JOHN KENNETH GALBRAITH (1908-2006): AN APPRECIATION
by Ted Schmidt
The late economist was one of the great public intellectuals of the twentieth century. His lifelong embrace and support of Keynesian economics made him unique in that sometimes rarified world. His rigorous and logical demystification of the dominant neoclassical economics enabled millions to participate in national dialogues about the end and purpose of a somewhat arcane discipline. In many ways he shared many of the presuppositions of Catholic Social Teaching (CST).
Galbraith will be remembered and read when most of us Nobel laureates will be buried in footnotes down in dusty library stacks.
Only active intervention by the state would keep the economy at or near full unemployment and ensure its steady growth.
John Kenneth Galbraith 1973
The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
The economy is doing well but not the people.
Emilio Medici, Head of State in Brazil 1971
Capitalism stripped of its religious and ethical meaning tends to become associated with purely mundane passions "specialists without spirit, sensualists without heart."