Thursday, May 11, 2006

Is Bernanke An Admirer of Galbraith?

In today’s New York Times, Robert H. Frank, who is described as “the co-author, with Ben S. Bernanke, of `Principles of Economics,’” writes that Galbraith should have won the Nobel Prize—for the ideas expressed in the The Affluent Society.

In case anyone needs a refresher about Galbraith, and the fascistic nature of his ideas, be sure to see my
"Galbraith's Neo-Feudalism," which recently appeared on this very blog.

What makes this matter important is that it almost certainly sheds light on the thinking of Bernanke himself. Call it guilt by association if you wish, but I don't see how anyone can write a textbook with someone else and not be in agreement with him on at least the great majority of points pertaining to the subject of the textbook, which in this case, of course, is the principles of economics. Until I hear to the contrary from Bernanke, I have to assume that his views about Galbraith don't radically differ from those of his co-author. Perhaps he should step up and give a statement on the subject, to make clear where he stands.

It's not a comforting thought having someone in a position to wreak havoc on the economic well-being of the American people and likely being an admirer of an author who had no compunctions about doing precisely that if it appeared to serve the interests of the State. Bernanke can wreak havoc with his powers of money creation, and it looks like he's already started to do so. He needs to assure the American people that he holds no brief for Galbraith.

If there were any other men of courage and principle in Congress besides Ron Paul, Bernanke would be brought before Congress and called upon to do so.

This article is copyright © 2006, by George Reisman. Permission is hereby granted to reproduce and distribute it electronically and in print, other than as part of a book and provided that mention of the author’s web site is included. (Email notification is requested.) All other rights reserved. George Reisman is the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996) and is Pepperdine University Professor Emeritus of Economics.