Brown on Galbraith

Gordon Brown was quite effusive, for him, over the sad (though at ninety seven one could never say untimely) passing of John Kenneth Galbraith.

Maybe he should read "Money: Whence it came, where it went".

If Galbraith did one thing, I would say it was to challenge the idea that economists have some monopoly on wisdom that ordinary folk were excluded from. Rather, he claimed, they made up rules and complex models deliberately to obfuscate logic so that even the best educated who were not in their little club would accept their dictums unquestioned.

Too bad Gordon Brown didn't seem to pick that up in the advice JK gave him.

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Comments


to challenge the idea that economists have some monopoly on wisdom that ordinary folk were excluded from.


Its interesting you say that about an economist from the left who favoured government intervention which carries the implication that a minority knows best.

Milton Friedman, F.A. Hayek and Ludwig von Mises all taught us the lesson that a few does not know best and that ordinary people are best judged to make the best decisions about their lives.

I will admit that watching that Tory, Tory, Tory" series on BBC a few weeks back I was indeed impressed by the way the IEA etc did try to promote and educate the public in the economic bases behind the monetarist theory, and that was a good thing.

And I don't dispute that JK's interventionist ideas versus the consumer power of the free market do not fit with my argument.

But there is still far too much mystery behind economics. And the monetarists and free marketeers are just as responsible for that.

But I chose "Maney: Whence it came, where it went" specifically as it was not so much about his own ideas, but showing, through the history of something as seemingly permanent as money, how economic ideas have changed according to needs and busts the myth that there is one grand unified theory that can answer all human needs in eternity.

And we do need to ask ourselves from time to time whether the current rules are still so valid."

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