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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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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 16 September 2021

The Present as the Future, 2

The Present as the Future, 2

Chapter:
(p.318) Chapter 22 The Present as the Future, 2
Source:
Economics in Perspective
Author(s):

John Kenneth Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171647.003.0022

This chapter examines various developments in economics that are part of the present and will contend against the neoclassical tradition for recognition in the future. Industrial countries, including the United States, have already become deeply concerned with the economic ideas and more especially their practice in Japan. The chapter considers some of the lessons to come and that are coming from Japan, such as the industry–government cooperation and investment in human capital, It also discusses a number of ways to escape market discipline and deal with competition, including a return to tariff protection, and how the distinction between microeconomics and macroeconomics will blur and disappear due to factors such as the dynamic of prices and wages as a determinant of both inflation and unemployment. Finally, it comments on the future of domestic monetary and fiscal policy in relation to a nation's international position.

Keywords:   economics, neoclassical tradition, Japan, competition, tariff protection, microeconomics, macroeconomics, prices, unemployment, fiscal policy

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