“Brilliant . . . This is the book Americans need to read now.”—Larry Kudlow
“Should be required reading.” —Weekly Standard
“An amazing history of one of the most important chapters in the evolution of economic thought. . . . Will someone please deliver this book to [President Obama’s] doorstep?” —Claremont Review of Books
“A brilliant, overlooked book.” —Peter Ferrara, American Spectator
“Couldn’t be more timely.” —Amity Shlaes
“I’ve never read anything on the subject of economics that surpasses this extraordinary book for its lucidity, richness, depth, intelligibility, savvy, and sheer intellectual excitement.” —Wilfred McClay
The history we can’t afford to forget
At last, the definitive history of supply-side economics—an incredibly timely work that reveals the foundations of America’s prosperity when those very foundations are under attack.
In the riveting, groundbreaking book Econoclasts, historian Brian Domitrovic tells the remarkable story of the economists, journalists, Washington staffers, and (ultimately) politicians who showed America how to get out of the 1970s stagflation and ushered in an unprecedented quarter-century run of growth and opportunity.
Based on the author’s years of archival research, Econoclasts is a masterful narrative history in the tradition of Amity Shlaes’s The Forgotten Man and John Steele Gordon’s An Empire of Wealth.
The claim that open trade promotes peace has sparked heated debate among scholars and policymakers for centuries. Until recently, however, this claim remained untested and largely unexplored. Economic Interdependence and International Conflict clarifies the state of current knowledge about the effects of foreign commerce on political-military relations and identifies the avenues of new research needed to improve our understanding of this relationship. The contributions to this volume offer crucial insights into the political economy of national security, the causes of war, and the politics of global economic relations.
Edward D. Mansfield is Hum Rosen Professor of Political Science and Co-Director of the Christopher H. Browne Center for International Politics at the University of Pennsylvania.
Brian M. Pollins is Associate Professor of Political Science at Ohio State University and a Research Fellow at the Mershon Center.
The Nordic countries stand out in international comparisons for having both high living standards and low inequality. The welfare state and public sectors are large and the tax burden is high. How have these countries managed to achieve such favorable economic performance?
Economist Torben M. Andersen shows how the Nordic model rests on two pillars: the social safety net, which offers income compensation to the majority of those unable to support themselves, and the provision of services like education, childcare, and healthcare to all. The Nordic model can be characterized as one of employment, since its financial viability rests on a high labor participation rate with few working poor.
Andersen lays out the structure of the model and highlights factors important for understanding its economic performance. He then looks into specific policy areas based on Denmark's experiences regarding labor market policies (flexicurity), pension systems, and preparation for an aging population; and addresses the challenges arising from new technologies and globalization.
Drawing from their experience as government insiders, George P. Shultz and Kenneth W. Dam show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social, and international policy, covering issues such as the advocacy system and the role of the individual in shaping policy. A new chapter, 'A Changed World,' explores the various influences of our increasingly global economy on economic strategy. With rare candor, authority and breadth of vision, Shultz and Dam have produced a brilliant introduction to economic policy, its principles, and practice.
"A model of brevity and lucidity . . . [Economic Policy Beyond the Headlines] incorporates a unique and rewarding blend of economic reasoning with a high level of political awareness . . . enriched by the wide personal experience in government of the authors."—Albert T. Sommers, Across the Board
"[Shultz and Dam] help foreign readers to understand why the world looks so different from Washington. . . . This book should provide the model."—The Economist
"A wise and valuable book showing great insight into the realities of economic policy making."—Henry A. Kissinger
An ambitious successor to W. Max Corden's highly acclaimed Inflation, Exchange Rates, and the World Economy, this book addresses topics in
international macroeconomics that have come to the forefront of economic
policy debates in recent years. Covering exchange rate policy, the
European Monetary System, protection and competition, and the
international "non-system" since the collapse of Bretton Woods, Corden
provides a probing analysis of significant economic trends associated
with the increasing integration of the world capital market.
