James Galbraith

James K. Galbraith is the Lloyd M. Bentsen Jr. Chair in government-business relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, a senior scholar of the Levy Economics Institute, and chair of the Board of Economists for Peace and Security. His most recent book is Unbearable Cost: Bush, Greenspan and the Economics of Empire.

Recent Articles

The Money Artist

Lawrence Weschler's Boggs: A Comedy Of Values


12.02.99 | reviewed by James K. Galbraith

Modern economists make bad historians, as a rule. The problem is that a simple-minded metaphor—supply and demand—with its deep yet subtle political commitment to laissez-faire, controls their thought. The market is supposed to rule. Therefore it does. Whatever happened, the market did it. Even when it did not.

A New Picture of The American Economy

We have long supposed and have been frequently told that America's economic troubles stem from our declining productivity growth. Yet the basis for this belief is now eroding. Early in 1991 we learned that during the 1980s our manufacturing productivity grew at 3.6 per cent per year, an "unbelievable revival" in the words of The New York Times. And this revival is as mysterious, as opaque to economic science, as the decline that it seems to have superseded. If the gloomy consensus is now giving way, it is certainly not to optimism, but to confusion.

How to Win Elections: Integrity as a Political Ploy

In recent elections, those for the presidency in particular, it will be agreed, however sadly, liberals have not been doing very well. Identified as we are (and as we must be) with the Democratic Party, we have now had three resounding defeats in a row. And even before that the achievement was not brilliant: Jimmy Carter, to the extent that he could then be described as a liberal, owed much of his initial success to the Republican devastation resulting from Nixon, Spiro Agnew, and Watergate. And before Carter there were George McGovern and Hubert Humphrey.

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