John Kenneth Galbraith (born October 15, 1908) is a prominent Canadian-American economist. The author of many books and articles, he has been on the faculty of Harvard University since 1949. From 1961 to 1963, he served as Ambassador to India. Galbraith is considered something of an iconoclast among North American economists; an "old-fashioned" Keynesian with progressive values and a gift for writing accessible, popular books on economic topics in which he describes ways in which economic theory does not always mesh with real life.
Life
Galbraith was born in Iona Station, Ontario. He graduated from the Ontario Agricultural College (now University of Guelph) and then got an M.S. and Ph.D. from the University of California at Berkeley.
During World War II, Galbraith served as deputy head of the Office of Price Administration. At the end of the war, he was asked to carry out a survey of US and allied strategic bombing, and concluded that it served no use and did not shorten the war. After the war, he became an advisor to post-war administrations in Germany and Japan.
In 1949, Galbraith was appointed professor of economics at Harvard University. He also served as editor of Fortune.In American Capitalism: The concept of countervailing power, a seminal work published in 1952, Galbraith outlines how the American economy in the future would be managed by a triumvirate of big business, big labour, and an activist government. He contrasted this with the previous pre-depression era where big business had free rein over the economy.
In another work, The Affluent Society, which became a bestseller, Galbraith outlines his view that to be successful the United States would need to make large public investments in items such as highways and education. In this work, he says, he coined the phrase "conventional wisdom." In The New Industrial State (1967), he argues that very few industries in the United States fit the model of perfect competition.
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