This man argued that perfect competition no longer applied to modern society, where demand is created through advertising rather than need. He criticized GDP as no longer being relevant to modern economies and also wrote about the "dependence effect." This economist argued that governments should invest in public schools, eliminate poverty, and create a "New Class" of workers, and he proposed that production in modern economies is preserved by "conventional wisdom." For 10 points, name this American economist and author of The Affluent Society.
This man argued that perfect competition no longer applied to modern society, where demand is created through advertising rather than need. He criticized GDP as no longer being relevant to modern economies and also wrote about the "dependence effect." This economist argued that governments should invest in public schools, eliminate poverty, and create a "New Class" of workers, and he proposed that production in modern economies is preserved by "conventional wisdom." For 10 points, name this American economist and author of The Affluent Society.
This man argued that perfect competition no longer applied to modern society, where demand is created through advertising rather than need.
John Kenneth Galbraith