Why Didnt Galbraith Convince Us That America Is an Affluent Society?
By Robert M. Whaples
Readers bought enough copies of John Kenneth Galbraiths The Affluent Society (1958) to make it a bestseller, but they didnt buy its claim that America had become so rich that people would derive no extra utility from consuming more goods and services. Although subsequent research suggests that continued economic growth and rising consumption do bring us smaller and smaller gains in well-being, Galbraiths argument that government should control any surplus balance is paper thin.
|Other Independent Review articles by Robert M. Whaples|
|Summer 2021||Aquinas and the Market:Toward a Humane Economy|
|Summer 2021||Adapting to Climate Change: Markets and the Management of an Uncertain Future; Adapt and Be Adept: Market Responses to Climate Change|
|Summer 2021||The Spirit of Green:The Economics of Collisions and Contagions in a Crowded World|
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