Monday, May 01, 2006

John Kenneth Galbraight just died

Economist of importance. Became famous with his bestsellers "The Great Crash" (1929) and especially "The Affluent Society" (1958). One of the arguments in The Affluent Story was that the United States had become rich in consumer goods but poor in social services. Galbraight had the gift to explain complex economical theories in a simple language understandable for 'the men in the street'. He became professor at Harvard University. He often described himself as an "evangelical Keynesian" (Keynes advocated government spending to reduce unemployment) . Galbraight supported a much shorter work week, the women's liberation movement and the creation of an international council to help the victims of man-made disasters.
Some quotes:
(commenting on the Dow Jones Industrial Average's breaking the 6,500 mark he said:) "There is too much money chasing too little intelligence to manage it. It can't last."
(In an interview with the BBC:)
"There are some advantages of being right. You don't have to change your mind."

He died last Saturday 20-04-2006 at a hospital in Cambridge, Massachusetts. He was 97.