Today’s discussion, Entropy Economics, is part of our Rethinking Economics series and was recorded in August 2025.
Dr. James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the University of Texas Austin, where he holds a professorship. He was the Executive Director of the Joint Economic Committee of the United States Congress in the 1980s, and before that, an economist for the House Banking Committee. He chaired the board of Economists for Peace and Security from 1996 to 2016 and directs the University of Texas Inequality Project. He is a managing editor of Structural Change and Economic Dynamics. He is the author of Entropy Economics, The End of Normal, and The Predator State. Dr. Galbraith earned his bachelor’s degree from Harvard University and his master’s and Ph.D. from Yale, all in economics.
Dr. Galbraith discussed how entropy economics departs from conventional economics, why regulation is always necessary, and why there are markets, but no such thing as a “free market.”