John Kenneth Galbraith passes away

He was 97 years old.  Here are a few blogger reactions.  Here is a lengthy New York Times obituary.  Here is an earlier Brad DeLong review.

His analytic legacy? He much overrated corporate power.  But he kept alive the notion that the exercise of consumer demand and consumer sovereignty do not alone guarantee a good outcome.  The market failures of the past were when consumers did not get what they want.  The market failures of the future will come when consumers do get what they want.  We can expect to see an intensifying arms race: suppliers will attempt to persuade people and grab their attention; the meta-rational parts of consumers will build up preemptive defenses.


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