Type of bind: Paperback
Dewey Decimal Number: 338
EAN num: 9780393009880
ISBN number: 0393009882
Label: W W Norton & Co Inc
Manufacturer: W W Norton & Co Inc
Page Count: 1
Printing Date: 1980-03
Publishing house: W W Norton & Co Inc
Sale Popularity Level: 2774709
Studio: W W Norton & Co Inc
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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
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George P. Shultz is one of the most distinguished government officials in U.S. history, but this book was a bit of a disappointment. It was very first published during the 1970s, and much of its material deals with that era. The contents of the 1998 second edition do not appear to have been updated. E.g., the chapter on tax policy does not mention the tax reforms implemented during the 1980s, or the 1990 and 1993 tax increases (ch. 3). The chapter on income security does not include the 1983 Social Security amendments or the welfare reform of the 1990s (ch. 5). There is no mention of NAFTA in the chapter on international trade (ch. 7), and no mention of the National Economic Council in the chapter on the apparatus of economic policy making (ch. 8).
Substantively, there is not much with which to quibble. The federal budget process is too cumbersome for fiscal stabilization policy to be effective (ch. 2). Simplification of the tax code is economically desirable but politically unlikely (ch. 3). Price controls are ineffective as a means of controlling inflation (ch. 4). The "crazy quilt" (p. 88) of existing income security programs would benefit from being replaced by a negative income tax as proposed by Milton Friedman (ch. 5). During the 1970s, the world switched from a fixed to a floating exchange-rate system (ch. 6). Free trade leads to higher standards of living than does protectionism (ch. 7). Organization affects policy decisions, but continual reorganization does not substitute for them (ch. 8). Government intervention, e.g. with energy policy, thwarts the self-correcting mechanisms of free markets (ch. 9). Government's most effective economic policy is to provide a stable framework within which markets can operate (ch. 10).
The authors' main focus is the Keynesian trade-off between inflation and unemployment. Clearly, economic theory and policy have both progressed since the book was very first published. New edition or not, its material has simply become out of date. The only apparent addition to the 1998 version of the book is one new chapter, which would have worked better if the authors had published that separately elsewhere.
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