The Age of Diminished Expectations - Hardcover

Paul Krugman

Hardcover

ISBN 10: 0262111810 ISBN 13: 9780262111812

Publisher: The MIT Press, 1994

Synopsis

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. New material in the third editionA new chapter--complete with colorful examples from Llyod's of London and Sumitomo Metals--on how risky behavior can lead to disaster in private markets. An evaluation of the Federal Reserve's role in reining in economic growth to prevent inflation, and the debate over whether its targets are too low. A look at the collapse of the Mexican peso and the burst of Japan's "bubble" economy. A revised discussion of the federal budget deficit, including the growth 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 us that we live in age of diminished expectations, in which the voting public is willing to settle for policy drift--but with the first baby boomers turning 65 in 2011, the economy will not be able to drift indefinitely.

About this title

About the Author

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.

From 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.
Copyright 1990 Reed Business Information, Inc.

Edition details

• Publisher: The MIT Press
• Publication date: 1994
• ISBN 10: 0262111810
• ISBN 13: 9780262111812
• Binding: Hardcover
• Language: English
• Number of pages: 251