Stephen P. Dunn - The Economics of John Kenneth Galbraith: Introduction, Persuasion, and Rehabilitation

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The Economics of John Kenneth Galbraith

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, Galbraiths contribution to economic theory is rarely recognized by todays economists. This book redresses the balance by providing an introductory and sympathetic discussion of Galbraiths theoretical contributions, introducing the reader to his economics and his broader vision of the economic process. The book highlights and explains key features of Galbraiths 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 Galbraiths monetary economics and revisits his analysis of financial euphoria. This unique work seeks to rehabilitate Galbraiths contribution, setting out several directions for possible future research in the Galbraithian tradition.

Dr. Stephen P. Dunn is Director of Strategy at NHS East of England. He is an international authority on John Kenneth Galbraith and has published numerous articles on Post Keynesian economics and the economics of the firm in leading international journals. In 2000 he received the prestigious K. William Kapp prize from one of Europes largest economics associations. He is the author of The Uncertain Foundations of Post Keynesian Economics (2008) and the editor of the four volume reference collection John Kenneth Galbraith: The Economic Legacy (2011).

The Economics of John Kenneth Galbraith

Introduction, Persuasion, and Rehabilitation

Stephen P. Dunn

CAMBRIDGE UNIVERSITY PRESS

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, So Paulo, Delhi, Dubai, Tokyo, Mexico City

Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org

Information on this title: www.cambridge.org/9780521518765

Stephen P. Dunn 2011

This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

First published 2011

Printed in the United Kingdom at the University Press, Cambridge

A catalogue record for this publication is available from the British Library

Library of Congress Cataloguing in Publication data

Dunn, Stephen P.

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

rehabilitation / Stephen P. Dunn.

p. cm.

Includes bibliographical references and index.

ISBN 978-0-521-51876-5 (hardback)

1. Galbraith, John Kenneth, 19082006. 2. EconomicsUnited States. I. Title.

HB119.G33D86 2010

330.1dc222010024615

ISBN 978-0-521-51876-5 Hardback

Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

Praise for The Economics of John Kenneth Galbraith

Richard Parkers book John Kenneth Galbraith is an intellectual and political history nestled inside a biography. Stephen Dunns book is almost exactly the opposite. Parkers book is about the man. Dunns is about the structure of what went on inside his brain and what appeared in his major books.

James K. Galbraith, Professor, LBJ School of Public Affairs, The University of Texas at Austin

This is a remarkably rich and intelligent assessment of John Kenneth Galbraiths 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 Dunns cogent handling of the richness of Galbraiths authentic originality will help provoke a much-needed debate on where we are heading and why.

Richard Parker, Official biographer of John Kenneth Galbraith and Senior Fellow at the Shorenstein Center, Kennedy School of Government, Harvard University

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 Former Chief Secretary of the Treasury

In the face of the financial crisis, Galbraiths 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 Galbraiths 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 Galbraiths methodological approach. A fine monument to the continuing relevance of J. K. Galbraith.

Malcolm Sawyer, Professor of Economics, 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 Galbraiths 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, Research Professor in Business Studies, University of Hertfordshire

Stephen Dunns book on Galbraith is comprehensive and scholarly and an absorbing read. Dunn writes clearly, providing detailed suggestions for further research and developments based on Galbraiths contributions.

Geoff Harcourt, Emeritus Professor, Adelaide University, Emeritus Reader in the History of Economic Theory, University of Cambridge and Emeritus Fellow, Jesus College, Cambridge

To Lucy, Harry, Alexander, and Katie with love

A prophet is only despised in his own country, among his own relations and in his own house.

Mark 6:4

Figures

Tables

Foreword

JAMES K. GALBRAITH

My father passed his centennial birthday on October 15, 2008. Within two weeks of that milestone, one of his books, The Great Crash, 1929 , was back on the best-seller lists. That is no doubt mainly because the book is famous as a master narrative, combined with the eerie similarities between the years of Our Lord 1929 and 2008.

But why do the similarities seem so great? One reason, perhaps, is that we understand the events of October 1929 in the first place through a theoretical framework created by The Great Crash, 1929 . It is a framework that emphasizes the role of speculative euphoria as a catalyst for imaginative fraud, theft, and abuse, and that illuminates the incentives for, and consequences of, complaisance by public authority. But above all, it places the financial sector in context, recognizing, and illustrating its role as a catalyst for prosperity and disaster in the larger spheres of economic life.

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