The lasting economic contributions of John Kenneth Galbraith, 1908-2006

Abstract

J.K. Galbraith was a highly original theorist whose contributions deserve lasting recognition. Galbraith analyzed the significant economic power held by large firms, which underpinned the success of the U.S. economy in the post-World War II era. Galbraith highlighted how this concentration of power creates a range of unintended problems—social and environmental. Galbraith recognized that firms manipulate the consumer and that their actions lead to the inequitable distribution of income and social goods. In response to this, the "good society" must secure the provision of essential goods and services that are not automatically forthcoming and mitigate macroeconomic problems such as financial instability, unemployment, inflation, and poverty.

Keywords:

• economic power
• Galbraith
• poverty