Economic Doctrine and the Public Purpose
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In Economics and the Public Purpose, Galbraith slightly emends the overall model of The New Industrial State and sharpens and elaborates upon its implications. The development of his thinking that he integrates into his model of the new industrial state in this book was foreshadowed by two important essays initially delivered to the American Economic Association, ‘Economics as a System of Belief’ in 1969 (republished in Galbraith, 1971a) and ‘Power and the Useful Economist’ in 1972 (also republished, 1979c). Galbraith regards the latter essay as ‘the best short account of my general economic position’ (1979c, p. 3).
KeywordsProfit Maximization External Constraint Market Sector Conditioned Power Public Purpose
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