By Michael Keaney
Michael Keaney (ed.)
John Kenneth Galbraith is without doubt one of the so much well-known economists of the 20th century. His best-selling works at the altering nature of the us political economic climate have challenged the traditional knowledge and his exact standpoint has had an important influence at the approach humans around the world take into consideration economics. The contributing economists to this article speak about the ongoing relevance of Galbraith's arguments to present controversies and difficulties. the problems which are explored diversity from globalization and the function of the nation to redistributive monetary regulations. additionally addressed are old essays studying the legacy of Franklin Roosevelt's New Deal and Adam Smith's perspectives on British and American financial energy. every one contributor develops a Galbraithian subject in keeping with modern issues and the result's a set that can pay tribute to this nice economist.
Read Online or Download Economist With a Public Purpose: Essays in Honour of John Kenneth Galbraith (Routledge Frontiers of Political Economy) PDF
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Extra resources for Economist With a Public Purpose: Essays in Honour of John Kenneth Galbraith (Routledge Frontiers of Political Economy)
His overriding aim, therefore, was to ‘reexamine [the] distribution of taxation between income flowing into consumption and income flowing into savings’ because, in his opinion, the present distribution between these two was ‘not the best possible’ (1938:163). The current distribution of tax burden was inefficient, according to Dennison, because it impacted unfavourably on consumption. This was because households’— especially lower income-higher spending households—‘ability to pay’ taxes depended on their budget constraints or nominal incomes.
The notion of ‘path dependence’, that instituted procedures may be adopted and technologies selected by accident or because they serve powerful vested interests, is reminiscent of the Veblenian emphasis on processes of circular and cumulative causation. The implication is that no presumption of efficacy can be made for any aspect of the observed institutional pattern or technological configuration. Yet such decisions structure future decisions. This heavy reliance has come about via the exercise of power in political decisions to invest in the social overhead costs of automobile transportation rather than collective transportation systems.
It leaves a research and policy agenda that must necessarily be revised in the wake of changing circumstance. The pulse of the public must be routinely taken to satisfy the strictures of the test of anxiety. Policy experimentalism is a core feature of American Institutionalism. The Galbraithian Prospect remains open. This openness is a basic feature of the evolutionary paradigm. Full recognition that human life is an unfolding stream of tendencies and that human discretion configures this incessant change promises to be a liberating albeit intimidating awakening.
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