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A Journey Through Economic Time

This interview broadcast in 1994 is available at www.booknotes.org. Education is the great transformer. Economic development is a pacifier. FDR identified with the republic, and the republic with him, and he gave his whole life to the country (cf.Home Ownership Act, Civilian Corps).
The government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force.

The government should compensate for the waste of unemployment and the horror of mass unemployment by putting people to work, even-or especially-through that involved borrowing and expenditure for the employment.

to read the interview with John Kenneth Galbraith who died at the age of 97, click on

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