WASHINGTON (Reuters) - John Kenneth Galbraith, an influential liberal economist and author of "The Affluent Society," has died at age 97, The New York Times reported on Sunday.
Galbraith, a professor emeritus at Harvard University, died on Saturday at a hospital in Cambridge, Massachusetts, the paper said.
His most famous work, 1958's "The Affluent Society," became a bestseller. In it he argued that the United States had become rich in consumer goods but poor in social services.
British Finance Minister Gordon Brown said Galbraith's work would not be forgotten. "John Kenneth Galbraith was a brilliant economist and writer and a great friend of the United Kingdom and his books will be widely read in generations to come," Brown told Reuters....
You mean Milton Friedman is being ignored? A market economy has done wonders for China, but that hasn't brought democracy to that country, just wealth. But we both agree there is more to life than monetary wealth.
Interesting article. I would have thought that there would be many comments on this one. I would at least have thought there would be dancing in the streets by the supporters of "vodoo" economics.
Of course, he was wrong in many areas. He supported Kennedy. A person who wouldn't even be fit to be on the Boston city council. Kennedy's stupid handling of the Cuban Missle Crisis, and the spin put on it, was one of the things to that led to the Vietnam War. Everyone was angry that Kruschev was able to slip in a Communist government and Russsian troops 90 miles from the U.S. coast. Yeltsin did the same thing to Clinton slipping troops into Kosovena (sp?), but then that was only an airport and not a whole country.
So, Galbraith had his feet planted firmly in the air on many occasions.