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Economics, Peace and Laughter
Wage freezes and price controls, ecology and big business, U.S. diplomacy and the Third World, inflation and recession, Wall Street booms and busts, the doubletalk of economists, the transformations of Richard Nixon and the host of other subjects of present concern are illuminated by one of the brilliant minds and devastating wits of our time...--Back cover
...observations of various Presidents, Secretaries of State, the New Left and U.S. foreign policy, as well as classic contributions to economics--The New Republic
...observations of various Presidents, Secretaries of State, the New Left and U.S. foreign policy, as well as classic contributions to economics--The New Republic
- GenresEconomicsNonfiction
288 pages, Paperback
First published November 11, 1971
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About the author
John Kenneth Galbraith
217 books520 followersJohn Kenneth Galbraith was a Canadian-American economist. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and democratic socialism. His books on economic topics were bestsellers in the 1950s and 1960s. A prolific author, he produced four dozen books & over a 1000 articles on many subjects. Among his most famous works was his economics trilogy: American Capitalism (1952), The Affluent Society (1958) & The New Industrial State (1967). He taught at Harvard University for many years. He was active in politics, serving in the administrations of Franklin Roosevelt, Harry Truman, John Kennedy, and Lyndon Johnson. He served as US Ambassador to India under John F. Kennedy.
He received the Presidential Medal of Freedom twice: one in 1946 from President Truman, and another in 2000 from President Clinton. He was also awarded the Order of Canada in 1997, and in 2001, the Padma Vibhushan, India's second highest civilian award, for strengthening ties between India and the USA.
He received the Presidential Medal of Freedom twice: one in 1946 from President Truman, and another in 2000 from President Clinton. He was also awarded the Order of Canada in 1997, and in 2001, the Padma Vibhushan, India's second highest civilian award, for strengthening ties between India and the USA.
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Displaying 1 - 4 of 4 reviews
August 19, 2025
BOOK REVIEW - Economics, Peace and Laughter by John Kenneth Galbraith (1982)
Galbraith was a Harvard post-Keynesian economic professor with a long and storied carrier in public service and academia. He received both the Medal of Freedom (1946) and the Presidential Medal of Freedom (2000). Published in 1971, this book is a collection thought-provoking essays. Galbraith was never afraid to challenge orthodoxy.
Some essays look squarely at economic questions—such as the inefficiencies of American corporate capitalism, the illusions of consumer sovereignty, and the consequences of inflation. Others are more political, reflecting on diplomacy, Cold War anxieties, and the perils of military adventurism. Still others reveal Galbraith’s satirical side, poking fun at academic pomposity and the absurdities of modern society. The variety gives the book a richness that reflects Galbraith’s own career: economist, professor, writer, diplomat, and public intellectual.
One of the strongest threads running through the book is Galbraith’s critique of the military-industrial complex and his insistence that peace must be defended with as much vigor as war. His essays argue that economics should not be separated from moral responsibility: budgets, priorities, and government programs reveal a society’s values as clearly as any political speech.
Another recurring theme is Galbraith’s distrust of rigid economic orthodoxy. He reminds readers that economics is not physics, but a human science that must adapt to shifting circumstances. For Galbraith, clinging to “conventional wisdom” is often a way of excusing vested interests and avoiding reform. His essays encourage readers to see through such pretenses, and he does so with sharp humor that makes even his most biting critiques disarmingly readable.
The “laughter” of the title is no accident. Galbraith believed that humor was not only permissible in serious writing, but necessary—because satire often exposes truths more clearly than solemnity. His witty skewering of pretension, greed, and power invites readers to think critically without being weighed down by academic jargon.
This book is a reminder that Galbraith was never just an economist; he was a public teacher. He wanted economics to be accessible, moral, and humane. In an era when public discourse often prizes technical expertise over wisdom, his essays remain as fresh and relevant as when they were written.
