RE: 1987, he wrote a much hyped article about how the Soviet model was the economic wave of the future and how America needed to reconcile itself to that fact and figure out how to make our economy work as well.
So, what did he say after the USSR imploded and dissolved?
I’ve never had the chance to hear or read JKG eat crow.
It was Bush’s fault.
He probably said something like “Yeah, sure, it imploded, but you should have a look at the USA in about 2013 or so.”
JKG never admitted he was wrong and cannot now since he died a few years ago.
Paul Krugman, who later won the Nobel Prize, in 1994 denigrated Galbraith's stature as an economist. In Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations, he calls Galbraith a "policy entrepreneur" – an economist who writes solely for the public, as opposed to one who writes for other academics, and who therefore makes unwarranted diagnoses and offers over-simplistic answers to complex economic problems. He asserts that Galbraith was never taken seriously by fellow academics, who viewed him as more of a "media personality". For example, Krugman believes that Galbraith's work The New Industrial State is not considered to be "real economic theory", and that Economics in Perspective is "remarkably ill-informed"
You can't make this stuff up. Libtards really do eat their own.