When John Kenneth Galbraith passed away on April 29, 2006, the economics profession lost one of its true giants. And this is not just because Galbraith was an imposing figure at 6 feet, 9 inches tall. Throughout his life, Galbraith advised Presidents, made important professional contributions to the discipline of economics, and also tried to explain economic ideas to the general public. This volume pays tribute to Galbraith’s life and career by explaining some of his major contributions to the canon of economic ideas. The papers describe the series of unique contributions that Galbraith made in many different areas. He was a founder of the Post Keynesian view of money, and a proponent of the Post Keynesian view that price controls were necessary to deal with the problem of inflation in a modern economy where large firms already control prices and prices are not determined by the market. He promulgated the view that firms manipulate individual preferences and tastes, through advertising and other means of persuasion, and he drew out the economic implications of this view. He was a student of financial frauds and euphoria, and a forerunner of the Post Keynesian/Minskean view of finance and how financial markets really work. This book was published as a special issue of the Review of Political Economy.
Table of Contents
1. John Kenneth Galbraith and Post Keynesian Tradition in Economics Steven Pressman
2. The Abiding Economics of John Kenneth Galbraith James K. Galbraith
3.J.K. Galbraith and the Nature of Modern Money Paul Davidson & Stephen P. Dunn
4. The Dependence Effect, Consumption and Happiness: Galbraith Revisited Amitava Krishna Dutt
5. John Kenneth Galbraith’s Contributions to the Theory and Analysis of Speculative Financial Markets Charles G. Leathers & J. Patrick Raines
6. The Theory of Price Controls: John Kenneth Galbraith’s Contribution Stephanie Laguerodie & Francisco Vergara
7. Galbraith on Advertising, Credit and Consumption: A Retrospective and Empirical Investigation Douglas J. Lamdin
8. The Economic Contributions of John Kenneth Galbraith Stephen P. Dunn & Steven Pressman
Steven Pressman is Professor of Economics and Finance at Monmouth University in West Long Branch, NJ. He also serves as North American Editor of the Review of Political Economy, Associate Editor and Book Review Editor of the Eastern Economic Journal, and as Treasurer of the Easter Economic Association.