Galbraith and Keynes
1 May 2006
Editor, The Washington Post
1150 15th St., NW
Washington, DC 20071
Dear Editor:
You're correct that the late John Kenneth Galbraith "was generally considered to have been an apostle of the theories advanced by British economist John Maynard Keynes" ("John Kenneth Galbraith; Popularized Modern Economics," May 1). But a fundamental difference separated these two men from each other. Unlike Galbraith, who long advocated wage and price controls, Keynes always understood such regulations to be both economically asinine and a symptom of tyranny.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Washington Post
1150 15th St., NW
Washington, DC 20071
Dear Editor:
You're correct that the late John Kenneth Galbraith "was generally considered to have been an apostle of the theories advanced by British economist John Maynard Keynes" ("John Kenneth Galbraith; Popularized Modern Economics," May 1). But a fundamental difference separated these two men from each other. Unlike Galbraith, who long advocated wage and price controls, Keynes always understood such regulations to be both economically asinine and a symptom of tyranny.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Friday February 16, 2007 at 5:07pm