I t has been amusing to watch the natural rate of unemployment come down. Two years ago, the community of respectable economists held-though with exceptions including Robert Eisner of Northwestern, Ray Fair at Yale, Harvard’s James Medoff, and myself-that 6 percent unemployment was as low as the economy could go without triggering inflation. This meant, […]
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Posted inMoney, Politics, and Power
Old Party, New Energy
I n the mid-1970s, the founding fathers of the New Right almost walked away from the Republican Party. Sickened by Watergate and angry at what they perceived as the Republican Party’s moderation, Richard Viguerie, Howard Phillips, and Paul Weyrich strove to bring together the disparate conservative forces spawned by Barry Goldwater’s 1964 presidential campaign into […]
Posted inMoney, Politics, and Power
Party Decline
A lthough the Republic’s Founders dreaded the divisiveness of “faction,” political parties have proved essential to the promise of American democracy. Parties bridge the structural bias against government activism in the constitutional separation of powers and allow ordinary citizens who lack economic influence to aggregate political power. Hence, a strong party system is more crucial […]
Posted inAmerica and the World
Postcript to The Choice In Kosovo
When I wrote “The Choice In Kosovo” in early May, the failure of the United States and NATO to make a credible threat of a ground invasion seemed likely to result in a diplomatic settlement that fell far short of the legitimate aims of the war. A month later, these concerns have only partially been […]
Posted inBooks, Arts and Culture
Rising Tide?
“They almost have a nostalgic quality about them, sort of like the bell bottoms stuck in the back of the closet,” writes Jeffrey M. Berry of today’s quixotic and starry-eyed liberals. “But liberalism is not dead. Indeed, it’s thriving.” In The New Liberalism: The Rising Power of Citizen Groups, Berry marshals copious evidence that over […]
Posted inBooks
Naked in the Valley
Po Bronson’s The Nudist on the Late Shift and Other True Tales of Silicon Valley 12.02.99 | reviewed by Nicholas Confessore ‘Tis the season for mainstream magazines-Time, Newsweek, BusinessWeek-to finally run cover stories on that newest of old trends, e-commerce. Skip them. You are unlikely to find a more vivid or readable tour of Silicon […]
Posted inBooks
The Money Artist
Lawrence Weschler’s Boggs: A Comedy Of Values 12.02.99 | reviewed by James K. Galbraith Modern economists make bad historians, as a rule. The problem is that a simple-minded metaphor-supply and demand-with its deep yet subtle political commitment to laissez-faire, controls their thought. The market is supposed to rule. Therefore it does. Whatever happened, the market […]
Posted inBooks
Workers United
Robert Bruno’s Steelworker Alley: How Class Works in Youngstown 12.02.99 | reviewed by Lisa Burrell Black spots on his father’s lungs convinced Robert Bruno it was time to reconnect with his family and his working-class roots. The result of his journey home is Steelworker Alley: How Class Works in Youngstown, a well- researched argument that […]
Posted inMoney, Politics, and Power
The Nationalism We Need
There are two faces of American nationalism-one negative, one positive. The negative face wants to block trade, deter immigrants, and eschew global responsibilities. The positive one wants to reduce poverty among the nation’s children, ensure that everyone within America has decent health care, and otherwise improve the lives of all our people. Both give priority […]
