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Article: John Kenneth Galbraith understood capitalism as lived - not as theorized; He wasn't as celebrated as Milton Friedman, but he enhanced our grasp the nature of the market economy.(OPINION)
- Article from:
- The Christian Science Monitor
- Article date:
- December 28, 2006
CopyrightCOPYRIGHT 2006 The Christian Science Publishing Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joseph E. Stiglitz
NEW YORK -- Economists John Kenneth Galbraith and Milton Friedman believed that ideas mattered. Both were great proponents and great exemplars of debate and discussion. Each was a master of the English language, and it was through words, not mathematics (the language of modern economics), that they exercised enormous influence.
As public intellectuals who didn't shy from taking political stances, they each gave heft to ideological causes - Mr. Friedman to free-market conservative ideology, Mr. Galbraith to the progressive tradition. By articulating their points of view so well, they edified public discourse and stimulated ...