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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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The Present as the Future, 1

The Present as the Future, 1

Chapter:
(p.307) Chapter 21 The Present as the Future, 1
Source:
Economics in Perspective
Author(s):

John Kenneth Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171647.003.0021

This chapter examines the low estate to which modern economics has descended or is widely thought to have descended. John Maynard Keynes made the most famous forecast of the future of economics more than half a century ago, in which he concluded that “the economic problem is not—if we look into the future—the permanent problem of the human race.” Keynes's prediction has turned out to be less than accurate. While some of the formerly powerful economic influences are diminishing in the industrial countries, the production of goods is a far less urgent matter than it was. The chapter considers a range of forces that holds economics to the classical tradition and that will continue to do so, including the power of economic interest and the fact that classical economics solves the problem of power in the economy and polity.

Keywords:   economics, John Maynard Keynes, production, classical tradition, classical economics, power, economy, polity

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