James K. Galbraith

James K. Galbraith teaches economics at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin. His new book is Entropy Economics: The Living Basis of Value and Production, co-authored with Jing Chen, published by the University of Chicago Press.

The Bank of China on April 10, 2025, in New York City. US stocks tumbled as investors assessed the worsening trade war with China.

Trump’s Tariff Shock and the China Supply Chain Trump’s Tariff Shock and the China Supply Chain

We are now in a trade war with China, and the only question is: How long before Trump (and America) blink?

Apr 16, 2025 / James K. Galbraith

President Donald Trump and White House senior adviser, Tesla and SpaceX CEO Elon Musk sit in a Tesla Model S on the South Lawn of the White House on March 11, 2025, in Washington, DC.

Trump’s Economics—and America’s Economy Trump’s Economics—and America’s Economy

You can’t make America great again by wrecking the government.

Mar 19, 2025 / James K. Galbraith

Trump meets with NATO leaders in 2017.

The Political Economy of Trumpism The Political Economy of Trumpism

Though he started by threatening Mexico, Canada, and China, Trump’s tariffs mean the US will drain Europe as Ukraine fades.

Jan 15, 2025 / James K. Galbraith

The shuttered Bethlehem Steel plant in Bethlehem, Pennsylvania, on March 15, 2024.

Why Bidenomics Was Such a Bust Why Bidenomics Was Such a Bust

A large majority of voters gave the Biden administration a failing grade on the economy. For the sake of future policy battles, it is worthwhile to try to understand their reasons...

Dec 9, 2024 / James K. Galbraith

President Joe Biden speaks during a visit to Fridley, Minn., as part of his administration’s “Investing in America” tour on April 3, 2023.

Bidenomics and Its Discontents Bidenomics and Its Discontents

The White House believes American workers have seldom had it so good. And lots of prestigious economists agree. But the voters aren’t buying. Maybe they know something?

Mar 27, 2024 / James K. Galbraith

It's a Wonderful Life still, banking, bankers

In Defense of the 30-Year Mortgage In Defense of the 30-Year Mortgage

A recent New York Times column argued that the long term fixed-rate loan popular with US homebuyers is unfair to banks. In fact the arrangement—a fruit of the New Deal—is somethin...

Nov 23, 2023 / James K. Galbraith

Biden and McCarthy sitting in chairs in the Oval Office

Next Time, Dammit, Just Default Next Time, Dammit, Just Default

Democrats feared a monster called “default”—but it’s just another Washington scare story.

Jun 9, 2023 / James K. Galbraith for The Nation

Joe Biden meets with House Speaker Kevin McCarthy in the Oval Office

The Debt Deal Is a Tragedy The Debt Deal Is a Tragedy

The debt-limit agreement entrenches long-term austerity. It was a huge GOP win.

May 30, 2023 / James K. Galbraith

Biden and McCarthy

More “Dangerous Nonsense” From “The New York Times” on the Debt Ceiling More “Dangerous Nonsense” From “The New York Times” on the Debt Ceiling

There are multiple legal pathways to resolve the current debt “crisis.” Having the president and House speaker agree on spending cuts to programs already approved by Congress is no...

May 18, 2023 / James K. Galbraith

The Debt Ceiling Drama Is All Stagecraft

The Debt Ceiling Drama Is All Stagecraft The Debt Ceiling Drama Is All Stagecraft

Remember: The US Treasury is obligated to make payments. The rest is optics.

May 11, 2023 / James K. Galbraith for The Nation

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