Beginning with essays on exchange rate policy, the current account, and
external effects of fiscal policy, Corden lays out the foundations of
balance-of-payments theory in relation to wage rates, income
distribution, and inflation. Chapters on the European Monetary System
focus on monetary integration and look skeptically at European proposals
to move toward monetary union. Other topical essays discuss the
"competitiveness" problem and the relation between protection and
Corden summarizes and clarifies a vast range of work on the coordination
of macroeconomic policies and critically reviews various proposals for
reforming the international monetary system.
In the 1980s, the formerly planned markets of the Soviet Union and Eastern Europe and the developing nations of Latin America and East Asia embarked upon unprecedented efforts to alter their economic regimes. These first-stage reforms involved a major reconceptualization of the principal elements of the economy, private property, and trade. But in the wake of these reforms, the need for second-stage reforms—the implementation of more structural changes—arose; without the development of new regulatory agencies, tax reform initiatives, adjustments to trade policies, and enhancements in education, labor, and telecommunications, the prospects for economic growth engendered during the first-stage reforms might not be realized.
Economic Policy Reform: The Second Stage provides an incisive overview of the context of these crucial second-stage reforms with a thorough examination of the issues confronting the policymakers involved. Edited by Anne O. Krueger, it features studies from distinguished experts in various fields of economics. Each chapter of this book addresses a key issue in economic policy, examines the progress of reforms in the markets considered, and then explores what research might further aid leaders as they embark on fundamental changes.
Both a handbook for economists and practitioners and a theoretical exploration of the most significant challenges currently facing the economic world, this new book will be indispensable to anyone involved in the global economic scene.
Frederic S. Mishkin
Roger G. Noll
Miguel A. Savastano
T. Paul Shultz
Mary M. Shirley
Joseph E. Stiglitz
Articulate and provocative, Richardo Ffrench-Davis offers the most comprehensive and timely assessment available of Chilean economic reform, from the military dictatorship of Pinochet in the 1970s up to the "reforms of reforms" made by the democratic governments in the 1990s.
Written in accessible and readable prose, Economic Reforms in Chile begins with an overview of the Chilean economy during the last fifty years. This historical time frame is divided into three periods of economic reform. The first period covers the Pinochet regime, during which the more orthodox neoliberalism was implemented. The second period includes the Pinochet dictatorship, during which economic policy shifted toward pragmatism, particularly in the areas of trade and finance; it also includes the crisis of 1982 and its effects. The third period begins in 1990 with the return to democratic elections and the significant reforms to prior reforms. This section also examines the search for growth-with-equity, success in investment and growth performance, macroeconomic sustainability, and the reduction of poverty. Ffrench-Davis addresses several "paradoxes," or results that defy the expectations of policymakers, in order to analyze the significance of comprehensive macroeconomic equilibrium and its implications for sustainable stability, growth, and equity. Economic Reforms in Chile will be of interest to economists, political scientists, and policymakers involved with the economies of emerging and developing countries.
Ricardo Ffrench-Davis is Principal Regional Advisor, ECLAC, Santiago, and Professor of Economics, University of Chile.
Does a government’s fate at the ballot box hinge on the state of the economy? Is it inflation, unemployment, or income that makes the difference? What triggers economic voting for or against the incumbent – do voters look at their pocketbooks, or at the national accounts? Do economic voters “punish” rulers for bad times, but fail to “reward” them for the good times? Are voter’s judgments based on past economic performance or future policy promises? These are some of the questions considered by Michael Lewis-Beck in this major cross-national study of the effect of economic conditions on voting behavior in the Western European democracies and the United States.
Succinct, accessible, and authoritative, Thomas Piketty’s The Economics of Inequality is the ideal place to start for those who want to understand the fundamental issues at the heart of one the most pressing concerns in contemporary economics and politics. This work now appears in English for the first time.
A leading scholar of the history and philosophy of economic thought, Philip Mirowski argues that there has been a top-to-bottom transformation in how scientific research is organized and funded in Western countries over the past two decades and that these changes necessitate a reexamination of the ways that science and economics interact. Mirowski insists on the need to bring together the insights of economics, science studies, and the philosophy of science in order to understand how and why particular research programs get stabilized through interdisciplinary appropriation, controlled attributions of error, and funding restrictions.
