Product Description

A book explaining the history of economics; including the powerful and vested interests which moulded the theories to their financial advantage; as a means of understanding modern economics.

Product Details

• Amazon Sales Rank: #69896 in Books
• Published on: 1991-08-29
• Original language: English
• Binding: Paperback
• 336 pages

About the Author
John Kenneth Galbraith wrote more than 30 books, spanning four decades. He was awarded honorary degrees from Harvard, Oxford, the University of Paris and Moscow University. He was the Paul M Warburg Professor of Economics Emeritus at Harvard University. He died in 2006.

Customer Reviews

An interesting and often funny introduction to the subject
John Kenneth Galbraith is , as always , lucid and concise - and manages to make the 'dismal science' of economics enjoyable to learn - mainly by ridiculing the way in which economists and governments hold to bizarre and self-serving theories in the face of all the facts.

One good example is Say's Law - which states that if the market is left to find its own equilibrium supply will always equal demand at a point at or near full employment. The classical Liberals held to this theory in the face of the mass unemployment of the great depression - which was only ended by Keynesian demand management which acknowledged that Say's Law was a fantasy.

Yet , as Galbraith points out , much to the ire of neo-Liberal born again free-marketeers , modern economists and governments STILL believe in Say's 'Law', STILL theorize as if the market were a system of free and equal transactions between individuals of equal power - rather than each sector being dominated by a handful of vast corporations.

Another reviewer lambasts Galbraith for not mentioning the theory of comparative advantage - perhaps that was an omission - but if Galbraith were to respond I am sure he would say that the theory of comparative advantage , much like Say's Law , is a theory in the worst sense of the word - a blind faith in a world view which is in constant and complete conflict with reality. For that reason Galbraith spends more time on theories which do broadly , or at last partly , correspond to and explain actual events , such as Keynesianism. Nor is he slow to list their faults - his only fault in this book is not to take apart modern neo-liberalism quite as thoroughly as he destroys classical liberalism.

inspiring
Galbriath manages to make economics interesting, entertaining, at times even exciting, as well as adding in a healthy dose of common sense often missing. He is clearly setting himself up against the 'aggressively dull' that make up much of the writing and theorising on economics. Whilst he does not cover every element in economics, or at times even every important aspect of economics, he manages to cover economics from Aristotle to the twentieth century in 300 pages, and to provide a mix of detail and overview that is informative and provocative. It sets economics up as a fundamentally political activity, and no doubt that is a difficult concept for many. Equally he emphasises the fundamentally contextual nature of economics and challenges the aspirations of the discipline to being a pure science. Well worth reading, even if you disagree!

Fabulous
This is the history book to read for leisure and independent knowledge but not for a school exam. The quality of writing is superb and Galbraith's passion for his subject is so manifest and arresting. Best of all he shows up a lot of the nonsense paraded as facts and orthodox economic theory. Galbraith is the John Keating (Dead Poets Society) kind of teacher who will challenge you to think rather than regurgitate the standard doctrine. What a joy!