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John Kenneth Galbraith
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A Tenured Professor: A Novel Kindle Edition

by John Kenneth Galbraith (Author) Format: Kindle Edition
4.1 4.1 out of 5 stars 31 ratings
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This biting satire of academia and high finance by the Harvard economist “is ingenious and humorous even as it chills and cuts close to the bone” (The New York Times).

John Kenneth Galbraith served in the Kennedy administration before becoming one of the twentieth century’s foremost economists and public intellectuals. In A Tenured Professor, he spins his wealth of knowledge—and knowledge of wealth—into a delightfully comical morality tale.

Montgomery Martin, a Harvard economics professor, creates a stock forecasting model which makes it possible for him to uncover society's hidden agendas. Seeking proof that human folly has no limit when motivated by greed, Martin sets off a mass hysteria that causes investors to believe—despite the lessons of history and physics—that up is the only direction.
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  1. Print length
    212 pages
  2. Language
    English
  3. Sticky notes
    On Kindle Scribe
  4. Publisher
    Mariner Books
  5. Publication date
    February 4, 1991
  6. File size
    1774 KB
  7. Page Flip
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  8. Word Wise
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Editorial Reviews

From Publishers Weekly

Twenty years have elapsed since the celebrated Harvard economist's last novel ( The Triumph ) but this succinct parable for our times, a rare comedy of point and precision, is well worth the wait. Harvard professor Montgomery Marvin, a clever, mild-mannered economist whose Ph.D thesis examined arcane aspects of refrigerator pricing, devises an approach to economics that he calls the Index of Irrational Expectations, based on the all-too-apparent notion that there is no limit to human folly when greed is the driving force. Buying stocks of irrationally inflated companies short, selling while the price is still high and replacing them cheap when the inevitable decline comes, Marvin and wife Marjie soon amass a fortune. Liberals at heart, they spend the money by endowing peace professorships at military schools and establishing countervailing PACs--money to support candidates for office opposing those helped by wealthy lobbyists. Only when they buy a major arms manufacturer and turn its efforts to peaceful purposes does the sacred defense establishment turn on them. This rueful tale is embellished with countless delightful asides on matters as various as Harvard academic manners and the proper behavior before Congressional committees.
Copyright 1990 Reed Business Information, Inc.

From Library Journal

Can a tenured professor of economics at Harvard, creator of a stock forecasting model, put his vast yields toward liberal causes without upsetting the prevailing political-economic system? Montgomery Marvin develops the Index of Irrational Expectations (IRAT) after studying the euphoria which accompanies investment, and with his activist wife Marjie he puts IRAT earnings to such uses as labeling products based on their makers' number of women executives; establishing chairs in peace studies at the military academies; and setting up PRCs (Political Rectitude Committees). In his first novel in 22 years, Galbraith shows that as a novelist, he is a fine economist. His language tends to be pretentious and his tone pedantic, with hints of condescension amid occasional wit and convoluted sentences which slow the pace. But he fits his scenario deftly into the present scene, providing a modern fable of some interest. Previewed in Prepub Alert, LJ 10/15/89.
- Michele Leber, Fairfax Cty. P.L., Va.
Copyright 1990 Reed Business Information, Inc.

Product details

  • ASIN ‏ : ‎ B0043EWTS0
  • Publisher ‏ : ‎ Mariner Books (February 4, 1991)
  • Publication date ‏ : ‎ February 4, 1991
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 1774 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 212 pages
  • Customer Reviews:
    4.1 4.1 out of 5 stars 31 ratings

About the author

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John Kenneth Galbraith

John Kenneth Galbraith

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John Kenneth Galbraith who was born in 1908, is the Paul M. Warburg Professor of Economics Emeritus at Harvard University and a past president of the American Academy of Arts and Letters. He is the distinguished author of thirty-one books spanning three decades, including The Affluent Society, The Good Society, and The Great Crash. He has been awarded honorary degrees from Harvard, Oxford, the University of Paris, and Moscow University, and in 1997 he was inducted into the Order of Canada and received the Robert F. Kennedy Book Award for Lifetime Achievement. In 2000, at a White House ceremony, he was given the Presidential Medal of Freedom. He lives in Cambridge, Massachusetts.

