Cover image for The age of diminished expectations : U.S. economic policy in the 1990s
The age of diminished expectations : U.S. economic policy in the 1990s
Krugman, Paul R.
Personal Author:
Publication Information:
Cambridge, Mass. : MIT Press, [1990]

Physical Description:
xii, 204 pages : illustrations ; 24 cm
Format :


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HC106.8 .K78 1990 Adult Non-Fiction Central Closed Stacks

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Paul Krugman's popular guide to the economic landscape of the 1990s has been revised and updated to take into account economic developments of the years from 1994 - 1997.

Author Notes

Paul Krugman was born on February 28, 1953. He received a B.S. in economics from Yale University in 1974 and a Ph.D from MIT in 1977. From 1982 to 1983, he worked at the Reagan White House as a member of the Council of Economic Advisers. He taught at numerous universities including Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before becoming a professor of economics and international affairs at Princeton University in 2000. He has written over 200 scholarly papers and 20 books including Peddling Prosperity; International Economics: Theory and Policy; The Great Unraveling; and The Conscience of a Liberal. Since 2000, he has written a twice-weekly column for The New York Times. He received the 1991 John Bates Clark Medal and the 2008 Nobel Memorial Prize in Economic Sciences. His title End This Depression Now! made The New York Times Best Seller List for 2012.

(Bowker Author Biography)

Reviews 3

Publisher's Weekly Review

Krugman's guide to the economic climate of the 1990s explores George Bush's fall from office, the junk bond market collapse, the Clinton tax plan, the health care system and the stratification of American wealth. (Feb.) (c) Copyright PWxyz, LLC. All rights reserved

Library Journal Review

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. (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

Choice Review

Writing for the nonprofessional public, this reputable specialist in international finance presents a briefing on broad issues that will confront the US economy in a declared new age of diminished expectations. Krugman is surprised at the failure of Americans to protest an ascribed disappointing performance of the economy in the 1980s. His scrutiny reveals that the disappointments arise merely from the failures to meet the exaggerated hopes in real national income gains held by some in the late 1960's. Nevertheless, Krugman concedes that the statistical realities do show solid progress in economic growth and disinflation during the 1980s. The author focuses on international issues, notably the trade deficit, exchange rates, Third World debt, and the US-Japanese economic problem. Perhaps unavoidably in a short book, some of the complexities in these areas have been minimized, even more so in the chapters on the domestic issues of productivity and income distribution, where measurement problems abound. However, the section on the savings-and-loan bank scandal is a gem. According to Krugman, the US economy will look tomorrow much as it looks today--slow economic growth, modestly rising incomes, good employment, and gradually accelerating inflation. Robert Ortner's Voodoo Deficits (CH, Nov'90) covers much of the same ground from a conservative viewpoint and makes less demand on previous economic study. Upper-division and graduate collections. -H. I. Liebling, Lafayette College