Mirowski contends that neoclassical economists have persistently presumed and advanced an “effortless economy of science,” a misleading model of a self-sufficient and conceptually self-referential social structure that transcends market operations in pursuit of absolute truth. In the stunning essays collected here, he presents a radical critique of the ways that neoclassical economics is used to support, explain, and legitimate the current social practices underlying the funding and selection of “successful” science projects. He questions a host of theories, including the portraits of science put forth by Karl Popper, Michael Polanyi, and Thomas Kuhn. Among the many topics he examines are the social stabilization of quantitative measurement, the repressed history of econometrics, and the social construction of the laws of supply and demand and their putative opposite, the gift economy. In The Effortless Economy of Science? Mirowski moves beyond grand abstractions about science, truth, and democracy in order to begin to talk about the way science is lived and practiced today.
A grounded and instructive analysis of the ways globalization affects a border city.
Every marker of social difference can be easily interpreted in the fashionable language of "borderlandso--and if so, as Victor M. Ortiz-Gonzalez reveals, the practical reality of the border region is often grossly misrepresented and its people woefully served. He argues that amid the tantalizing abstractions generated by the sweeping reconfigurations of globalization, people in cities like El Paso and Ciudad Juarez, on the U.S. - Mexican border, are actually living the gritty realities of a new world order.
With descriptions of grassroots initiatives to confront the challenges and opportunities that NAFTA represents for the city, El Paso challenges us to acknowledge and address the conceptual and sociopolitical tasks of a world in which abstract representations and nonlocal interests override concrete situations. Ortiz-Gonzalez also provides an in-depth analysis of groups such as La Mujer Obrera, Unite El Paso, and the Hispanic Chamber of Commerce and their attempts to give local residents and workers more autonomy and power.
Balancing ethnographic detail with precise theoretical insights, El Paso offers a compelling case study and a stirring call to understand both the conceptual challenge and the social urgency of the effects of globalization in local settings.
Victor M. Ortiz-Gonzalez is coordinator of the Mexican and Caribbean Studies Program at Northeastern Illinois University.
This classic text has proven its worth in university classrooms and as a tool kit in research--selling over 40,000 copies in the United States and abroad in its first edition alone. Users have included undergraduate and graduate students of economics and business, and students and researchers in political science, sociology, and other fields where regression models and their extensions are relevant. The book has also served as a handy reference in the "real world" for people who need a clear and accurate explanation of techniques that are used in empirical research.
Throughout the book the emphasis is on simplification whenever possible, assuming the readers know college algebra and basic calculus. Jan Kmenta explains all methods within the simplest framework, and generalizations are presented as logical extensions of simple cases. And while a relatively high degree of rigor is preserved, every conflict between rigor and clarity is resolved in favor of the latter. Apart from its clear exposition, the book's strength lies in emphasizing the basic ideas rather than just presenting formulas to learn and rules to apply.
The book consists of two parts, which could be considered jointly or separately. Part one covers the basic elements of the theory of statistics and provides readers with a good understanding of the process of scientific generalization from incomplete information. Part two contains a thorough exposition of all basic econometric methods and includes some of the more recent developments in several areas.
As a textbook, Elements of Econometrics is intended for upper-level undergraduate and master's degree courses and may usefully serve as a supplement for traditional Ph.D. courses in econometrics. Researchers in the social sciences will find it an invaluable reference tool. A solutions manual is also available for teachers who adopt the text for coursework.
Jan Kmenta is Professor Emeritus of Economics and Statistics, University of Michigan.
Ellen Johnson Sirleaf
Pamela Scully Ohio University Press, 2016 Library of Congress DT636.53.J64.S38 2016 | Dewey Decimal 966.62031092
In this timely addition to the Ohio Short Histories of Africa series, Pamela Scully takes us from the 1938 birth of Nobel Peace Prize winner and two-time Liberian president Ellen Johnson through the Ebola epidemic of 2014–15. Charting her childhood and adolescence, the book covers Sirleaf’s relationship with her indigenous grandmother and urban parents, her early marriage, her years studying in the United States, and her career in international development and finance, where she developed her skill as a technocrat. The later chapters cover her years in and out of formal Liberian politics, her support for women’s rights, and the Ebola outbreak.
