The Economics of John Kenneth Galbraith

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The Economics of John Kenneth Galbraith Introduction
Persuasion and Rehabilitation 1st Edition Stephen P.
Dunn Digital Instant Download
Author(s): Stephen P. Dunn
ISBN(s): 9780521518765, 0521518768
Edition: 1
File Details: PDF, 2.88 MB
Year: 2010
Language: english
 The Economics of John Kenneth Galbraith

The recent fi nancial crisis has once again seen John Kenneth Galbraith
return to the bestseller lists. Yet, despite the continued popular success
of his works, Galbraith’s contribution to economic theory is rarely recog-
nized by today’s economists. This book redresses the balance by provid-
ing an introductory and sympathetic discussion of Galbraith’s theoretical
contributions, introducing the reader to his economics and his broader
vision of the economic process. The book highlights and explains key
features of Galbraith’s 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 fi rm. It also presents, for the fi rst time, a detailed exam-
ination of Galbraith’s monetary economics and revisits his analysis of
fi nancial euphoria. This unique work seeks to rehabilitate Galbraith’s
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 pub-
lished numerous articles on Post Keynesian economics and the econom-
ics of the fi rm in leading international journals. In 2000 he received the
prestigious K. William Kapp prize from one of Europe’s largest econom-
ics 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

S t e p h e n P. Du n n
c amb ridge un ive rs it y p re s s
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore,
São 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, 1908–2006. 2. Economics–United States. I. Title.
HB119.G33D86 2010
330.1–dc22
2010024615

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 Parker’s book John Kenneth Galbraith is an intellectual and

political history nestled inside a biography. Stephen Dunn’s book is
almost exactly the opposite. Parker’s book is about the man. Dunn’s 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

Galbraith’s place in, and relevance to, modern economics. At a moment
when Galbraithian analysis far better explains the global fi nancial crisis
than any of the standard models, Stephen Dunn’s cogent handling of the
richness of Galbraith’s 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 introduc-

tion 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 fi nancial crisis, Galbraith’s work on the Great Crash
of 1929 has gained particular attention for its many insights into the
‘irrational exuberance’ of the fi nancial sector. This book demonstrates
the vast breadth of Galbraith’s work on capitalism, the dominance of
large corporations, private affluence and public squalor, technological
development, poverty and government policy as well as money, fi nance
and instability. This is all set within an appreciation of Galbraith’s meth-
odological approach. A fi ne 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 estab-
lishes the breadth and depth of Galbraith’s vision, and the force and con-
temporary 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 Dunn’s book on Galbraith is comprehensive and scholarly and

an absorbing read. Dunn writes clearly, providing detailed suggestions for
further research and developments based on Galbraith’s 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
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