Arnold King Takes on Comrad Galbraith

Arnold King takes on the usually wrong John Kenneth Galbraith:

For Galbraith, the concept of an entrepreneur was a quaint myth. As he saw it, all of the important economic activity takes place within giant corporations. Their challenge is to manage large capital investments in complex projects, like a nuclear power plant or a new passenger jet. This in turn requires a thick bureaucracy, which Galbraith dubbed the "technostructure."

Propositions that followed from this thesis include:

-- The United States is not really a market economy, but a planned economy.
-- Wages and prices are artificial, so that the government is right to intervene to control them.
-- Because we are a planned economy, the ideology of free enterprise serves only to "starve" the public sector, which could invest resources more wisely.
-- Consumers are passively manipulated by the "technostructure" into serving the needs of big corporations, rather than the other way around.
-- The classical economic concept of competitive struggle is an anachronism, because firms control their environment and are immune to competitive pressure.

The membership list of the S&P 500 has changed quite a bit since Galbraith wrote his popular bestsellers in the 1960's.Proving how wrong he was of the laws of micreconomics.Promoting socialism means you never really have to be that right with the MSM.