Sirleaf’s story speaks to many of the key themes of the twenty-first century. Among these are the growing power of women in the arenas of international politics and human rights; the ravaging civil wars in which sexual violence is used as a weapon; and the challenges of transitional justice in building postconflict societies. Ellen Johnson Sirleaf is an astute examination of the life of a pioneering feminist politician.
Until the New Deal, most groups seeking protection from imports were successful in obtaining relief from Congress. In general the cost of paying the tariffs for consumers was less than the cost of mounting collective action to stop the tariffs. In 1934, with the passage of the Reciprocal Trade Agreements Act, all of this changed. The six decades that followed have produced a remarkable liberalization of trade policy in the United States. This occurred despite the fact that domestic politics, according to some of the best developed theories, should have prevented this liberalization.
Michael Gilligan argues that liberalization has succeeded because it has been reciprocal with liberalization in other countries. Our trade barriers have been reduced as an explicit quid pro quo for reduction of trade barriers in other countries. Reciprocity, Gilligan argues, gives exporters the incentive to support free trade policies because it gives them a clear gain from free trade and thus enables the exporters to overcome collective action problems. The lobbying by exporters, balancing the interests of groups seeking protection, changes the preferences of political leaders in favor of more liberalization.
Gilligan tests his theory in a detailed exploration of the history of American trade policy and in a quantitative analysis showing increases in the demand for liberalization as the result of reciprocity in trade legislation from 1890 to the present. This book should appeal to political scientists, economists, and those who want to understand the political underpinnings of American trade policy.
Michael J. Gilligan is Assistant Professor of Politics, New York University.
In the mid-1990s, at the height of academic discussion about the inevitability of capitalist globalization, J. K. Gibson-Graham presented a groundbreaking and controversial argument for envisioning alternative economies. This new edition includes an introduction in which the authors address critical responses to The End of Capitalism and outline the economic research and activism they have been engaged in since the book was first published.
“Paralyzing problems are banished by this dazzlingly lucid, creative, and practical rethinking of class and economic transformation.” —Meaghan Morris, Lingnan University, Hong Kong
“Profoundly imaginative.” —Eve Kosofsky Sedgwick, City University of New York “Filled with insights, it is clearly written and well supported with good examples of actual, deconstructive practices.” —International Journal of Urban and Regional Research
J. K. Gibson-Graham is the pen name of Katherine Gibson and Julie Graham, feminist economic geographers who work, respectively, at the Australian National University in Canberra and the University of Massachusetts Amherst.
In his topical new book, Ethical Borders, Bill Ong Hing asks, why do undocumented immigrants from Mexico continue to enter the United States and, what would discourage this surreptitious traffic? An expert on immigration law and policy, Hing examines the relationship between NAFTA, globalization, and undocumented migration, and he considers the policy options for controlling immigration. He develops an ethical rationale for opening up the U.S./Mexican border, as well as improving conditions in Mexico so that its citizens would have little incentive to migrate.
In Ethical Borders Hing insists that reforming NAFTA is vital to ameliorating much of the poverty that drives undocumented immigration and he points to the European Union's immigration and economic development policies as a model for North America. Hing considers the world-wide economic crisis and the social problems that attend labor migration into homogenous countries, arguing for a spectrum of changes, including stricter border enforcement and more effective barriers; a path to citizenship for undocumented migrants; or a guest worker program.
Hing also situates NAFTA and its effects in the larger, and rapidly shifting, context of globalization—particularly the recent rise of China as the world's economic giant. Showing how NAFTA’s unforeseen consequences have been detrimental to Mexico, Hing passionately argues that the United States is ethically bound to address the problems in a way that puts prosperity within the grasp of all North Americans.
The transformation of Europe since the end of World War II has been astounding. In 1945, a battle–scarred continent lay in ruins. Today, it has achieved a level of integration, prosperity, and stability that few people could have anticipated. The life and career of the French statesman Jean Monnet and the recent adoption of the “euro” as Europe's common currency represent the bookends of this half–century–long metamorphosis.
