Re: John Kenneth Galbraith On Bush, Greed and God's Ministers

["g kohler" <kohlerg@xxxxxxxx>]

Re: John Kenneth Galbraith On Bush, Greed and God's Ministers
by Gary Santos, 05 April 2003

Galbraith:
"the poor. And they are the people who are reliable spenders. "

That is classical Keynes - consumption function in the GT. I submit that
teaching about the consumption function should be enlarged to include the
mentioning two more groups of dependable spenders that should be favoured by
policy - namely, (1) women - ceteris paribus, women are likely to spend more
on consumption than men because they manage family households; (2) the poor
masses of the majority world (aka Third World) - ceteris paribus, a dollar
in their hand is more likely to increase global consumption than a dollar in
the hand of a First Worlder (who may be playing the stock market) (pardon me
for hinting at the importance of global Keynesianism, the economics of and
for a sustainable democratic social world-system). At Keynes' time feminism
and the consideration of the needs of the people of the non-Western world
were not in fashion. An amendment to the master's theory in this direction
cannot be considered a heresy, therefore.

Gernot Kohler