J.K. Galbraith often refers in his writings to Alfred Marshall’s definition of economics: the study of man in the ordinary business of life. Such an approach to economics implies taking history into account to understand current economic facts. The analysed phenomena are placed in their historical and political perspectives, embracing political interests and class relations. Moreover, macro and microeconomic levels are used to obtain a richer analysis. And finally, economics tends to appear as a whole, including many fields which are considered as being the conventional divisions and subdivisions of the discipline.
KeywordsMonetary Policy Fiscal Policy European Central Bank European Monetary Union Military Expenditure
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- 3.J.K. Galbraith, The Economics of Innocent Fraud (Boston and New York: Houghton Mifflin Company, 2004).Google Scholar