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That economics has a considerable conceptual apparatus with an appropriate terminology can not be a serious ground for complaint. Economic phenomena, ideas, instruments of analysis exist. They require names. Education in economics is, in considerable measure, an introduction to this terminology and to the ideas that it denotes. Anyone who has difficulties with the ideas should complete his education or, following an exceedingly well-beaten path, leave the subject alone. It is sometimes said that the economist has a special obligation to make himself understood because his subject is of such great and popular importance. By this rule the nuclear physicist would have to speak in monosyllables.


John Kenneth Galbraith


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His work included several best selling works throughout the fifties and sixties. He further believed that market power played a major role in inflation and argued that corporations and trade unions could only increase prices to the extent that their market power allowed them to. The growing concern focused on the role of the corporation in politics the damage done to the natural environment by an unmitigated commitment to economic growth and the perversion of advertising and other pecuniary aspects of culture.

Galbraith was active in Democratic Party politics serving in the administrations of Franklin D. Galbraith was a prolific author who produced four dozen books and over a thousand articles on various subjects. Truman John F.

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