Cover image for Economic events, ideas, and policies : the 1960s and after
Economic events, ideas, and policies : the 1960s and after
Perry, George L., 1934-
Publication Information:
Washington, DC : Brookings Institution Press, [2000]

Physical Description:
xiv, 365 pages : illustrations ; 23 cm
Part I. Stabilization and growth. Rapid economic growth, equitable income distribution, and the optimal range of innovation spillovers -- William J. Baumol. Comments by George Akerlof [and] Martin Neil Baily -- Making policy in a changing world / William C. Brainard and George L. Perry. Comments by Ray C. Fair [and] John B. Taylor -- The end of stabilization policy? / Paul Krugman. Comments by Stanley Fischer [and] Benjamin M. Friedman -- The Kennedy Council and the long run / Robert M. Solow. Comments by Robert E. Hall [and] Charles L. Schultze.

Part II. The United States and the international economy. Foreign economic policy in the 1960s : an enduring legacy / Richard N. Cooper. Comments by Francis M. Bator [and] Maurice Obstfeld -- From benign neglect to malignant preoccupation: U.S. balance of payments policy in the 1960s / Barry Eichengreen. Comments by Robert Z. Lawrence [and] Jeffrey Sachs -- Part III. Labor markets and distribution. Poverty and the distribution of economic well-being since the 1960s / Robert Haveman. Comments by Gary Burtless [and] Lawrence F. Katz -- Labor policy and labor research since the 1960s : two ships sailing in orthogonal directions? / Alan B. Krueger. Comments by James Heckman [and] Frank Levy.

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HC106.6 .E237 2000 Adult Non-Fiction Central Closed Stacks

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In November 1999 the Brookings Institution and Yale University jointly sponsored a conference to reconsider the national economic policies of the 1960s and the theories that influenced them, in light of subsequent events in the economy and of developments in economic theory and research. This volume contains the papers and comments of the participants. The 1960s were years of difficult challenges to U.S. policymakers and of important initiatives to meet them. The economic doldrums at the start of the decade gave way to strong expansion and prosperity, which, however, ended with excessive inflation. The decade that followed was the most turbulent of the postwar period, with global shock waves from oil prices, two deep recessions, and historic changes in the international financial system. Both policymaking and economic thinking have evolved since the 1960s. The papers gathered in this volume examine the economics of the 1960s as the starting point in this evolution.Several of the contributors to this volume were involved in policymaking in the 1960s. Their papers provide firsthand insights to the analyses and priorities of that period and a prelude to examination of subsequent ideas and policies. Younger scholars represented in the volume bring different perspectives. All participants have been active in economic research since the 1960s; collectively they represent a wide range of expertise in economic analysis.This volume is dedicated to the memory of Arthur Okun, a major figure in economics and economic policy throughout the Kennedy-Johnson era, at Yale, at the Council on Economic Advisers, and at Brookings. He served as chairman of the council and chief economic adviser to President Johnson. At Brookings, he and George Perry founded the Brookings Panel on Economic Activity and its journal, Brookings Papers on Economic Activity.

Author Notes

George L. Perry is a senior fellow in the Economic Studies program at the Brookings Institution. James Tobin is Sterling Professor of Economics Emeritus at Yale University and a recipient of the Nobel Prize in Economic Science. He is author or editor of numerous book and articles.

Reviews 1

Choice Review

In November 1999 The Brookings Institution and Yale University assembled a group of outstanding senior economists to discuss the economic theories and policies of the 1960s in light of subsequent research and events. The papers collected here include William Baumol on economic growth, Paul Krugman on stabilization policy, Robert Solow on the Kennedy Council, Richard Cooper on foreign economic policy, Robert Haveman on poverty, and Alan Krueger on labor research. Discussants include George Ackerlof, John Taylor, Benjamin Friedman, Robert Hall, and Jeffrey Sachs. One contributor is a Nobel Prize winner (Solow) as is one of the two editors (Tobin); others have surely received serious Nobel consideration. The papers are thoughtful, well written, and informed by a deep and comprehensive understanding of the topic. Essays by Baumol and by Krugman are particularly provocative. The distinguished discussants highlight what they perceive to be the strengths and weaknesses of their particular topics. The reader is treated to a synopsis of a generation of American economics by some of those who formulated and applied it. An informing and rewarding backward glance. Recommended for upper-division undergraduate through professional collections. R. T. Averitt; Smith College

Table of Contents

William J. BaumolGeorge AkerlofMartin Neil BailyWilliam C. Brainard and George L. PerryRay C. FairJohn B. TaylorPaul KrugmanStanley FischerBenjamin M. FriedmanRobert M. SolowRobert E. HallCharles L. SchultzeRichard N. CooperFrancis M. BatorMaurice ObstfeldBarry EichengreenRobert Z. LawrenceJeffrey SachsRobert HavemanGary BurtlessLawrence F. KatzAlan B. KruegerJames HeckmanFrank Levy
Prefacep. xi
Part I. Stabilization and Growth
1 Rapid Economic Growth, Equitable Income Distribution, and the Optimal Range of Innovation Spilloversp. 3
Commentp. 31
Commentp. 36
2 Making Policy in a Changing Worldp. 43
Commentp. 69
Commentp. 72
3 The End of Stabilization Policy?p. 83
Commentp. 99
Commentp. 104
4 The Kennedy Council and the Long Runp. 111
Commentp. 124
Commentp. 127
Part II. The United States and the International Economy
5 Foreign Economic Policy in the 1960s: An Enduring Legacyp. 139
Commentp. 166
Commentp. 176
6 From Benign Neglect to Malignant Preoccupation: U.S. Balance of Payments Policy in the 1960sp. 185
Commentp. 230
Commentp. 234
Part III. Labor Markets and Distribution
7 Poverty and the Distribution of Economic Well-Being since the 1960sp. 243
Commentp. 284
Commentp. 290
8 Labor Policy and Labor Research since the 1960s: Two Ships Sailing in Orthogonal Directions?p. 299
Commentp. 332
Commentp. 337
Contributorsp. 345
Indexp. 347