On the methodology and political economy of Galbraithian economics

Gérard Gäfgen

No 49, Discussion Papers, Series I from University of Konstanz, Department of Economics

Abstract: The paper analyzes J. K. Galbraith's new vision of the economic system of the U.S.A., seen as an example of popular institutionalist thinking. Such a critique seems important because of Galbraith's claim to a closed and complete doctrine ana because of the growing influence of his vulgarized economics. An examination of his methods discovers deficiencies of the systemic approach, obscurities in concept formation, arbitrary formulations of behavioral theories, purely persusive modes of argumentation and techniques of immunization against contrary evidence. An analysis of his system of political economy shows that it lacks a genuine theory of the state and a truly consistent explanation of inequalities of power. So his programme of reforms and of measures of economic policy rests upon rather weak methodological and theoretical foundations.

Date: 1974
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