Economics and the Public Purpose

Economics and the Public Purpose is a 1973 book by Harvard economist John Kenneth Galbraith. The year 1973 in literature involved some significant events and new books An economist is an expert in the Social science of Economics. Galbraith advocates a "new socialism" as the solution, nationalising military production and public services such as health care. Nationalization, also spelled nationalisation, is the act of taking an industry or assets into the Public ownership of a national government Health care is the prevention treatment and management of illness and the preservation of mental health through the services offered by the medical, Nursing He also advocates introducing disciplined wage, salary, profit and price controls on the economy to reduce inequality and restrain the power of giant corporations. A corporation is a separate legal entity usually used to conduct business Socialisation of the "unduly weak industries and unduly strong ones" together with planning for the remainder would allow the public interest to be accorded its rightful preference, argues Galbraith, over private interests. He adds that this can only be achieved when there is a new belief system that rejects the orthodoxy of economics in the past. The new socialism needs to be achieved through gradual democratic political change.

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