Here’s part of what I wrote in my 2006 article, “John Kenneth Galbraith: A Criticism and an Appreciation:” The proper shape of an automobile, for most people, will be what the automobile makers decree the current shape to be. Since General Motors produces some half of all the automobiles, its designs do not reflect the current mode, but are the current mode. The mature corporation has readily at hand the means for controlling the prices at which it sells as well as those at which it buys. “As close as anyone’s ever come to nailing down the modern industrial economy like Adam Smith nailed down the economy of his day.” Really? Here’s an excerpt from Galbraith’s book: John Kenneth Galbraith’s The New Industrial State.
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Would he say that Friedman’s explanation of how free markets make it easier to have free speech or how free markets make racial discrimination costly are examples of “blackboard” economics rather than explanations of how things happen in the real world? “A defense of the free market, based more on how it works on a blackboard than how things happen in the real world.” Hmmm. Milton Friedman’s Capitalism and Freedom. Look at it for yourself but here are a few things that caught my eye: That, then, motivated me to look at the reference books he relied on, along with short summaries of each, when researching for his book. If my guess is right, though, Goodwin might want to read about what the trusts in the late 1800s actually did, namely pass on the huge cost savings from economies of scale to consumers. My guess is that Goodwin wants us to imagine corporations exploiting consumers. But the picture shows a big corporation stomping on people.
Score one for Goodwin.īut by the third sample page, though, he goes off the rails, talking about corporations: they get big and take over Take over what? He doesn’t say. The first sample is hopeful: he does a nice job of Adam Smith’s pin factory, making it, correctly, entirely about division of labor, as Smith did, rather than, incorrectly, about comparative advantage, which came along decades later with David Ricardo. An author typically wants to put his best foot forward and so I thought I would get a hint from those samples. The first thing I noticed is that in the praise for Economix, only one of the five “praisers” he highlighted on his web site is actually an economist.īut I didn’t stop there.
Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques.I haven’t received a review copy of Michael Goodwin’s Economix yet, but I’m not hopeful that it will be good. The Creative Industries are estimated to have lost £12 billion in GVA as a result of the Covid-19 pandemic, dropping from £115.9 billion in 2019 to £104.1 billion in 2020 – well below the £122 billion in GVA the sector was projected to generate by the end of 2020, had the pandemic not materialised. The effects of the pandemic will affect the production of creative and cultural goods and services in the years to come. Similarly, for every £1 that the industries contribute to the UK directly, a further £0.5 is supported through supply chain effects. The results therefore indicate that for every 10 jobs that the creative industries directly support, a further seven are supported elsewhere in the economy as a result of supply chain multiplier effects.
When including these, we estimate that the total economic footprint of the industries in 2019 supported 3.5 million jobs and £178.0 billion in GVA. The creative industries made an even greater contribution when also accounting for their procurement expenditures. In 2019, the Creative Industries directly created 2.1 million jobs, based in areas right across the UK, and directly contributed £115.9 billion to UK GDP. The study shows that, in addition to the 2.1m jobs that existed in the Creative Industries prior to the pandemic, a further 1.4m roles were supported by the sector through its supply chains.
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