Ebook Economic Policy Beyond the Headlines, by George P. Shultz, Kenneth W. Dam
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Economic Policy Beyond the Headlines, by George P. Shultz, Kenneth W. Dam
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Drawing from their experience as government insiders, George P. Shultz and Kenneth W. Dam show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social, and international policy, covering issues such as the advocacy system and the role of the individual in shaping policy. A new chapter, 'A Changed World,' explores the various influences of our increasingly global economy on economic strategy. With rare candor, authority and breadth of vision, Shultz and Dam have produced a brilliant introduction to economic policy, its principles, and practice.
"A model of brevity and lucidity . . . [Economic Policy Beyond the Headlines] incorporates a unique and rewarding blend of economic reasoning with a high level of political awareness . . . enriched by the wide personal experience in government of the authors."—Albert T. Sommers, Across the Board
"[Shultz and Dam] help foreign readers to understand why the world looks so different from Washington. . . . This book should provide the model."—The Economist
"A wise and valuable book showing great insight into the realities of economic policy making."—Henry A. Kissinger
- Sales Rank: #316242 in Books
- Published on: 1998-06-20
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .80" w x 5.50" l, .68 pounds
- Binding: Paperback
- 249 pages
From the Back Cover
Drawing on their experience as government insiders, George P. Shultz and Kenneth W. Dam explain how economic policy is shaped at the highest levels of government. They reveal the connections between economic, social, and international policy. A new chapter, "A Changed World", explores how our increasingly global economy influences economic strategy. With candor, authority, and breadth of vision, Shultz and Dam have produced a brilliant introduction to economic policy, its principles, and its practice.
Most helpful customer reviews
6 of 6 people found the following review helpful.
Out of Date. Not usfeul for FSOT
By wilburforce
If you were recommended this book for the FSOT, take heed. It was published in 1977, and has one 16-page chapter at the end which was added in 1998. So the first ten chapters are based on economics before Reagan, whose free market approach based in part on Milton Friedman's work changed the way government set economic policy. Undoubtedly there have been other major changes to US economic policy since then, but you won't find them out from this book in any detail.
Unless what is needed is a HISTORY of economic policy, this book is not very useful.
14 of 14 people found the following review helpful.
Terrific when first published, now out of date
By Jerry H. Tempelman
George P. Shultz is one of the most distinguished government officials in U.S. history, but this book was a bit of a disappointment. It was first published during the 1970s, and much of its material deals with that era. The contents of the 1998 second edition do not appear to have been updated. E.g., the chapter on tax policy does not mention the tax reforms implemented during the 1980s, or the 1990 and 1993 tax increases (ch. 3). The chapter on income security does not include the 1983 Social Security amendments or the welfare reform of the 1990s (ch. 5). There is no mention of NAFTA in the chapter on international trade (ch. 7), and no mention of the National Economic Council in the chapter on the apparatus of economic policy making (ch. 8).
Substantively, there is not much with which to quibble. The federal budget process is too cumbersome for fiscal stabilization policy to be effective (ch. 2). Simplification of the tax code is economically desirable but politically unlikely (ch. 3). Price controls are ineffective as a means of controlling inflation (ch. 4). The "crazy quilt" (p. 88) of existing income security programs would benefit from being replaced by a negative income tax as proposed by Milton Friedman (ch. 5). During the 1970s, the world switched from a fixed to a floating exchange-rate system (ch. 6). Free trade leads to higher standards of living than does protectionism (ch. 7). Organization affects policy decisions, but continual reorganization does not substitute for them (ch. 8). Government intervention, e.g. with energy policy, thwarts the self-correcting mechanisms of free markets (ch. 9). Government's most effective economic policy is to provide a stable framework within which markets can operate (ch. 10).
The authors' main focus is the Keynesian trade-off between inflation and unemployment. Clearly, economic theory and policy have both progressed since the book was first published. New edition or not, its material has simply become out of date. The only apparent addition to the 1998 version of the book is one new chapter, which would have worked better if the authors had published that separately elsewhere.
0 of 0 people found the following review helpful.
Excellent treatment of problems
By M. Champ
An excellent discussion of how economic theory meets politics. Explains why we have the problems we do, and what some of the root causes may be. Also has some good insight for how the federal government functions in general.
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