Word: galbraith
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Dates: during 1950-1959
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Professor Arthur Smithies, who said that monetary policy was "possibly in danger of being crushed by the Harris-Galbraith steamroller," nevertheless agreed with Professor Harris that a rapid introduction of long-run spending programs and more liberal unemployment measures were urgently needed...
This petition has been widely circulated among the Faculty, and some of its many signers include Morton G. White, professor of Philosophy; Arthur M. Schlesinger, Jr. '38, professor of History; Robert G. McCloskey, associate professor of Government; David E. Owen, professor of History, and John Kenneth Galbraith, professor of Economics...
Harvard Economics Professor JOHN KENNETH GALBRAITH...
...Depression spread westward. Economists more reputable than the President not only claim they will not know the exact causes of the recession until the statistics are all in, but they have almost to the man refrained from predicting the date when the economy will return to normalcy. As Professor Galbraith of Harvard observed recently, "Generals, at least in the past, did not plan campaigns on the assumption that the enemy would conveniently disappear...
...There has been little modern evidence to support either the effectiveness or the wisdom of the monetary policy," they said. Galbraith and Harris, in their list of four objections to the policy, called it "costly, ineffective, and dangerous," and said that "it discriminates as between the small and weak borrower and the great corporation...