01:220:301 Lecture Notes - Lecture 15: National Bureau Of Economic Research, Geoffrey Moore, The Affluent Society
Document Summary
Inflation went down and unemployment stayed relatively the same. Are created wants unworthy: there are few innate wants. Those are probably confined to food, shelter and sex: to say that a desire is not important because it is not innate is to say that the whole cultural achievement of man is not important. Critisms of galbraith: mainstream: milton friendman, paul samuelson, krugmann, peter temin: has the age of the giant coporation passed friedrich hayek: created wants are worth satisfying james buchanan: no theory of government. But did it raise prices: strikes in the coal field, miners desrve wage increase, world war i, wage controls, how much should wages rise, mitchell involved in price measurement, after the war, bureau of labor. Expansion(cid:9) (cid:9) t u p t u (cid:9)o a t o. D o w n t u r n (cid:9) (cid:9) p t u r n.
