Economist John Kenneth Galbraith Dies

The AP reports:

Harvard professor John Kenneth Galbraith, the world renown economist whose influence stretched from presidents, as adviser and diplomat, to Main Street, as a prolific best-selling author and TV host, has died at age 97.

Galbraith,in his heyday, never seemed to grasp that big corporations face competition because most markets don't have a barrier to entry.To see how wrong Galbraith was on economics, check out this chart of GM versus the S&P 500.If GM had such oligopolistic pricing power,how could they have underperformed the market index for decades? Socialism is a deeply held religious belief for many statists.