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The Affluent Society
''The Affluent Society'' is a 1958 (4th edition revised 1984) book by Harvard economist John Kenneth Galbraith. The book sought to clearly outline the manner in which the post–World War II United States was becoming wealthy in the private sector but remained poor in the public sector, lacking social and physical infrastructure, and perpetuating income disparities. The book sparked much public discussion at the time. It is also credited with popularizing the term "conventional wisdom". Many of the ideas presented were later expanded and refined in Galbraith's 1967 book, ''The New Industrial State''. Former U.S. Secretary of Labor Robert Reich called it his favorite on the subject of economics. The Modern Library placed the book at no. 46 on its list of the top 100 English-language non-fiction books of the 20th century. Themes * The "central tradition" in economics, created by Adam Smith and expanded by David Ricardo and Thomas Robert Malthus in the late eighteenth and early ...
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John Kenneth Galbraith
John Kenneth Galbraith (October 15, 1908 – April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual. His books on economic topics were bestsellers from the 1950s through the 2000s. As an economist, he leaned toward post-Keynesian economics from an institutional economics, institutionalist perspective. He served as the deputy director of the powerful Office of Price Administration (OPA) during World War II in charge of stabilizing all prices, wages and rents in the American economy, to combat the threat of inflation and hoarding during a time of shortages and rationing, a task which was successfully accomplished. Galbraith was a long-time Harvard faculty member and stayed with Harvard University for half a century as a professor of economics. He was a prolific author and wrote four dozen books, including several novels, and published more than a thousand articles and essays on various subjects. Among his works ...
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Gross Domestic Product
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the world's most powerful statistical indicator of national development and progress. The GDP can be divided by the total population to obtain the average GDP per capita. Total GDP can also be broken down into the contribution of each industry or sector of the economy. Nominal GDP is useful when comparing national economies on the international market according to the exchange rate. To compare economies over time inflation can be adjus ...
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1950s In The United States
Year 195 ( CXCV) was a common year starting on Wednesday of the Julian calendar. At the time, it was known in Rome as the Year of the Consulship of Scrapula and Clemens (or, less frequently, year 948 ''Ab urbe condita''). The denomination 195 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Emperor Septimius Severus has the Roman Senate deify the previous emperor Commodus, in an attempt to gain favor with the family of Marcus Aurelius. * King Vologases V and other eastern princes support the claims of Pescennius Niger. The Roman province of Mesopotamia rises in revolt with Parthian support. Severus marches to Mesopotamia to battle the Parthians. * The Roman province of Syria is divided and the role of Antioch is diminished. The Romans annex the Syrian cities of Edessa and Nisibis. Severus re-establishes his headquarters and the colonies th ...
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1940s In The United States
Year 194 ( CXCIV) was a common year starting on Tuesday of the Julian calendar. At the time, it was known as the Year of the Consulship of Septimius and Septimius (or, less frequently, year 947 ''Ab urbe condita''). The denomination 194 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Decimus Clodius Septimius Albinus Caesar became a Roman Consul. * Battle of Issus: Septimius Severus marches with his army (12 legions) to Cilicia, and defeats Pescennius Niger, Roman governor of Syria. Pescennius retreats to Antioch, and is executed by Severus' troops. * Septimius Severus besieges Byzantium (194–196); the city walls suffer extensive damage. Asia * Battle of Yan Province: Warlords Cao Cao and Lü Bu fight for control over Yan Province; the battle lasts for over 100 days. * First year of the ''Xingping'' era during the Han Dynasty in C ...
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Books By John Kenneth Galbraith
A book is a structured presentation of recorded information, primarily verbal and graphical, through a medium. Originally physical, electronic books and audiobooks are now existent. Physical books are objects that contain printed material, mostly of writing and images. Modern books are typically composed of many pages bound together and protected by a cover, what is known as the ''codex'' format; older formats include the scroll and the tablet. As a conceptual object, a ''book'' often refers to a written work of substantial length by one or more authors, which may also be distributed digitally as an electronic book (ebook). These kinds of works can be broadly classified into fiction (containing invented content, often narratives) and non-fiction (containing content intended as factual truth). But a physical book may not contain a written work: for example, it may contain ''only'' drawings, engravings, photographs, sheet music, puzzles, or removable content like paper dolls ...
