John Kenneth Galbraith Written Profile - 827 Words

Jillian Baggao Marsha Economics John Kenneth Galbraith - Written Profile John Kenneth Galbraith known as the most influential economists in the 20th century who wrote many bestselling books regarding economics, but also wrote books about art history, memoirs and novels. Galbraith was born in Canada and moved to the United States in the 1930s. He earned his Ph.D. in Agricultural Economics at the University of California in Berkeley One of his major bestselling economic books, â€Å"The Affluent Society† written in 1958 deconstructs, and conveys how World War II affected the private and public sector and presses on the unacceptable gap between them. Gallibrath examines many economic topics throughout â€Å"The Affluent Society† including production, consumption, inflation, social balance and introduces many new theories and ideas to audience in the past. Firstly, a key phrase John Galbraith uses frequently is â€Å"conventional wisdom† which is now used for a variety things (unrelated to economics), defined as a set of ideas familiar to all, widely accepted and is no longer relevant. Galbraith explains that the conventional wisdom is based on nineteenth century, outdated, economic conditions in regards to a time of poverty where the production of goods was necessary and therefore is not applicable to the 20th century economy in America. His approach guides us through changing conditions and identifies the need to change our ideas to accommodate new situations. For example, phrases suchShow MoreRelatedThe Simulation Project3665 Words   |  15 Pagesdifferent from the US legal system (Doing Business in Costa Rica: 2012 Country Commercial Guide for U.S. Companies, 2012). The ways the laws are written is how they are applied and there is little to no room left for interpretation by anyone regarding the laws. 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