From Galbraith to Krugman and back: Galbraith, Krugman and 'Good Economics'

Duhs, L. A. (2008). From Galbraith to Krugman and back: Galbraith, Krugman and 'Good Economics'. Discussion Paper Series Discussion Paper No. 369, School of Economics, The University of Queensland.

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Author Duhs, L. A.
Title From Galbraith to Krugman and back: Galbraith, Krugman and 'Good Economics'
School, Department or Centre School of Economics
Institution The University of Queensland
Series Discussion Paper Series
Report Number Discussion Paper No. 369
Publication date 2008-06
Publisher The University of Queensland, School of Economics
Start page 1
End page 25
Total pages 25
Language eng
Subject 340100 Economic Theory
340302 History of Economic Thought
Abstract/Summary J.K. Galbraith's heyday was in the 1950s-70s. He was one of the most cited economists of his time, and attracted much praise and blame. In 1994, Krugman was a caustic critic and dismissed Galbraith's influence as a victory of style over substance. He castigated Galbraith as but “a policy entrepreneur”, yet by 2004, Krugman appeared to have undergone a striking metamorphosis, and his New York Times columns (2000-2006) conspicuously echo Galbraith’s understanding of socio-economic issues. This newer Krugman questions consumer sovereignty, bemoans the power of producers, questions the uses to which State power is put, worries about a medical-industrial complex, and laments the hijacking of public policy by private interests. Is this new Krugman merely a journalist, who has left scientific economics behind, or has he 'seen the light' as to what really constitutes ‘good economics’ and a more holistic scientific procedure?
Keyword John Kenneth Galbraith
Paul Krugman
social economics
political economy
scientific method

Document type: Working Paper
Collection: Discussion Papers (School of Economics)
 
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