Customer reviews

4.1 out of 5 stars
4.1 out of 5
31 global ratings

Top reviews from the United States

Bill Swan
5.0 out of 5 stars Five Stars
Reviewed in the United States on November 2, 2015
Verified Purchase
Brilliant writing, witty, insightful for investing, politics, and academia. Puts Jane Austen to shame.
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Safari John
5.0 out of 5 stars Great read!
Reviewed in the United States on December 23, 2014
Verified Purchase
A thrilling read to watch the puppet strings being pulled.
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Elizabeth Burke
4.0 out of 5 stars Four Stars
Reviewed in the United States on May 7, 2015
Verified Purchase
great writer - love learning new vocabulary
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DAVID BRYSON
5.0 out of 5 stars TWOFER
Reviewed in the United States on May 31, 2010
The part that irrational optimism and euphoria play in economic behaviour is a familiar soapbox of Galbraith's, better known from his `Short History of Financial Euphoria'. I wondered which came first, that treatise or this novel which is about the same subject. They were both first published in the same year, it seems. If so, the subject must have been one that he had a good deal to say about, and I for one am thoroughly pleased that he said it. In the current economic times I can't commend Galbraith's insights into the matter sufficiently strongly, and if he goes over a certain amount of the same ground twice I consider that a bonus, like two helpings of profiteroles but a lot more beneficial.

I suppose the start of this book is rather clunking, but never mind that. I was quite prepared to give it 5-star rating even if it had been just a tract thinly disguised as a novel, but in fact I think you may find that it gets better, just as a novel, as it goes along. The main characters develop genuine personalities, more than they do in the novels of even such a recognised practitioner of the genre `novel' as Arthur C Clarke. Like Clarke, Galbraith is out to teach as least as much as to entertain, and not unexpectedly we find the same awesome historical examples of dewy-eyed folly in both the Short History and the slightly longer work of fiction, about 200 pages of it. The tulip mania in 17th century Europe is related again, and so is the South Sea Bubble in the 18th. What Galbraith does not say this time round is something I shall say for him, namely that the power of irrational herd optimism was strong enough to overwhelm even the brains of Isaac Newton and the business acumen of George Frederick Handel, a supereminent genius mainly in another field certainly, but also his own hard-bitten impresario. Both were casualties of the ludicrous South Sea Bubble.

Just as the character-depiction improves, at the same time the style relaxes and we start to find the incomparable Galbraith wit again. I loved the account of Harvard social gatherings, whose participants never report anything anyone else said, only their own immortal dicta. The Faculty of Arts and Sciences are described as being widely viewed as the intellectual core of this great university, not least by the said Faculty; and the members of the Faculty of Law mention the grave ancients adorning the walls with a reverence only slightly greater than they accord themselves. We all know the style, and most of us love it. However the real sting is reserved for the conservative congressmen who are among Galbraith's familiar targets, joined on this occasion by the Securities and Exchange Commission. It's a pity Professor Galbraith did not live, in his 98 years, to read Harry Markopolos on the topic of this stately parade of dunces, but I recommend any readers of this notice to do just that.

Where ordinary satire shades off into outright travesty I'm not sure. Surely - I fervently hope - lack of due American optimism could not be a matter for official investigation, but the sheer rubbish spouted by self-serving patriots is well familiar to me from a lifetime of visiting the USA. In passing I might mention that Drs Thomas Balogh and Nicholas Kaldor, Hungarian economists recruited by the 1960's Labour Government in Britain, were actually nicknamed Buda and Pest, and the traitor misprinted as Blount was actually Blunt. In a book published in 1990 it's interesting to see the topic of short selling mentioned as an innovation, and while I have no idea whether investing in future market losses could really achieve the results depicted in the story, the idea seems little or not at all more fanciful than some of the outré instruments we have beheld recently.

Positive thinking, optimism and the rest of it are rubbished in this most entertaining short novel in the way they have been asking for and deserve. They are false gods, but powerful ones. All the way from the tulip mania to Black Monday we are left in no doubt that even if we think it unwise to defy them at least we should know better than to believe in them. Now, of course, in the short interval since Galbraith died, we have have had perhaps the most awe-inspiring demonstration yet of what they are able to make us perpetrate in the way of economic self-destruction. Galbraith, you should be living at this hour, but you came close enough, and you know how to tell the story, two books' worth of it.
5 people found this helpful
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E. Dent
2.0 out of 5 stars Read his non-fiction, it's fascinating
Reviewed in the United States on January 20, 2019
Verified Purchase
Galbraith's non fiction is fascinating, and a slow read because there's a lot to take in. Alas... his fiction is turgid and really only helpful if you have insomnia.
One person found this helpful
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Eager to learn
5.0 out of 5 stars Excellent
Reviewed in the United States on October 23, 2017
Highly recommended to those who want to see an excellent style of prose and thoughtful reflections on academic life
Helpful
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M. McCue
4.0 out of 5 stars JKG: Stick to economics and education but please forget law
Reviewed in the United States on May 29, 2019
This was actually quite a fun read for someone with some knowledge of economics, and even more fun if that someone is familiar with the politics of higher education, especially at the top schools and especially among the faculty. Some of it is a stretch, mainly the suggestion that analysis by the "shorts" is new, but it is, after all, a work of fiction and that is still fun. (It was especially funny to see the Harvard elite hope they didn't have to deal with Donald Trump in a section dealing with South Africa investments. Remember, this book was first published in 1990. So it shows liberal distaste for Trump is not only deep, but longstanding.) Where Galbreath lost me was in the last fifty pages where he tried to be a lawyer. I found the sections dealing with the SEC and with PACs to be naïve and frankly, wrong.
One person found this helpful
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Contact1
5.0 out of 5 stars CLASSIC BOOK
Reviewed in the United States on March 26, 2007
A classic book that you'll want to read, especially if you have ever worked in the area of quantitative investing. A satire, but informative as well.
2 people found this helpful
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Top reviews from other countries

