James K. Galbraith

Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding...

Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years, yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding...

Acclaimed economist James K. Galbraith sounds an urgent alarm: how conventional economic ideas and policies are unequipped to account for the most daunting challenges of our geopolitical moment. Amid a mounting sense of American decline, Americans live with a new kind of dissonance: economists announcing that everything is fundamentally fine. Where growth is steady, unemployment is low, prices are (somewhat)...