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John Kenneth Galbraith

Economics and the Public Purpose

"Economics and the Public Purpose" by John Kenneth Galbraith is a seminal work that challenges the conventional wisdom of mainstream economics. Published in 1973, the book offers a powerful critique of the dominant economic theories of the time and provides a compelling alternative vision for the role of economics in society. Galbraith argues that the traditional focus of economics on individual self-interest and market efficiency has led to a narrow and misguided view of the economy. He contends that the economy is not simply a collection of independent actors, but rather a complex system shaped by social and political forces. As such, he believes that economics must take into account the broader goals of society, including the pursuit of equality, justice, and the public interest. The book is divided into three parts. The first part provides a critique of mainstream economics, highlighting its limitations and biases. Galbraith argues that the dominant economic theories are based on a flawed understanding of human behavior and fail to account for the role of power and institutions in shaping the economy. The second part of the book offers an alternative vision for economics, one that is grounded in a more realistic understanding of human behavior and social institutions. Galbraith proposes a new approach to economics that emphasizes the importance of collective action, public investment, and democratic decision-making. The third part of the book explores the implications of this alternative approach for policy-making. Galbraith argues that a more democratic and socially-oriented approach to economics would require a fundamental rethinking of economic policy, including a greater emphasis on public investment, regulation, and redistribution. Throughout the book, Galbraith draws on a wide range of examples and case studies to illustrate his arguments. He provides a detailed analysis of the role of corporations, unions, and government in shaping the economy, and offers a powerful critique of the dominant economic ideologies of the time. In conclusion, "Economics and the Public Purpose" is a groundbreaking work that challenges the dominant paradigm of mainstream economics. Galbraith's alternative vision for economics, grounded in a more realistic understanding of human behavior and social institutions, remains as relevant today as it was when the book was first published. This book is a must-read for anyone interested in understanding the role of economics in society and the possibilities for creating a more just and equitable economy...