Date of Birth: October 15, 1908
Zodiac Sign: Libra
Date of Death: April 29, 2006
Biography
John Kenneth Galbraith was a renowned Canadian-American economist, public official, and diplomat, who became one of the most influential economists of the 20th century. Born in Iona Station, Ontario, Canada, Galbraith attended the Ontario Agricultural College and then pursued his graduate studies at the University of California, Berkeley. He earned a Ph.D. in Agricultural Economics in 1934. Galbraith’s career spanned academia, government service, and writing. He taught at Harvard University for many years and was a prolific author, known for his clear and accessible writing style. His most notable works include “The Affluent Society” (1958) and “The New Industrial State” (1967), where he critiqued the prevailing economic thought and highlighted the imbalance between private wealth and public poverty. During World War II, Galbraith served in a variety of governmental roles, including as the head of the Office of Price Administration, where he was responsible for controlling inflation by setting price controls. He also served as an advisor to several U.S. Presidents, most notably John F. Kennedy, who appointed him as the U.S. Ambassador to India from 1961 to 1963. Galbraith received numerous awards and honors throughout his life, including the Presidential Medal of Freedom in 1946 and again in 2000. He continued to write and lecture well into his later years, leaving a lasting impact on economic thought and public policy.
5 Interesting Facts about John Kenneth Galbraith
1. John Kenneth Galbraith was one of the few people to receive the Presidential Medal of Freedom twice, once in 1946 and again in 2000.
2. He was a strong advocate for government intervention in the economy to address inequality and promote public welfare.
3. Galbraith was a prolific author and wrote more than 30 books, including novels and memoirs, in addition to his economic texts.
4. He was a close friend and advisor to President John F. Kennedy and played a significant role in shaping U.S. policies in the early 1960s.
5. Despite his Canadian roots, Galbraith became a naturalized U.S. citizen in 1937 and spent most of his career in the United States.
5 Most Interesting Quotes from John Kenneth Galbraith
1. “The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.”
2. “In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.”
3. “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.”
4. “Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.”
5. “The only function of economic forecasting is to make astrology look respectable.”
Highest Net Worth Achieved
John Kenneth Galbraith’s highest net worth is not precisely documented as he was not known for amassing personal wealth. His contributions were primarily intellectual and academic.
Children
John Kenneth Galbraith had four sons: John Alan Galbraith, Peter Woodard Galbraith, James Kenneth Galbraith, and Douglas Galbraith. Peter Woodard Galbraith is a notable diplomat, author, and politician, while James Kenneth Galbraith is a prominent economist.
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