Q&A: James K. Galbraith on the Myth of Perpetual Growth, How Language Shapes Economic Thought, and More

Lauren Kirchner

In Issue 19 of The Baffler, James K. Galbraith debunked the notion that the world’s economists were caught unawares by the financial crisis of 2007 and 2008, in a piece that was appropriately titled “We Told You So.” Now, in his new book, The End of Normal: The Great Crisis and the Future of Growth (Simon & Schuster, 291 pages, $26), he widens his scope, laying out an economic theory that begins in the years following World War II and extends to the future.

One central argument of his book explains why we would be mistaken to expect perpetual growth in the American economy. The post-war decades have raised our expectations, Galbraith says, but for the economy to continue to grow at the same pace would be unsustainable. So we need to adjust our idea of “normal” growth—and even change how we measure overall economic success.