Word: galbraith
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This acceptance of man's--and Galbraith's--flawed nature may have allowed such enthusaistic indulgence in the good life by a man committed to the concept of equality. Perhaps, he might concede, the lifestyle and the politics are a little inconsistent, but what good would living the ascetic life have done him or anyone else? He, not to mention his family and friends, are clearly better off with the farm in Vermont and the chalet in Gstaad. So Galbraith must see, and perhaps even relish, the irony of a sentence like the following from his memoirs: "In the next...
...recognition of the man's fallen state has found its way into his work as well. The work of the classical economists, against whom Galbraith has labored long, is based on the Smithean premise that the cupidity of each man will contribute to the greater good of all. Now this assumption, as handy as it might be for the world's voracious strivers, presents a considerable affront to those who think greed is a bad thing, among whom, I suspect, is Galbraith. So while Adam Smith and his spirtual heirs, from Alfred Marshall to Milton Friedman to Arthur Laffer, contorted...
...Galbraith elaborated on these ideas in The New Industrial State where he pointed out the obvious facts (obvious to him) at least that many of America's largest companies operated in great measure outside the supposedly "free" market and that they could exercise great power over prices, costs, technology, and consumer taste, while influencing government policy greatly. Galbraith defines a common purpose of people whose interests do not coincide with those of the corporations, who have needed large and powerful advocates also...
...bedrock of the Galbraithian economic vision is common sense: when something is wrong, make it right. Do not try to pretend that it is right. It has been about 73 years since Galbraith was born on his father's Ontario farm, but its marks on him can never be erased by time. His garb is now strictly Ivy League Professorial, yet, in repose, his thumbs seem naturally to stray to his lapels, in the classic farming pose. The wrists, dangling from his famed and still awesome longitude, still seem unnaturally powerful for one who has made a living with...
John Kenneth Galbraith describes a return visit to his alma mater, the Ontario Agricultural College, about 30 years after his graduation to receive the first honorary degree the university had ever bestowed. A former professor recognized the returning honoree, stopped, shook hands, and said 'I see by the newspapers, Galbraith, that they are awarding you one of those honorary degrees...