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Sunday, April 30, 2006

Fare thee well and rest in peace, JKG

Miss Eagle is saddened.
One of her heroes of long and mighty valour is dead.
economist, teacher, social scientist and commentator.
My heart mourns your passing
but celebrates your contribution to life.

As Miss Eagle has mentioned before, in these days, when the irrationality and value ignorance of economic rationalism has come to dominate almost every sphere of daily economic life across the globe, many sneer at Galbraithean economic ideas and ideals. But John Kenneth Galbraith's words have always demanded an audience. In these days when so many influential people appear to know the price of everything and the value of nothing, John Kenneth Galbraith inserted a practical and intelligent voice into the darkness of the dominance of the dollar.

Miss Eagle has two particular fondnesses which have been very useful in daily life: Galbraith's theory of countervailing power which he expressed in American Capitalism and the two sector economy posited in Economics and the Public Purpose.