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The Age Of Diminished Expectation
- 1. THE AGE OF DIMINISHED EXPECTATION Chioma Phillips
- 3. Up and Down economics- on business pages of newspaper and television programs
- 5. The second part turns to the widely regard problems with trade deficit and inflation.
- 6. The third part of the book discusses a series of narrower policy issues all interrelated: the budget deficit, health care, monetary policy, the dollar, protectionism and U.S,-Japan relations.
- 9. A lower trade deficit may seem to mean more jobs in a particular year but overall the long run trade deficit and the average rate of unemployment are unrelated
- 10. Our payments to foreigner are a direct drain on resources, and the longer the trade deficit continues, the larger the drain will become
- 11. The United states always buys just a s much as it is selling.
- 13. The Cost of Deflation To reduce the inflation rate by one percentage points, the economy has to run something like four percentage points below capacity. This is known as sacrifice ration. You have tot sacrifice the four points of the out put of to reduce inflation by one point. That’s a high price even though the loss of the output is temporary while the reduction of inflation is permanent
- 16. CONCLUSION A REPETATIVE WARNING
- 17. THANK YOU By Chioma Phillips
Notes de l'éditeur
- Greek lettering- like any academic field, economics has its fair share of hacks and phonies who use complicated langue to hide the banality of their ideasUp and down- the preoccupation with the latest news and number. This kind of economics has a reputation for being stupefying boring. Airport economics- these books are prominently displayed in airports. Whether optimistic or pessimistic airport economics is usually fun, rarely informed and never serious.This book tries to put its finger on where airport economic go wrong.
- The book ends with a discussion of America's prospects: what’s likely to go wrong or right in U.S. economy?Will we on contrary experience a renewed prosperity that makes the doomsayers seem foolish? Or will we drift along as we have, neither doing well nor experiencing crisis
- Suppose the us economy had no foreign trade so everything consumed had to be made here. How could we raise our consumption per capita?The iii. option is not long term way to increase consumption. We can consume for a while by investing less but that will surely cut our consumption laterOption (ii) can work for awhile if a substantial fraction of the populations unemployed, or if a social change brings a new group into the work forceNow lets put foreign trade back into the equationOption iv is like ii . It’s a short term option, eventually the borrowing need to be repaid. The problem with v is how to persuade foreigners to pay more for our goods. The only reliable way to do that is to make our goods better- which is just how productivity increases under another name.
- In the 1980’s there was a time of satisfactory job creationsThe best solution to the trade deficit is export more than what is imported and the united states is not doing that
- Hyperinflation is inflation at an annual rate in the thousands percent
- Will it work? yes, This is what the united states did in 1979
- To eliminate the trade deficit or reduce it requires driving down the dollar significantly
- Inflation has gradually undermined some traditional economic institutions. The rise of inflation essentially bankrupted a large number of savings and loans- and Washington’s failure to face up to this fact turned what was initially a relatively a modest problem into a fiscal nightmare. Persistent inflation interacting with the tax system, encouraged corporations to replace equity with debt- a process bound up with the boom in takeovers and buyouts, and with reconstructing of the economy that the trade deficit s help make necessary
- This book was written in the 90’s. even so I believe Krugman had a good hard grasp on where our economy was headed. Everything he spoke of and predicted is prevent in today’s society. When will our government pay attention to the accurate forecasting of some economist or maybe they don’t wish to.