John

John Kenneth Galbraith

I have some difficulty with both the argument and the organization of Professor Hawkins’s paper, but they do not too seriously obscure either his point or his problem. His point is that performance in the mature industrial economy, even when overall macroeconomic policy is right, is far from optimal. His problem is that this must be corrected by deliberate planning and policy by the government. As one comes to the latter conclusion one can all but see the beads of perspiration on the author’s forehead: What an appalling proposition to have to sell to one’s fellow conservatives! What damage it could do to one’s credentials in the faith! I have substantial sympathy for Professor Hawkins’s basic case, and this, no doubt, could make his personal agony even worse.

JG

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John Kenneth Galbraith

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John Kenneth Galbraith

I have some difficulty with both the argument and the organization of Professor Hawkins’s paper, but they do not too seriously obscure either his point or his problem. His point is that performance in the mature industrial economy, even when overall macroeconomic policy is right, is far from optimal. His problem is that this must be corrected by deliberate planning and policy by the government. As one comes to the latter conclusion one can all but see the beads of perspiration on the author’s forehead: What an appalling proposition to have to sell to one’s fellow conservatives! What damage it could do to one’s credentials in the faith! I have substantial sympathy for Professor Hawkins’s basic case, and this, no doubt, could make his personal agony even worse.