Published by:
Harvard Business Publishing
Length: 4 pages
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Abstract
John Kenneth Galbraith, economist and author of The Affluent Society, reviews Robert H. Frank and Philip J. Cook''s book The Winner-Take-All Society. Frank and Cook, professors at Cornell and Duke universities, study markets in which the winner''s rewards far outstrip those of the other contestants. Galbraith takes exception to the authors'' notion that the workings of sports markets are broadly applicable to all aspects of U. S. economic life. Sometimes it''s apt, sometimes it isn''t. Galbraith warns. "No wheat grower, no dentist, no housepainter has a dominant position in his industry," he maintains. Still, Galbraith does agree with the authors'' conclusion that a winner-take-all mentality can misallocate economic resources, resulting in grave inequalities in the distribution of income.
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Abstract
John Kenneth Galbraith, economist and author of The Affluent Society, reviews Robert H. Frank and Philip J. Cook''s book The Winner-Take-All Society. Frank and Cook, professors at Cornell and Duke universities, study markets in which the winner''s rewards far outstrip those of the other contestants. Galbraith takes exception to the authors'' notion that the workings of sports markets are broadly applicable to all aspects of U. S. economic life. Sometimes it''s apt, sometimes it isn''t. Galbraith warns. "No wheat grower, no dentist, no housepainter has a dominant position in his industry," he maintains. Still, Galbraith does agree with the authors'' conclusion that a winner-take-all mentality can misallocate economic resources, resulting in grave inequalities in the distribution of income.