Quotes:
“The conventional wisdom always has the merit of convenience. It saves us the pain of thinking, the necessity of facing an inconvenient truth. But history is strewn with the wreckage of ideas once regarded as common sense, undone by events for which they had no answer.”
“Economics divorced from humanity is mere arithmetic. One can measure output, count employment, and track prices, but these numbers have meaning only in the lives of people who experience them. And when the purpose of policy is lost, when peace, justice, and laughter are absent, then the sums, however precise, add up to very little indeed.”
Galbraith was a Harvard post-Keynesian economic professor with a long and storied carrier in public service and academia. He received both the Medal of Freedom (1946) and the Presidential Medal of Freedom (2000). Published in 1971, this book is a collection thought-provoking essays. Galbraith was never afraid to challenge orthodoxy.
Some essays look squarely at economic questions—such as the inefficiencies of American corporate capitalism, the illusions of consumer sovereignty, and the consequences of inflation. Others are more political, reflecting on diplomacy, Cold War anxieties, and the perils of military adventurism. Still others reveal Galbraith’s satirical side, poking fun at academic pomposity and the absurdities of modern society. The variety gives the book a richness that reflects Galbraith’s own career: economist, professor, writer, diplomat, and public intellectual.
One of the strongest threads running through the book is Galbraith’s critique of the military-industrial complex and his insistence that peace must be defended with as much vigor as war. His essays argue that economics should not be separated from moral responsibility: budgets, priorities, and government programs reveal a society’s values as clearly as any political speech.
Another recurring theme is Galbraith’s distrust of rigid economic orthodoxy. He reminds readers that economics is not physics, but a human science that must adapt to shifting circumstances. For Galbraith, clinging to “conventional wisdom” is often a way of excusing vested interests and avoiding reform. His essays encourage readers to see through such pretenses, and he does so with sharp humor that makes even his most biting critiques disarmingly readable.
The “laughter” of the title is no accident. Galbraith believed that humor was not only permissible in serious writing, but necessary—because satire often exposes truths more clearly than solemnity. His witty skewering of pretension, greed, and power invites readers to think critically without being weighed down by academic jargon.
This book is a reminder that Galbraith was never just an economist; he was a public teacher. He wanted economics to be accessible, moral, and humane. In an era when public discourse often prizes technical expertise over wisdom, his essays remain as fresh and relevant as when they were written.
Quotes:
“The conventional wisdom always has the merit of convenience. It saves us the pain of thinking, the necessity of facing an inconvenient truth. But history is strewn with the wreckage of ideas once regarded as common sense, undone by events for which they had no answer.”
“Economics divorced from humanity is mere arithmetic. One can measure output, count employment, and track prices, but these numbers have meaning only in the lives of people who experience them. And when the purpose of policy is lost, when peace, justice, and laughter are absent, then the sums, however precise, add up to very little indeed.”
July 22, 2012
Galbraith at his best... as always, he instructs and delights!
Chicago Tribune Book World
Marvelous! Galbraith never disappoints!
Los Angeles Times
Galbraith can be serious without solemnity, prescient without false modesty, original without footnotes, irreverent to the mighty, warm-hearted in his memories of friends... Like a fine Burgundy of a great year, Galbraith improves with age.
Saturday Review
Chicago Tribune Book World
Marvelous! Galbraith never disappoints!
Los Angeles Times
Galbraith can be serious without solemnity, prescient without false modesty, original without footnotes, irreverent to the mighty, warm-hearted in his memories of friends... Like a fine Burgundy of a great year, Galbraith improves with age.
Saturday Review
April 9, 2016
This is a motley assortment of Galbraith's writing - some excellent, some amusing and some simply interesting, all of it pretty highbrow. I found excerpts from his Massey Lectures as particularly interesting. It is quite remarkable that they are available on the CBC's web site (cbc.ca). However, I found Galbraith's radio performance dreadfully dull and much prefer reading him.
October 20, 2009
Very witty writer...some of this book is out dated..the humourous parts on economists is funny stuff...
Displaying 1 - 4 of 4 reviews