John Kenneth Galbraith

There is a great book review on a new biography of John Kenneth Galbraith. I've always thought of JKG as a second rate economist. When I first started to study economics The Affluent Society was mandatory reading. Unlike Hayek, who was then not mandatory reading, the book offered almost nothing in relaible ideas about how the economy functioned.

But in the review there is a great quote from LBJ. LBJ was reviewing a speech on economics that Galbraith had had a part in creating and he said "‘Did y’ever think, Ken, that making a speech on economics is a lot like pissing down your leg? It seems hot to you, but it never does to anyone else." I did not like LBJ either, but that is a funny line.