Volume 8, Number 12 · June 29, 1967
Capitalism Without Tears
By Robert L. Heilbroner
The New Industrial State
by John Kenneth Galbraith
Houghton Mifflin, 427 pp., $6.95
John Kenneth Galbraith has not enjoyed the regard of his fellow economists to anything like the degree that he has enjoyed the acclaim of the public. Indeed, to a substantial number of economists, particularly those of the conservative and prestigious 'Chicago school,' his name is very nearly anathema. One of the deans of this school saw fit this winter to write an editorial column for The New York Times, the only purpose of which seemed to be to attack Galbraith. The authors of a recent textbook found it useful to include as a student exercise a quotation from 'an economist serving as American ambassador to India,' instructing the student to 'Explain why every sentence of that quotation—except the third and fourth—is wrong, non-sensical, or irrelevant.' A colleague of mine, discussing a list of books that might be useful for a graduate seminar in Political Economics, simply shrugged off American Capitalism and The Affluent Society as works that serious people could not take seriously.
Review, 2762 words
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