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Boskin M: The Economy in the 1980s

The Economy in the 1980s

A Program for Growth Stability

CONTRIBUTORS vii PREFACE ix 1 U.S. Performance in Historical and International Perspective 1 U.S. Economy at the Crossroads 3 MICHAEL J.BOSKIN II Productivity and Economic Growth 2 Economic Growth and Productivity 23 MICHAEL J. BOSKIN III Problems of Short-Term Economic Stability 3 Inflation: A Perspective from the 1970s 53 JOHN L. SCADDING 4 The Nature of the Contemporary Unemployment Problem 83 JOHN H. PENCAVEL IV Regulation 5 The New Social Regulation: Implications and Alternatives 119 DAVID J.TEECE. V The International Economy 6 The United States and the World Economy 161 JOHN T. CUDDINGTON RONALD I. McKINNON VI The Role of Government in the Economy 7 Federal Government Taxes and Tax Reform 199 JOHN B. SHOVEN 8 State and Local Finance in the 1980s 223 GEORGE F. BREAK 9 Federal Government Spending and Budget Policy 255 MICHAEL J. BOSKIN VII Potential Policy Problems of the 1980s 10 Social Security and Welfare: What We Have, Want, and Can Afford 293 LAURENCE J. KOTLIKOFF 11 Defense Spending and the Uncertain Future 325 HENRY S. ROWEN 12 Energy Problems and Policies 353 JAMES L. SWEENEY 13 Competition and Health Care Costs 393 PATRICIA DRURY ALAIN ENTHOVEN VIII Summary and Conclusion 14 An Overview 421 MICHAEL J. BOSKINNOTES 427 REFERENCES 437 ABOUT THE AUTHORS 447 INDEX 451 PUBLICATIONS LIST 457

Economy, Polity, and Society

The contributors to this book utilize the Public Choice approach to interpret, analyze, and at times even predict policy outcomes from a variety of contexts around the world. Applications of Public Choice Theory to Public Policy emphasizes how much can be learned from studying real people in the process of navigating political processes and institutional change. The volume directly addresses what the Public Choice approach is, its relationship to policy analysis, and how both can be improved through the incorporation of a diversity of theoretical and empirical strategies. After establishing these strategies, Applications of Public Choice Theory to Public Policy puts this into practice to address issues such as educational reform in Ghana, policy responses to the COVID-19 pandemic, anti-trust policy, the political role of the Supreme Court in the U.S. and high courts in Latin America, the impact of taking a precautionary approach to energy policy, regulatory burdens as a form of time tax, and the looming uncertainty over how artificial intelligence will be governed as it continues to have an ever greater impact on our lives.

Applications of Public Choice Theory to Public Policy

Argentine Freedom
 is the first account of the most disruptive figure in Argentine history since the nation’s return to democracy. In just a few years, Javier Milei rose from television economist and social media provocateur to president of a country long defined by crisis, state intervention, and political polarization. His ascent has sparked fierce debate at home and abroad: Is Milei a threat to democracy, a neo-conservative, or the herald of a much larger revival of the classical liberal tradition?
 
 The book provides a balanced examination of Milei’s rise to power. Rather than judging his policies, economic historian Sebastián Álvarez and political philosopher Ezequiel Spector ask a deeper set of questions: Where do Milei’s ideas come from? How do they relate to Argentina’s liberal tradition and its history of populism, socialism, and authoritarianism? And what does his presidency reveal about the tensions between liberty, equality, and democracy in the twenty-first century?&nbsp;
 
 Blending economic history, political philosophy, and contemporary analysis,&nbsp;
 Argentine Freedom
 traces Argentina’s long ideological arc from the liberal foundations of the 1853 Constitution, through Peronism, military rule, neoliberal reform, and the interventionist turn after the 2001 collapse, to the two liberal “waves” that culminated in Milei’s election. Along the way, it unpacks the meanings of liberalism and libertarianism, contrasts them with their main rivals, and situates Milei within both national history and a broader global surge of anti-establishment leaders.
 
