Unconventional Wisdom: Essays on Economics in Honor of John Kenneth Galbraith

Samuel Bowles, Editor, Richard C. Edwards, Editor, William G. Shepherd, Editor Houghton Mifflin Harcourt (HMH) $24.95 (348p) ISBN 978-0-395-49179-9
With deregulation and trickle-downism in the ascendancy, economist Galbraith's neo-Keynesian emphasis on wage-price controls, state interventions and democratic accountability in monetary policies is considered passe. This cautious reassessment of his contribution to economics is therefore a welcome antidote to the current trend in economic planning. In one essay, Mary Kaldor, arguing that ``the Cold War no longer works,'' seeks alternatives to high levels of military spending. Wassily Leontief urges a ``second Marshall Plan,'' based on a pragmatic appraisal of Third World countries' developmental needs. Lester Thurow calls for a return to the old-style capitalist-investor to replace today's takeover artist. This festschrift , edited by three Amherst economists and assembled to honor Galbraith's 80th birthday, is a mix of general think-pieces, theoretical analyses and personal tributes. Contributors include George Ball, Robert Lekachman, Paul Samuelson, Herbert Gintis. (Oct.)
Reviewed on: 10/01/1989
Release date: 10/01/1989
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