The Age of Diminished Expectations / Edition 3

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Overview


The Age of Diminished Expectations is a remarkable achievement, a quick read that tells you much of what there is to know about the great economic issues of the day.
-- Peter Passell, New York Times Book Review
Paul Krugmans popular guide to the economic landscape of the 1990s has been revised and updated to take into account economic developments of the past three years. New material in the third edition includes:
  • A new chapter--complete with colorful examples from Lloyds of London and Sumitomo Metals--on how risky behavior can lead to disaster in private markets.
  • An evaluation of the Federal Reserves role in reining in economic growth to prevent inflation, and the debate over whether its growth targets are too low.
  • A look at the collapse of the Mexican peso and the burst of Japans bubble economy.
  • A revised discussion of the federal budget deficit, including the growing concern that Social Security and Medicare payments to retiring baby boomers will threaten the solvency of the government.
Finally, in the updated concluding section, the author provides three possible scenarios for the American economy over the next decade. He warns that we live in an age of diminished expectations, in which the voting public is willing to settle for policy drift--but with the first of the baby boomers turning 65 in 2011, the U.S. economy will not be able to drift indefinitely.


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Editorial Reviews

Library Journal
This book occupies fairly rare territory: the middle ground. Krugman's most likely scenario for the 1990s is neither crash nor boom but a continuation of the 1980s, with some unemployment, more inflation, and only slow growth in income. Surprisingly, Krugman notes, the public will continue to be satisfied with this performance. Designed for the general reader, the book covers the important economic problems and proposed solutions. One also discovers which problems should be real concerns and which are even amenable to solution. Recommended especially for public libraries as a well-balanced introduction to the 1990s.-- Richard C. Schiming, Mankato State Univ., Minn.
Booknews
Targets human factors and how they affect the implementation of any kind of automation in the information system environment. Includes discussion of: accurately portraying the apparent whimsy of upper management; tactics, strategy negotiation, and politics; reorganization, new employers, and new management. A rare, non-technical, non-apocalyptic account of the economy. Krugman (economics, MIT) describes more than predicts, but does think there will be no bust, no boom, a few whimpers, a sigh or two: things could be better, but they could be worse, and we don't expect much anymore. Originally published as a Washington Post Company Briefing Book. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780262112246
  • Publisher: MIT Press
  • Publication date: 8/8/1997
  • Edition description: third edition
  • Edition number: 3
  • Pages: 244
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.56 (d)

Meet the Author

Paul Krugman

Paul Krugman is Professor of Economics and International Affairs at Princeton University and a New York Times columnist. He was awarded the Nobel Prize for Economics in 2008.

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Table of Contents

Foreword
Preface
Introduction 1
I The Roots of Economic Welfare 9
1 Productivity Growth 13
2 Income Distribution 23
3 Employment and Unemployment 31
II Chronic Aches and Pains 39
4 The Trade Deficit 43
5 Inflation 59
III Policy Problems 69
6 Health Care 73
7 The Budget Deficit 85
8 The Embattled Fed 101
9 The Dollar 111
10 Free Trade and Protectionism 123
11 Japan 137
IV Financial Follies 155
12 The Savings and Loan Scandal 159
13 Corporate Finance 169
14 Global Finance 185
V American Prospects 203
15 Happy Ending 207
16 Hard Landing 213
17 Drift 225
Index 233
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