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Critique on "The Affluent Society"
Pages 5 (1255 words)
John Kenneth Galbraith was born on October 1908. He was a very successful economist and wrote many articles along with quite a many best seller books. He was born in Canada and thus is known as a Canadian American Economist. By nature he was a Keynesian that is he aimed for a stronger public sector rather than a private sector…
For that purpose he gave an idea in his book "the Affluent Society". This book became a best seller as it highlighted the back draws of lesser public goods such as highways and education.
In this book Galbraith highlighted an important term 'Conventional Wisdom'. This is cited in the 2nd chapter of the book. Conventional wisdom means something that is accepted generally by the public. Conventional wisdom is said to be what the public generally believes will prop development and in economic theory these are well defined in the new growth theory that is somewhat like keeping budget deficits small, keeping a easy to collect tax base, keeping inflation low and spending more on public goods rather than private goods. Inflation has a high impact on almost every sector of the economy. Its awareness is considered very important when it comes to general public and the system should be educated enough to deal with this threat. However inflation is regarded as the best tool for expansion ONLY if it is CONTROLLED.
Inflation is the general increase in the price level. It can also be defined as a persistent or continuous rise in the general price level or in other words it can be presumed as an unrelenting or gradual fall in the value of money. Inflation refers to the change in the general level of prices. ...
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