Word: galbraithe
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...young crop of heirs to the great public writer-thinkers like H.L. Mencken and Thorstein Veblen, whose works set directions and standards 60 and 70 years ago. Nor, he notes, have successors emerged for the current senior generation of broad-gauge university scholars like David Riesman, John Kenneth Galbraith and Daniel Bell, with their insights on society and the economy...
Universities have actually grown more inimical to the sort of popular, innovative writings that Galbraith and others produced, contends Jacoby. His examples include the case of Paul Starr, 38, who rose quickly at Harvard, then was denied tenure after winning a 1984 Pulitzer Prize, the first ever awarded a sociologist. Grumbled a former departmental chairman of such popular repute: "If I want to be a free-lance journalist, then I should quit Harvard and go be a free-lance journalist...
This, however, is a minority view, rebutted by an even more broadly based coalition. For example, in hearings before the House Banking Committee last week, economists ranging from the very conservative Martin Feldstein to the very liberal John Kenneth Galbraith wrangled about the size and composition of deficit cuts but not at all about their necessity. In this view, the U.S. has about come to the end of its ability to cover giant budget and trade deficits by borrowing from foreign investors. The stock-market crash served as a warning of what would happen if the foreign capital is ever...
JOHN KENNETH Galbraith tells the story of a drunken student who plunged to his death from a Winthrop House suite in the 1930s. Evidently such incidents are of inordinate concern to Harvard housemasters, who last week took what might be the first step toward bringing back the good-old-days of curfews...
...foreign-trade deficit. That imbalance between exports and imports, which reached a record $170 billion last year, prompts jitters among foreign moneymen, many of whom feel that too much of their trade surpluses are tied up in dollars and U.S. Treasury securities. Says Economist John Kenneth Galbraith: "The danger is that we have accumulated under the Reagan Administration such enormous overseas obligations that these could, if liquidated, create a very, very nasty run on the dollar and also a nasty collapse of the stock market." Adding to the jitters about the dollar is the rising level of U.S. inflation. Last...