The Realist Approach of John Kenneth Galbraith
Some say John Kenneth Galbraith was not a conventional economist. But these authors argue that Galbraith was a realist in the deepest sense, and the practice of economics would benefit from his thinking. They argue that he was very conscious of the precise methods he used to analyze how economies truly worked. These methods were in fact empirically based and grounded in analysis of the many factors that affect economic outcomes—what can now be called an ontological approach. Those who try to expand economics today toward greater realism would be wise, the authors say, to consider further the economic and social theories of Galbraith.