No politician or statesman ever makes a mistake any more, no matter how completely his plan may he reversed in the event. This circumstance leads JOHN KENNETH GALBRAITH, Harvard econom ist, to bring forth a new term, the “wordfact.”"It means,”he explains, “that to say that something exists is a substitute for its existence. And to say that something trill happen is as good as haring it happen.”Mr. Galbraith is the author of THE AFFLUENT SOCIETY and THE LIBERAL HOUR.
The author of several books, including AMERICAN CAPITALISM, A THEORY OF PRICE CONTROL, and THE GREAT CRASH, 1929, JOHN KENNETH GALBRAITH is professor of economics at Harvard. He spent his boyhood on the Canadian border close to Detroit and within range of the legends which have overlaid the stubborn genius of Henry Ford.
JOHN KENNETH GALBRAITH took his B.S. at the University of Toronto and his Ph.D. at the University of California. llis teaching at Princeton and at Harvard, where he has been Professor of Economics since 1919, has been interspersed with government service; he was Deputy Administrator of the OP A in 1912 and in 1916 Director of the Office of Economic Security Policy. He is the author of several books, including American Capitalism (which has just appeared in a new edition), A Theory of Price Control, and The Great Crash, 1929.