Economy and Development

John Kenneth Galbraith’s Epistemological Themes
By Eric Thosun Mandrara

Without denying the importance of specialization, the epistemological analysis sustaining J.K. Galbraith’s demonstrations in The New Industrial State shows the need to break down the divisions that characterize economics and to observe the facts in their complete relationships. This approach allows us to demonstrate the hidden dominance of a classic theory and to come back to more important economic debates, namely those that pitted Adam Smith and the Mercantilists and that centered on the basic representation of the commercial economy. The real economy is both commercial and anarchic. However, decision makers have the opposite view in mind: massive, badly managed money creation, leads to all sorts of economic diseases, which primarily affect the weakest parts of society.


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