"Galbraith - ideas, however misconceived"

P. P. McGuinness: Galbraith a giant of style, not substance - John Kenneth Galbraith was an eloquent writer but he never really understood economics
- May 02, 2006 - His greatest quality was his eloquence and his ability to turn a catchy phrase. Few have not heard of "the affluent society", and he is remembered also for the concept of countervailing power, the argument that corporate power is offset in modern society by other interest groups. He was very quotable, but often quotes attributed to him were not his or at least were not original. Thus the aphorism, "What's the difference between capitalism and communism? Under capitalism man exploits man, under communism it's the other way around", was a bitter joke in the old Soviet Russian days, like many others.
Galbraith's influence continues in the universities, mainly outside the economics faculties, other than among adherents of institutional economics. But he is remembered with affection as a great journalist of ideas, however misconceived, and the best stylist in the economics field since Keynes.
P.P. McGuinness, a former editor of The Australian Financial Review, is editor of Quadrant magazine.