The Affluent Society

Author: John Kenneth Galbraith 

Synopsis by Kazi Aiman Udoy

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Synopsis: 

The Affluent Society (1958), John Kenneth Galbraith's most extensively powerful book, stands apart among works of economic analysis for its open composing style, which makes complex economic ideas and contentions justifiable to the popular reader. In this farsighted example on income inequality and economic responsibility, John Kenneth Galbraith contended that most economic reasoning was obsolete in light of the fact that it depended on a reality where the vast majority were poor, and each ounce of production was fundamental. What occurs, he asks, when more individuals are moderately well-off, and more production limit goes into making merchandise that is less earnest? In replying, Galbraith presents a staggering scrutinize of customary economic theory, old-school economic reasoning, and the contemporary consumer society. Time has demonstrated the value of quite a bit of this analysis, first published in 1958.

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Galbraith precisely anticipated the ascent in personal debt, the budget issues of states and urban areas, and the overall purchaser attitude. Contemporary financial emergencies outline the insight of his perceptions about the economic downturn. “Conventional wisdom,” a term he initiated in this volume, has become an acknowledged idea and a piece of the English language. Galbraith's richly composed thoughts and reasonable, succinct contentions about the qualities and shortcomings of “the affluent society” have affected an age.

Some knowledge of basic concepts of economics will help go through this book more interestingly. Also, this book will help you understand more about the terms you already know.