By Bill Bradley, George Soros, Niall Ferguson, Nouriel Roubini, Paul Krugman, Robin Wells, Moderated by JeffMadrick Following are excerpts from a symposium on the economic crisis presented by The New York Review of Books ...
By Richard Parker JeffMadrick's The Case for Big Government arrives when one might imagine that Wall Street has made the case quite persuasively on its own. By mid-February, the Federal Reserve's once-gargantuan $29 billion ...
By John Sweeney, Reply by JeffMadrick To the Editors: JeffMadrick's article "Time for a New Deal" [NYR, September 25, 2008] noted that much can...be done by providing fair opportunities for unions to organize ...
By JeffMadrick Some prominent figures in the financial markets insist that unchecked opportunism by financiers was not a root cause of the current credit crisis. Robert Rubin, the former Treasury secretary who has just ...
... in these pages by James Lardner, June 14, 2007. [2]Oxford University Press, 2006; reviewed in these pages by JeffMadrick, March 20, 2008. Trapped in the New 'You're on Your Own' World Volume 55, Number 18 November 20, 2008 ...
By JeffMadrick Only recently has the situation outlined by Steven Greenhouse in his new book,The Big Squeeze, been getting serious attention from politicians. Average wages for American workers have been largely stagnating ...
By JeffMadrick The industrial revolution is more than two centuries old, but the first rich nations to provide for the retirement of their elderly did not do so until roughly a century ago. Until the late 1800s, when agriculture ...
By JeffMadrick 1. In the early 1970s, the United States imported approximately one third of the oil it consumed. Today, it imports almost 60 percent and by 2025, so the Energy Department forecasts, the US will probably ...
By JeffMadrick 1. Between 1973 and 1993, the standard of living for average Americans rose more slowly than in any previous twenty-year period since the Civil War. Although the economy grew, the benefits of this growth ...
By JeffMadrick 1. John Kenneth Galbraith has been a Harvard economist, an accomplished diplomat, a political activist, a close adviser to presidents, a novelist and memoirist, and the best-selling economic writer of his ...
By JeffMadrick 1. For many Americans the long expansion of the economy during the 1990s reinforced the belief that technological advances will naturally lead to prosperity. So strong is this belief that the stock market ...
By JeffMadrick 1. That the US has adopted a more and more constricted view of the uses of government is especially evident in the recent debate over a prescription drug plan for the elderly. After bitter negotiations to ...
... spending, especially on new goods. Economics is full of such two-way chains of causation. 2. The title of JeffMadrick's new book is Why Economies Grow, which suggests that it is mainly about the causes of the trend in growth ...
By JeffMadrick 1. The great hope of some reform-minded Americans is that there will be, sooner or later, a political backlash against rising inequality in America. Kevin Phillips, a former Republican adviser, is one of ...
By JeffMadrick 1. Widely promoted as one of the great corporations of a new age, the Enron company has turned out to be largely, and perhaps even mostly, a creation of accounting gimmickry. But the scandal of its collapse ...
... on these and other operations of Enron, on which I draw here, has been compiled by Randall Dodd and JeffMadrick and will be the subject of a forthcoming article by Mr.Madrick in these pages. The Betrayal of Capitalism ...
By JeffMadrick 1. When Jack Welch became chief executive officer of General Electric in 1981, American business was more beleaguered than at any time since the Great Depression. Economic growth in the 1970s had slowed ...
By JeffMadrick 1. When George W. Bush signed the $1.35 trillion federal tax cut in June, it marked the culmination of one of the more unlikely legislative victories of our time. Bush's original tax reduction proposal was ...
By JeffMadrick No one can tell us with any authority that money makes people happy. But we know that extreme poverty usually makes people unhappy. The World Bank calculates that the number of people in the world living ...
... . Open Society: Reforming Global Capitalism by George Soros Public Affairs, 365 pp., $26.00 Notes [1]See JeffMadrick's "How to Succeed in Business," The New York Review, April 18, 1996. [2] Rational expectations ...
By JeffMadrick 1. To most observers of the ups and downs of today's stock market, it defies common sense when eminent economists assert that the stock market works according to logical principles. But most economists believe ...
... years to approximately 2 percent a year, roughly double its average from 1973 to 1995, can be sustained, see JeffMadrick's recent article in these pages, "How New Is the New Economy?" The New York Review, September ...
By JeffMadrick The rapid economic growth of the past few years has surprised even the most optimistic forecasters, and it has made a significant difference to Americans' sense of themselves. The volume of goods and services ...
By George Soros, JeffMadrick In July of 1997, the currency of Thailand, the baht, fell precipitously in value when the government abolished the link it had long maintained to the US dollar. The fall in the value of currency ...
By JeffMadrick, Leon Levy When the investment fund called Long-Term Capital Management almost collapsed last August, the event sent tremors throughout the financial world. Many feared that Long-Term Capital's problems ...
By JeffMadrick, Leon Levy Leon Levy started his career on Wall Street as a security analyst and became a partner in Oppenheimer & Co., then a small brokerage firm, in 1951. He and his partner, Jack Nash, built the ...
By Bob Davis, David Wessel, Reply by JeffMadrick To the Editors: Jeffrey Madrick's description of the productivity disappointments of the past and the present ["Computers: Waiting for the Revolution," NYR, March ...
... closed his investment partnership. USAir is discussed in the 1994, 1996, and 1997 Annual Reports. See also JeffMadrick, "How to Succeed in Business," The New York Review, April 18, 1996, p. 24, and, on the growing ...
By JeffMadrick 1. In early January, the Bureau of Labor Statistics reported data, including strong job growth in December, suggesting that the economy again grew rapidly in the last three months of 1997. This followed ...
By JeffMadrick 1. Andrew Hacker's new book, Money, arrives at a propitious time. With the US unemployment rate now around its lowest level in twenty-five years, inflation subdued, and stock prices high, many commentators ...
By Robert J. Gordon, Zvi Griliches, Reply by JeffMadrick To the Editors: As the two Commission members most responsible for the treatment of quality change in the report of the Advisory Commission on the Consumer Price ...
... thought. For a contrary view criticizing the Commission's conclusions as "highly debatable," see JeffMadrick, "The Cost of Living:A New Myth," The New York Review, March 6, 1997, pp. 19-24. [2] Simon ...
By JeffMadrick 1. When the Advisory Commission to Study the Consumer Price Index released its report in early December claiming that consumer inflation is being overstated by 1.1 percent a year, its findings were generally ...
By JeffMadrick 1. In his new book about saving Social Security, Restoring Hope in America, the writer Sam Beard, an inner-city organizer turned fiscal conservative, indulges in a few tricks of the political pamphleteer ...
By Thomas M. Doerflinger, Reply by JeffMadrick To the Editors: JeffMadrick [NYR, April 18] seems to blame Wall Street for the oft-cited fact that real wages have stagnated since the early 1970s. Just as pundits hailed ...
By JeffMadrick During the past fifteen or twenty years, after several decades in which the distance between America's rich and poor was relatively narrow, the distribution of wealth has again skewed dramatically in favor ...
By JeffMadrick 1. The last time Americans were strongly in favor of balancing the federal budget was during the Great Depression. Then, as now, the public generally thought that budget deficits were the cause rather than ...