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The Affluent Society Revisited$
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Mike Berry

Print publication date: 2013

Print ISBN-13: 9780199686506

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199686506.001.0001

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Concluding Thoughts

Concluding Thoughts

(p.182) 14 Concluding Thoughts
The Affluent Society Revisited

Mike Berry

Oxford University Press

The book concludes with some observations on what Galbraith might have made on the disastrous events unfolding since the global crisis of 2008 and its smouldering aftermath. It also stresses the lasting contributions he made to understanding the workings of real existing capitalism in its most advanced state. They include: his insistence on the importance of economic institutions, the inescapability of chronic uncertainty in economic life, the increasing importance of income effects in a post-scarcity world, and the persisting irrelevance and socially regressive impact of much orthodox economics. In hindsight, with the experiences of the past fifty years behind us and an uncertain future awaiting, The Affluent Society is still a useful guide to asking the right questions, but not a compendium of the right answers.

Keywords:   Economic institutions, uncertainty, complex system

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