Circle 011: John Kenneth Galbraith, U.S. and the Economy, March 20, 1978

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As Spring came in 1978, Harvard economist John Kenneth Galbraith told the New England Circle that John Maynard Keynes and his theorems have become somewhat binding on the Carter Administration's economic advisers.

Galbraith said it's time to go beyond Keynes, to intervene more, to work out an income policy that will prevent situations like the coal strike.

Economists, he noted, can go home to their academic or other jobs when their time of presidential advice is through. Presidents, however, are often re-elected or not on the basis of such advice and on the way the economy is operating.

Often satirical, often humorous, Galbraith also supported New Englander G. William Miller's stand on the need for consumer taxes on gasoline overuse.

Among all kinds of points, the man from across the Charles almost made the Federal Reserve System look progressive - a consummation devoutly to be wished and something that Miller will really have to work long and hard to accomplish.

Industrial development? States do and can do next to nothing in that area. What happens in development is decided in Washington.

by Frank Sleeper (Business Editor, Portland Press Herald, Portland, ME)


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