Entries by Academic Web Pages

James K. Galbraith, “Dismal Economics, Revolt of the General Theory,” Project Syndicate

The defeat and suppression of the classical perspective – with its evolutionary, institutionalist, and developmental descendants – cleared the way for a dogmatic economics that exalted self-regulating competitive markets. Not incidentally, the new hegemony lent itself to the view that governments should intervene only to remove institutional rigidities – monopolies, trade unions, managed prices, food […]