 The resulting book offers a new way to understand Javier Milei as a political actor—and Argentina as a country once again at a crossroads.
 Sebastián Álvarez
 is Professor at Universidad Adolfo Ibáñez in Chile and Associate Researcher at the Graduate Institute in Geneva, Switzerland. His work explores the history of finance and banking in Latin America, with particular attention to how capital markets shape economic policy and international relations. He is the author of 
 Mexican Banks and Foreign Finance
 (Palgrave Macmillan, 2019).
 Ezequiel Spector
 is Research Professor and Director of the Master of Arts program in Philosophy, Politics, and Economics at Adolfo Ibáñez University in Chile. He is the author of 
 Freedom as Social Cooperation
 &nbsp;(Palgrave Macmillan, 2026).

Javier Milei and the Libertarian Wave

Argentine Freedom

How have the main traditions of political economy understood the notion of economic and political crisis? To answer this question, Peter Burnham returns to the primary writings of the pre-classical, classical and neoclassical traditions to explore how thinkers from the mercantalists to Habermas and Streeck have theorised the concept of crisis and how these theories can be used to interpret crisis in contemporary capitalism. Political Economy and Crisis provides an accessible and comprehensive exposition of the main traditions of political economy and an assessment of their competing approaches to understanding and defining capitalism. It reveals the extent to which crisis can be viewed as beneficial or problematical, exogenous or endogenous, a crisis in capitalism, or a crisis of capitalism. The notion of the "financialization of capital" and the character of the global economy is particularly explored. This book is suitable for introductory courses on the theoretical foundations of political economy and international political economy as well as broader courses on the history of economic thought and the development of the post-Bretton Woods world economy.

Political Economy and Crisis

A textbook that examines how societies reach decisions about the use and allocation of economic resources While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society's sense of fairness? Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more. Markets, State, and People offers a new way of approaching public economics. <ul><li>A focus on markets and institutions </li><li>Policy ideas in historical context </li><li>Real-world examples </li><li>How economic theory helps policymakers tackle dilemmas and choices </li></ul>

Economics for Public Policy

Markets, State, and People

In The Four Paradigms in Economics: Theories, Concepts, and Analytical Tools, Kavous Ardalan demonstrates how these four paradigms explain any economics phenomenon differently, and therefore, together they provide a broader and deeper understanding of the economic phenomenon under consideration. The main theme of The Four Paradigms of Economics is that social theory can usefully be conceived in terms of these four key paradigms: functionalist, interpretive, radical humanist, and radical structuralist. The four paradigms are founded upon different assumptions about the nature of social science and society, and therefore, provide different explanations of any phenomenon. The book also looks at the major prevailing schools of thought in economics (Neo-Classical Economics, New Institutional Economics, Behavioral Economics, Austrian Economics, Post-Keynesian Economics, Institutional Economics, Social Economics, Radical Economics, and Marxist Economics) from the point of view of the four paradigms and locates them within the four-paradigm framework.

Theories, Concepts, and Analytical Tools

The Four Paradigms in Economics

The legal concepts that can fundamentally inform the economics of institutions In Legal Institutionalism, the eminent economist Geoffrey Hodgson proposes a new analytic approach for understanding modern economic institutions. Law helps to constitute some of the key features of modern market economies. Moreover, there is evidence that many people believe that obeying the law is important in itself, especially when it is deemed just, legitimate, and uncorrupt. Consequently, he argues, the role of law must be considered in analyses of the nature and dynamics of modern economic institutions and the motivations of economic agents. Hodgson lays out the basic approach and intellectual assumptions of legal institutionalism, citing such thinkers as Adam Smith and Karl Marx as well as insights from institutional economics, law, philosophy, psychology, and social theory. He considers how legal institutions emerged and evolved throughout history, stressing their importance in large-scale, complex economies. Informal rules and relations are vital as well, he explains, but these often rely on face-to-face contact, with smaller numbers of people. He shows that by examining relevant legal rules and relations alongside important informal rules, we can improve our understanding of the nature and role of property, contracts, money, and firms. Revisiting the socialist calculation debate on the feasibility of socialist planning, Hodgson argues that both sides paid insufficient attention to legal issues and underestimated the importance and inevitability of mixed economies. This milestone work by Hodgson has major implications for both theory and policy, suggesting new approaches to economic development, the theory of the firm, and countering the policy extremes of markets versus states.

