Question

"History of Economic Thought" short answer question

“Ideas are inherently conservative. They yield not to the attack of other ideas but to the massive onslaught of circumstance with which they cannot contend.” (J.K. Galbraith). Discuss with respect to either Classical economics, Marxian economics, Marginalist (Neoclassical) economics, or Keynesian economics.

Answer 1

“Ideas are inherently conservative. They yield not to the attack of other ideas but to the massive onslaught of circumstance with which they cannot contend.” (J.K. Galbraith). Discuss with respect to either Classical economics, Marxian economics, Marginalist (Neoclassical) economics, or Keynesian economics.

Ans:- Actually This Statement was similar to economist vablen . J. K. Galibraith was a critics of Neo Classical Orthodox and conventional ideas. Neo Classical ordinary or conventional wisdom is a set of ideas what the people are easily accepted but that is no longer relevant . But Economist J.K. Galibraith approach was something different and justifiable for that era. Actually ideas should be change in the course of time and situation . Economist J.K. Galibraith always defend the Neoclassical Theories of conventional wisdom because this is applicable for the current society what the neo classical economist explained for the conventional Wisdom.