Kindle Customer
5.0 out of 5 stars Good picture of how markets work
Reviewed in Canada on September 9, 2023
Verified Purchase
Galbraith weaves a story with humour and interesting characters that lays bare the truth that economic markets move by human emotion in reaction to various news and events much more than by any rational or otherwise predictable force. The main character uses that understanding to gain a financial source that can be applied to social need. Good reading for those interested and investing and socialists as well!
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DAVID BRYSON
5.0 out of 5 stars TWOFER
Reviewed in the United Kingdom on May 31, 2010
Verified Purchase
The part that irrational optimism and euphoria play in economic behaviour is a familiar soapbox of Galbraith's, better known from his `Short History of Financial Euphoria'. I wondered which came first, that treatise or this novel which is about the same subject. They were both first published in the same year, it seems. If so, the subject must have been one that he had a good deal to say about, and I for one am thoroughly pleased that he said it. In the current economic times I can't commend Galbraith's insights into the matter sufficiently strongly, and if he goes over a certain amount of the same ground twice I consider that a bonus, like two helpings of profiteroles but a lot more beneficial.

I suppose the start of this book is rather clunking, but never mind that. I was quite prepared to give it 5-star rating even if it had been just a tract thinly disguised as a novel, but in fact I think you may find that it gets better, just as a novel, as it goes along. The main characters develop genuine personalities, more than they do in the novels of even such a recognised practitioner of the genre `novel' as Arthur C Clarke. Like Clarke, Galbraith is out to teach as least as much as to entertain, and not unexpectedly we find the same awesome historical examples of dewy-eyed folly in both the Short History and the slightly longer work of fiction, about 200 pages of it. The tulip mania in 17th century Europe is related again, and so is the South Sea Bubble in the 18th. What Galbraith does not say this time round is something I shall say for him, namely that the power of irrational herd optimism was strong enough to overwhelm even the brains of Isaac Newton and the business acumen of George Frederick Handel, a supereminent genius mainly in another field certainly, but also his own hard-bitten impresario. Both were casualties of the ludicrous South Sea Bubble.

Just as the character-depiction improves, at the same time the style relaxes and we start to find the incomparable Galbraith wit again. I loved the account of Harvard social gatherings, whose participants never report anything anyone else said, only their own immortal dicta. The Faculty of Arts and Sciences are described as being widely viewed as the intellectual core of this great university, not least by the said Faculty; and the members of the Faculty of Law mention the grave ancients adorning the walls with a reverence only slightly greater than they accord themselves. We all know the style, and most of us love it. However the real sting is reserved for the conservative congressmen who are among Galbraith's familiar targets, joined on this occasion by the Securities and Exchange Commission. It's a pity Professor Galbraith did not live, in his 98 years, to read Harry Markopolos on the topic of this stately parade of dunces, but I recommend any readers of this notice to do just that.

Where ordinary satire shades off into outright travesty I'm not sure. Surely - I fervently hope - lack of due American optimism could not be a matter for official investigation, but the sheer rubbish spouted by self-serving patriots is well familiar to me from a lifetime of visiting the USA. In passing I might mention that Drs Thomas Balogh and Nicholas Kaldor, Hungarian economists recruited by the 1960's Labour Government in Britain, were actually nicknamed Buda and Pest, and the traitor misprinted as Blount was actually Blunt. In a book published in 1990 it's interesting to see the topic of short selling mentioned as an innovation, and while I have no idea whether investing in future market losses could really achieve the results depicted in the story, the idea seems little or not at all more fanciful than some of the outré instruments we have beheld recently.

Positive thinking, optimism and the rest of it are rubbished in this most entertaining short novel in the way they have been asking for and deserve. They are false gods, but powerful ones. All the way from the tulip mania to Black Monday we are left in no doubt that even if we think it unwise to defy them at least we should know better than to believe in them. Now, of course, in the short interval since Galbraith died, we have have had perhaps the most awe-inspiring demonstration yet of what they are able to make us perpetrate in the way of economic self-destruction. Galbraith, you should be living at this hour, but you came close enough, and you know how to tell the story, two books' worth of it.
4 people found this helpful
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