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|
|Spring 2020||Reconsidering the Classics of Political Economy|
|Spring 2020||Economics in the Time of COVID-19|
|Spring 2020||Debunking Howard Zinn:Exposing the Fake History That Turned a Generation against America|
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