The Bias in Academic Economics: the Economics Salon
What has always impressed me most about John Kenneth Galbraith has been his intellectual courage. Even when government was more or less in fashion in the 1960s, Professor Galbraith stood apart. His iconoclastic advice to John Kennedy on Vietnam is well known. His refusal to endorse the famed Kennedy/Johnson tax cut was probably shared by some of his colleagues, but few on the inside, as he was, said it out loud. Galbraith correctly wanted more spending on public goods. The nation chose to reorient the debate towards something abstract, technical, and more palatable. Economic growth through fiscal stimulus would solve the nation’s problems. Galbraith knew that growth was imperative, but it was not enough.
KeywordsPublic Good Monetary Policy Free Trade Money Supply Price Shock
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