Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
And J K Galbraith makes the same point in the New Industrial State when he mocks (the then young) Milton Friedman and his ilk as hopeless romantic throwbacks to the petty merchant and manufacturer economy of the time of Adam Smith.

I suppose Miltie had the last laugh over Galbraith, unfortunately for all of us.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Wed Jan 14th, 2009 at 04:11:55 AM EST
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