No scientific studies have validated Galbraith’s analysis: it yields no predictions about the behaviour of enterprise, industry or of the economy that have been tested and found correct. The experience of industry in Britain and America is inconsistent with his assertions about the economy, and economists who have examined his work have been severely critical of its over-simplifications and over-generalisations.

Galbraith must be seen not as a scientist seeking explanations but as a missionary seeking converts.

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