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This 5-page paper focuses on some of the philosophies of economist John Kenneth Galbraith, including the ideas that government, technology and labor movements have an impact on a capitalistic microeconomy. Bibliography lists 5 sources.
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5 pages (~225 words per page)
File: D0_MTjkgalb.rtf
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economic thought and idea into the 21st century. His theories and philosophies have basically noted that government regulations, combined with technology and labor, have tended to alter a typically capitalistic
economy. In other words, economic is driven mainly by market forces; i.e., supply and demand - and that the market forces do
their best to ensure that economy is in equilibrium (i.e., supply = demand or comes very close). But this is the case of a pure economy (and there is no
such thing as a pure economy). Galbraith has noted that adding factors such as labor (which drives demand for wages up or down), government (which introduces fiscal policies, good and
bad for the economy) and technology (which tends to alter everything from how currency is traded to how businesses in the so-called "new economy" are set up) all have an
impact on capitalism and pure economics. Born in Canada, Galbraiths first big seller was his 1958 publication of Affluent Society, followed by
The New Industrial State, published in 1967 (Landry, 1998). In this book, Galbraith introduced some rather interesting ideas, namely that five or six hundred companies pretty much ran everything, as
did the so-called "technostructure" - the idea that technology can have an impact on the economy (Landry, 1998). Furthermore, in The New
Industrial State, Galbraith postulated that the "technostructure" was, in fact, a collection of professional managers who were adept at manipulating supply and demand, mainly by helping to create artificial consumer
desires (Pal, 2000). Meanwhile, The Affluent Society focused on contrasting "public squalor" with "private affluence," indicating that the way to make these
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