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FROM GALBRAITH TO KRUGMAN AND BACK Galbraith, Krugman and 'Good Economics'

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Abstract

J.K. Galbraith's heyday was in the 1950s-70s. He was one of the most cited economists of his time, and attracted much praise and blame. In 1994, Krugman was a caustic critic and dismissed Galbraith's influence as a victory of style over substance. He castigated Galbraith as but �a policy entrepreneur�, yet by 2004, Krugman appeared to have undergone a striking metamorphosis, and his New York Times columns (2000-2006) conspicuously echo Galbraith�s understanding of socio-economic issues. This newer Krugman questions consumer sovereignty, bemoans the power of producers, questions the uses to which State power is put, worries about a medical-industrial complex, and laments the hijacking of public policy by private interests. Is this new Krugman merely a journalist, who has left scientific economics behind, or has he 'seen the light' as to what really constitutes 'good economics' and a more holistic scientific procedure?

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  • L.A. Duhs, 2008. "FROM GALBRAITH TO KRUGMAN AND BACK Galbraith, Krugman and 'Good Economics'," Discussion Papers Series 369, School of Economics, University of Queensland, Australia.
    • Handle: RePEc:qld:uq2004:369
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    File URL: https://economics.uq.edu.au/files/44592/369.pdf
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    1. Galbraith, John Kenneth, 1970. "Economics as a System of Belief," American Economic Review, American Economic Association, vol. 60(2), pages 469-478, May.
    2. Galbraith, John Kenneth, 1973. "Power and the Useful Economist," American Economic Review, American Economic Association, vol. 63(1), pages 1-11, March.
    3. William Breit, 1984. "Galbraith and Friedman: Two Versions of Economic Reality," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 18-29, September.
    4. Warren J. Samuels, 1984. "Galbraith on Economics as a System of Professional Belief," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(1), pages 61-76, September.
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