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Text: Economics as a System of Belief (J.K. Galbraith) question: Economist John Kenneth Galbraith identifies two different concepts that help to explain control and power

Text: "Economics as a System of Belief" (J.K. Galbraith)

question: Economist John Kenneth Galbraith identifies two different concepts that help to explain control and power within capitalist economic systems. One is consumer sovereignty and other is producer sovereignty. In your response, explain what Galbraith means by each of these terms. Which of the two does Galbraith believe to be a "myth" and which one is the reality? Why does he make this claim? What are the implications of this argument?

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