian economists in the 1950s and 1960s. This model emphasizes the importance of demand and the dynamics of the growth of industrial systems. The scholar most associated with this approach to economic growth is Luigi Pasinetti whose book Structural Change and Economic Growth (Cambridge University Press, 1981) has been hugely influential to a generation of post-Keynesian economists. This collection evaluates the achievements of Pasinetti's structural dynamics, with contributions from both post-Keynesian economists, including Pasinetti, and from some distinguished and critical neo-classical economists, including Nobel laureate Robert Solow"-- "The recent financial crisis has once again seen John Kenneth Galbraith return to the bestseller lists. Yet, despite the continued popular success of his works, Galbraith's contribution to economic theory is rarely recognized by today's economists. This book redresses the balance by providing an introductory and sympathetic discussion of Galbraith's theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. The book highlights and explains key features of Galbraith's economic thought, including his penetrating critique of society, his distinctive methodology, his specific brand of Keynesianism, and his original - but largely ignored - contribution to the theory of the firm. It also presents, for the first time, a detailed examination of Galbraith's monetary economics and revisits his analysis of financial euphoria. This unique work seeks to rehabilitate Galbraith's contribution, setting out several directions for possible future research in the Galbraithian tradition"--Résumé de l'éditeur. "The recent financial crisis has once again seen John Kenneth Galbraith return to the bestseller lists. Yet, despite the continued popular success of his works, Galbraith's contribution to economic theory is rarely recognized by today's economists. This book redresses the balance by providing an introductory and sympathetic discussion of Galbraith's theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. The book highlights and explains key features of Galbraith's economic thought, including his penetrating critique of society, his distinctive methodology, his specific brand of Keynesianism, and his original - but largely ignored - contribution to the theory of the firm. It also presents, for the first time, a detailed examination of Galbraith's monetary economics and revisits his analysis of financial euphoria. This unique work seeks to rehabilitate Galbraith's contribution, setting out several directions for possible future research in the Galbraithian tradition"--Provided by publisher. "The recent financial crisis has once again seen John Kenneth Galbraith return to the bestseller lists. Yet, despite the continued popular success of his works, Galbraith's contribution to economic theory is rarely recognized by today's economists. This book redresses the balance by providing an introductory and sympathetic discussion of Galbraith's theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. The book highlights and explains key features of Galbraith's economic thought, including his penetrating critique of society, his distinctive methodology, his specific brand of Keynesianism, and his original - but largely ignored - contribution to the theory of the firm. It also presents, for the first time, a detailed examination of Galbraith's monetary economics and revisits his analysis of financial euphoria. This unique work seeks to rehabilitate Galbraith's contribution, setting out several directions for possible future research in the Galbraithian tradition"-- Provided by publisher Machine generated contents note: List of figures; List of tables; Preface; Acknowledgements; Foreword James K. Galbraith; 1. The eclipse of the new industrial state?; 2. A life in our times; 3. The economics of J. K. Galbraith; 4. The methodology of J. K. Galbraith; 5. The general theory of advanced development; 6. Why people are poor; 7. Uncertainty and the modern corporation; 8. A theory of the multinational corporation; 9. The management of specific demand; 10. Money and the real world; 11. A man for our times; 12. The origins of the Galbraithian system: talking to J. K. Galbraith; Postscript: timeline to the great crash, 2008; References; Additional works by Galbraith; Index.