A Multidisciplinary Approach to the Analysis of Modern Economies

Legal Institutionalism

Handbooks in Economics

Handbook of the Economics of Identity: Volume 1

Routledge Frontiers of Political Economy

The Political Economy of Financial Capitalism

Marx and Financialisation

Global Energy Law and Policy

This book provides a multi-jurisdictional analysis of the role of law in accelerating the development of floating offshore wind energy. With ongoing technological advancements in the context of the energy transition, floating offshore wind represents a significant advancement in the global transition towards sustainable energy. Debates around the inherent ecological tensions raised by fixed-bottom offshore wind turbines, as well as the value of deeper offshore wind exploration, are considered alongside unanswered questions on the complexity of the marine environment and its governance in relation to the deployment of floating offshore wind energy. Other questions focus on marine spatial planning, licensing and permitting procedures, and the safety of installing and maintaining complex offshore energy infrastructure. Although these issues partially coincide with those related to traditional bottom-fixed installation, the book provides an opportunity to test the extent to which traditional legal and regulatory strategies may or may not be suited to the fast-growing deployment of floating offshore wind energy. Written by experts across multiple jurisdictions where floating projects are being developed, the book unlocks new thinking on regulatory modelling and design at a time when floating wind is expected to resolve the complexity of the Energy Quadrilemma.

Global Insights

The Law and Policy of Floating Offshore Wind

Routledge Studies in Development Economics

The Political Economy of International Development Assistance

Public Policy

Global Public Policy Imperatives

What if the biggest obstacle to solving our problems is nothing more than a failure to believe that we can?Rick Caruso has spent his life stepping optimistically into places where other people see no way forward by asking a deceptively simple question: What can we do to make this better? From his appointment as Commissioner to the Los Angeles Department of Water and Power and later the City's troubled Police Department, to the creation of his bold and innovative real estate ventures including L.A.'s world-renowned retail center The Grove, Caruso built a reputation for finding steadfast solutions even in the face of staunch adversity. By employing the great teachers of experience and curiosity, he continues to do what he can to improve Los Angeles, the city he loves, and in Breaking New Ground, he shares lessons learned along the way--while offering us all a path forward to a better future.Again and again, Caruso discovered that breakthroughs rarely come from knowing everything at the outset. They come from asking better questions, bringing the right people into the room, listening without ego, separating ideology from reality, and refusing to give up until workable solutions emerge. Ultimately, they require a steadfast dedication to the belief that there is always a solution and that defeat is not an option.Breaking New Ground is the story of how his philosophy was forged--from the examples of immigrant grandparents and a father who lost one fortune and built another, to Caruso's own successes, failures, public battles, family life, faith, and unexpected turns through business and government.Caruso is less interested in prescribing a formula for becoming successful than in exploring how successful problem-solvers think: how they distinguish what matters from what merely makes noise; how they balance conviction with compromise; how they recognize when conventional wisdom has stopped working; and how they remain fearless enough to see difficult decisions through.Part memoir, part argument, and part blueprint for action, Breaking New Ground offers a timely proposition for anyone confronting a problem that feels too complicated, entrenched, or divisive to solve.There is always another way forward. Sometimes you simply have to be willing to build it.

The Power of Finding Steadfast Solutions

Breaking New Ground

The Economy in the 1980s

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