PRICES, ADVERTISING, AND POWER

E Ray Canterbery

Chapter 9 in Inequality and Global Supra-surplus Capitalism, 2018, pp 137-149 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Most economists would agree that Veblen’s logical successor is John Kenneth Galbraith. Though Galbraith was a best-selling author, he is not mainstream among professional economists. Thorstein Veblen’s influence on Galbraith’s demand theory is most visible in The Affluent Society. Galbraith’s “conventional wisdom,” an established set of ideas used to explain the world and how it operates, providing stability, cohesion, meaning, and predictability in a highly complex environment parallels Veblen’s “vested interests.” Since, by its nature, the conventional wisdom denies a change in the environment, it always and everywhere lags behind the times. This “inertia and resistance” comprise Veblen’s institutional lag.

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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