When John Kenneth Galbraith passed away on April 29, 2006, the
economics profession lost one of its true giants. And this is not
just because Galbraith was an imposing figure at 6 feet, 9 inches
tall. Throughout his life, Galbraith advised Presidents, made
important professional contributions to the discipline of
economics, and also tried to explain economic ideas to the general
public. This volume pays tribute to Galbraith's life and career by
explaining some of his major contributions to the canon of economic
ideas. The papers describe the series of unique contributions that
Galbraith made in many different areas. He was a founder of the
Post Keynesian view of money, and a proponent of the Post Keynesian
view that price controls were necessary to deal with the problem of
inflation in a modern economy where large firms already control
prices and prices are not determined by the market. He promulgated
the view that firms manipulate individual preferences and tastes,
through advertising and other means of persuasion, and he drew out
the economic implications of this view. He was a student of
financial frauds and euphoria, and a forerunner of the Post
Keynesian/Minskean view of finance and how financial markets really
work. This book was published as a special issue of the Review of
Political Economy.
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