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1958 In Economic History
Events January * January 1 – The European Economic Community (EEC) comes into being. * January 3 – The West Indies Federation is formed. * January 4 ** Edmund Hillary's Commonwealth Trans-Antarctic Expedition completes the third overland journey to the South Pole, the first to use powered vehicles. ** Sputnik 1 (launched on October 4, 1957) falls towards Earth from its orbit and burns up. * January 13 – Battle of Edchera: The Moroccan Army of Liberation ambushes a Spanish patrol. * January 27 – A Soviet-American executive agreement on cultural, educational and scientific exchanges, also known as the "Lacy-Zarubin Agreement, Lacy–Zarubin Agreement", is signed in Washington, D.C. February * February 1 – Egypt and Syria unite to form the United Arab Republic. * February 2 – The ''Falcons'' aerobatic team of the Pakistan Air Force led by Wg Cdr Zafar Masud (air commodore), Mitty Masud set a World record loop, world record performing a 16 aircraft diamon ...
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Original Affluent Society
The "original affluent society" is the proposition that argues that the lives of hunter-gatherers can be seen as embedding a sufficient degree of material comfort and security to be considered affluent. The theory was first put forward in a paper presented by Marshall Sahlins at a famous symposium in 1966 entitled 'Man the Hunter'. Sahlins observes that affluence is the satisfaction of wants, "which may be 'easily satisfied' either by producing much or desiring little." Given a culture characterized by limited wants, Sahlins argued that hunter-gatherers were able to live 'affluently' through the relatively easy satisfaction of their material needs. At the time of the symposium new research by anthropologists, such as Richard B. Lee's work on the ǃKung people of southern Africa, challenged popular notions that hunter-gatherer societies were always near the brink of starvation and continuously engaged in a struggle for survival. Sahlins gathered the data from these studies and use ...
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Hunter-gatherer
A hunter-gatherer or forager is a human living in a community, or according to an ancestrally derived Lifestyle, lifestyle, in which most or all food is obtained by foraging, that is, by gathering food from local naturally occurring sources, especially wild edible plants but also insects, Fungus, fungi, Honey hunting, honey, Eggs as food, bird eggs, or anything safe to eat, or by hunting game (pursuing or trapping and killing Wildlife, wild animals, including Fishing, catching fish). This is a common practice among most vertebrates that are omnivores. Hunter-gatherer Society, societies stand in contrast to the more Sedentism, sedentary Agrarian society, agricultural societies, which rely mainly on cultivating crops and raising domesticated animals for food production, although the boundaries between the two ways of living are not completely distinct. Hunting and gathering was humanity's original and most enduring successful Competition (biology), competitive adaptation in the nat ...
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Marshall Sahlins
Marshall David Sahlins ( ; December 27, 1930April 5, 2021) was an American cultural anthropologist best known for his ethnographic work in the Pacific and for his contributions to anthropological theory. He was the Charles F. Grey Distinguished Service Professor Emeritus of Anthropology and of Social Sciences at the University of Chicago.Moore, Jerry D. 2009. "Marshall Sahlins: Culture Matters" in ''Visions of Culture: an Introduction to Anthropological Theories and Theorists'', Walnut Creek, California: Altamira, pp. 365-385. Biography Sahlins was born in Chicago, the son of Bertha (Skud) and Paul A. Sahlins. His parents were Russian Jewish immigrants. His father was a doctor while his mother was a homemaker. He grew up in a secular, non-practicing family. His family claims to be descended from Baal Shem Tov, a mystical rabbi considered to be the founder of Hasidic Judaism. Sahlins' mother admired Emma Goldman and was a political activist as a child in Russia. Sahlins receive ...
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History Of Economic Thought
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, Thomas Aquinas argued that it was a Morality, moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of Philosophy and economics, philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Ancient economic thought (before 500 AD) Ancient Greece Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of ...
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New Class
New class is a polemic term by critics of countries that followed the Soviet-type state socialism to describe the privileged ruling class of bureaucrats and Communist party functionaries which arose in these states. Generally, the group known in the Soviet Union as the nomenklatura conforms to the theory of the new class. The term was earlier applied to other emerging strata of the society. Milovan Đilas' new-class theory was also used extensively by anti-communist commentators in the Western world in their criticism of the Communist states during the Cold War. "Red bourgeoisie" is a pejorative synonym for the term new class, crafted by leftist critics and movements like the 1968 student demonstrations in Belgrade. New class is also used as a term in late 1960s post-industrial sociology. Milovan Đilas' analysis A theory of the new class was developed by Milovan Đilas the Vice President of the Federal People's Republic of Yugoslavia under Josip Broz Tito, who particip ...
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