Economist John Kenneth Galbraith is probably best known for
The Affluent Society (in which he coined the phrase: conventional wisdom), and
The New Industrial State. He was an unconventional economist in that he believed that economic activity could not be distilled into inviolable laws, but rather was a complex product of the cultural and political milieu in which it occurs. During the pro-market, small-government, anti-regulation and low-tax orthodoxies of the 1980s, Galbraith’s views were considered anachronistic, but as markets were seen to be increasingly unstable at the end of the 20th century and start of the 21st century, his theories regained some of their popularity.