This collection of essays, drawn from the lectures of the 1999 Baker Conference at Ohio University, explores Monnet's vision of an integrated Europe, its gradual implementation, and the social, economic, and international consequences. The scholarship focuses upon Monnet's life, personality, and legacy, the development of social policy within the European Union (EU), the economic and national security implications of the EU, and the continuation of an American presence in Europe through the North Atlantic Treaty Organization.
This significant collection fuses biography with comparative political economy and policy studies to help political scientists, sociologists, economists, international lawyers, and historians on both sides of the Atlantic understand important aspects of Europe's post–1945 development.
Reforms in Myanmar (formerly Burma) have eased restrictions on citizens' political activities. Yet for most Burmese, Ardeth Maung Thawnghmung shows, eking out a living from day to day leaves little time for civic engagement. Citizens have coped with extreme hardship through great resourcefulness. But by making bad situations more tolerable in the short term, these coping strategies may hinder the emergence of the democratic values needed to sustain the country's transition to a more open political environment.
Thawnghmung conducted in-depth interviews and surveys of 372 individuals from all walks of life and across geographical locations in Myanmar between 2008 and 2015. To frame her analysis, she provides context from countries with comparable political and economic situations. Her findings will be welcomed by political scientists and policy analysts, as well by journalists and humanitarian activists looking for substantive, reliable information about everyday life in a country that remains largely in the shadows.
In this highly acclaimed, provocative book, Robert Kuttner disputes the laissez-faire direction of both economic theory and practice that has been gaining in prominence since the mid-1970s. Dissenting voices, Kuttner argues, have been drowned out by a stream of circular arguments and complex mathematical models that ignore real-world conditions and disregard values that can't easily be turned into commodities. With its brilliant explanation of how some sectors of the economy require a blend of market, regulation, and social outlay, and a new preface addressing the current global economic crisis, Kuttner's study will play an important role in policy-making for the twenty-first century.
"The best survey of the limits of free markets that we have. . . . A much needed plea for pragmatism: Take from free markets what is good and do not hesitate to recognize what is bad."—Jeff Madrick, Los Angeles Times
"It ought to be compulsory reading for all politicians—fortunately for them and us, it is an elegant read."—The Economist
"Demonstrating an impressive mastery of a vast range of material, Mr. Kuttner lays out the case for the market's insufficiency in field after field: employment, medicine, banking, securities, telecommunications, electric power."—Nicholas Lemann, New York Times Book Review
"A powerful empirical broadside. One by one, he lays on cases where governments have outdone markets, or at least performed well."—Michael Hirsh, Newsweek
"To understand the economic policy debates that will take place in the next few years, you can't do better than to read this book."—Suzanne Garment, Washington Post Book World
The Evolution of Agrarian Institutions studies the unexpectedly slow and uneven growth of private agriculture in postsocialist East-Central Europe. Comparing developments in Hungary and Bulgaria, Mieke Meurs offers an explanation for this slow growth and examines its implications for efficiency and income distribution in postsocialist agriculture.
With the collapse of the state socialist regimes in East-Central Europe, it was widely expected that collectivized agriculture would quickly be remade in the glowing image of China--a patchwork of small, privately run farms yielding rapid increases in output and incomes. However, the European experience has been quite different; while socialist collective farms have disappeared, collective forms of organization have persisted, and private farming has been slow to emerge. Meurs argues that an understanding of the causes of the slow emergence of private farming is essential to effective policy intervention in agriculture. This book contributes to such an understanding through analyzing variations in farm organization and rural market development and comparing agricultural restructuring in Hungary and Bulgaria. The Evolution of Agrarian Institutions is unique in its combination of original survey data, published data on land use, and published historical data. It also tests two institutionalist explanations for the pace and direction of change in agricultural organization. This book will be of interest to economists, political scientists, sociologists, scholars working in the area of rural development in emerging countries, and anyone with an interest in transitional economics.
Mieke Meurs is Associate Professor of Economics, American University.