e-journal

John Kenneth Galbraith: a radical economist?

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Purpose – The paper seeks to answer the question: why is John Kenneth Galbraith a radical
economist? The purpose of this paper is to show how he contributed to the development of economic
theory and how this contribution differs radically from mainstream economics.
Design/methodology/approach – In concentrating on Galbraith’s theory of power – certainly his
most radical contribution to economics – the paper begins to provide an overview of his conceptual
work. This overview includes Galbraith’s theory of consumption, the firm and financial crisis and ends
with his vision for the future. To demonstrate the radical nature of Galbraith’s frameworks, they are
compared to other heterodox economic theories – namely Institutional and Post Keynesian economics
and to a number of randomly chosen standard economics textbook.
Findings – This comparative and interpretive exercise clearly demonstrates links of Galbraithian
with other heterodox economic theories and very little mentioning and uptake of these concepts in
widely used economics textbooks. Galbraith’s ideas do seem to fit in well with Institutional and Post
Keynesian economics, but not with standard economics.
Practical implications – Galbraithian economics is a clear example of a set of heterodox economic
ideas that can be taught probably best as a separate and alternative framework of analysis to the
mainstream. To familiarize students with Galbraith’s economics will certainly strengthen their
analytical abilities and provide them with radically different and particularly useful insights in this
time of financial crisis.
Originality/value – The paper demonstrates the explanatory value of Galbraith’s economics and the
origin of the radical nature of his concepts which lies in his theory of power.

Keywords Economics, Consumer behaviour, Economic doctrines, Economic theory

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Informasi Detail

Judul Seri

International Journal of Social Economics

No. Panggil

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Penerbit

: Emerald Group., 2010

Deskripsi Fisik

International Journal of Social Economics Vol. 37 No. 3, 2010 pp. 179-196

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

EKONOMI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

Versi lain/terkait

Lampiran Berkas

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