Journal of Economic Perspectives
Vol. 14, No. 1, Winter 2000
Contents
Reflections on Economics at the Turn of the Millennium
Alan B. Krueger, J. Bradford De Long and Timothy Taylor 3-5
The Worldwide Standard of Living since 1800
Richard A. Easterlin 7-26
What the Change of System from Socialism to Capitalism
Does and Does Not Mean
Janos Kornai 27-42
Antitrust Policy: A Century of Economic and Legal
Thinking
William E. Kovacic and Carl Shapiro 43-60
American Government Finance in the Long Run: 1790
to 1990
John Joseph Wallis 61-82
The Triumph of Monetarism?
J. Bradford De Long 83-94
The Neoclassical Advent: American Economics at the
Dawn of the 20th Century
Joseph Persky 95-108
Teaching Economics in the 21st Century
William E. Becker 109-119
New Millennium Economics: How Did It Get This Way,
and What Way Is It?
David Colander 121-132
From Homo Economicus to Homo Sapiens
Richard H. Thaler 133-141
The Future of Microeconomic Theory
Beth Allen 143-150
Toward a Macroeconomics of the Medium Run
Robert M. Solow 151-158
Some Macroeconomics for the 21st Century
Robert E. Lucas, Jr. 159-168
Can America Stay on Top?
Paul Krugman 169-175
How Far Will International Economic Integration
Go?
Dani Rodrik 177-186
Anti-Poverty Policy for Families in the Next Century:
From Welfare to Work--and Worries
David T. Ellwood 187-198
Environmental Problems and Policy: 2000-2050
Paul R. Portney 199-206
Worker Protection Policies in the New Century
Bernard E. Anderson 207-214
Features:
Recommendations for Further Reading 215-222
Correspondence 223-228
Notes 229-232
Reflections on Economics at the Turn of the Millennium
Alan B. Krueger, J. Bradford De Long and Timothy Taylor
No abstract available.
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The Worldwide Standard of Living since 1800
Richard A. Easterlin
By many measures a revolution in living conditions is sweeping the world.
Most people today are better fed, clothed, and house than their predecessors
two centuries ago. They are healthier, live longer, and are better educated.
Women's lives are less centered on reproduction, and political democracy
has gained a foothold. Current international differences in a number of
standard of living indicators are significantly correlated. Historically,
however, these improvements often started at quite different times, suggesting
that the determinants of change in different aspects of the standard of
living are varied.
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What the Change of System from Socialism to Capitalism Does and Does Not
Mean
Janos Kornai
No abstract available.
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Antitrust Policy: A Century of Economic and Legal Thinking
William E. Kovacic and Carl Shapiro
No abstract available.
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American Government Finance in the Long Run: 1790 to 1990
John Joseph Wallis
Government in America has gone through three distinct fiscal systems
in the last two hundred years. Each system utilized a dominant revenue
source, and had a distinctly active level of government. The changing
structure of government by level seems to be related to changing revenue
structures. When new taxes become important, the relative importance of
each level of government changes. On the other hand, growth in the overall
size of government is not directly related to the structure of revenues
or the distribution of activity by level of government. Government growth
is the result of long term commitments to provide education, transportation,
social welfare services, old age security, and military forces.
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The Triumph of Monetarism?
J. Bradford De Long
No abstract available.
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The Neoclassical Advent: American Economics at the Dawn of the 20th Century
Joseph Persky
No abstract available.
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Teaching Economics in the 21st Century
William E. Becker
The desire to reverse a downward trend in the number of undergraduates
majoring in economics is an impetus to advance the scholarship of teaching
economics as we enter the 21st century. This article offers suggestions
for changing the concepts taught and the applications used in college
and university economics courses within the United States. It provides
practical methods to improve the way economics is taught. The assessment
of students and the evaluation of pedagogical practices are also addressed.
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New Millennium Economics: How Did It Get This Way, and What Way Is It?
David Colander
This paper is a discussion of the changes in the economics profession
that occurred (or at least are suggested will occur) between 2000 and
2050. Structural changes include the growth of virtual universities, the
movement of the center of economics out of the U.S. and the shrinking
of traditional graduate economics programs as we know them today, and
their replacement by public policy and specialty programs. Changes in
content include an increase in simulation work, experimental work, and
the replacement of a neoclassical vision with a New Millennium vision
based on a complexity foundation in which patterns develop spontaneously.
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From Homo Economicus to Homo Sapiens
Richard H. Thaler
In responding to a request for predictions about the future of economics,
I predict that Homo Economicus will evolve into Homo Sapiens, or, more
simply put, economics will become more related to human behavior. My specific
predictions are that Homo Economicus will start to lose IQ, will become
a slower learner, will start interacting with other species, and that
economists will start to study human cognition, human emotion, and will
distinguish more clearly between normative and descriptive theories.
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The Future of Microeconomic Theory
Beth Allen
The question of what constitutes good economic theory is analyzed. Current
good and bad aspects of its methodologies are discussed. Interdisciplinary
work that goes beyond the social sciences is advocated. The future predictions
are presented concerning research in game theory and the economics of
information. Finally, the importance of technology and the need for microeconomists
to understand it better are argued.
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Toward a Macroeconomics of the Medium Run
Robert M. Solow
No abstract available.
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Some Macroeconomics for the 21st Century
Robert E. Lucas, Jr.
This note describes a numerical simulation of a model of economic growth,
a simplified version of Robert Tamura's (1996) model of world income dynamics,
based on technology diffusion. The model makes predictions for trends
in average world income growth and about the evolution of the relative
income distribution that accord well with observation. The model is used
to forecast the course of world income growth and income inequality over
the century to come.
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Can America Stay on Top?
Paul Krugman
No abstract available.
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How Far Will International Economic Integration Go?
Dani Rodrik
This article speculates about the future of the world economy 100 years
from now. It argues that the spread of markets is restricted by the reach
of jurisdictional boundaries, and that national sovereignty imposes serious
constraints on international economic integration. The political trilemma
of the world economy is that international economic integration, the nation-state,
and mass politics cannot co-exist. We have to pick two out of three. The
article predicts that it will be the nation-state system that disappears,
with global federalism taking its place.
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Anti-Poverty Policy for Families in the Next Century: From Welfare to Work--and
Worries
David T. Ellwood
This paper reveals that recent changes in social policy have included
both sharp cutbacks in welfare for non-working families and dramatic increases
in supports for low income working families. It explores the reasons for
these changes, and documents how they have radically changed work incentives
for some persons, notable single mothers. The result has been a large
increase in work by low wage single parents. The paper concludes by examining
several potential dangers of this new direction and explores the challenges
that remain for the next century.
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Environmental Problems and Policy: 2000-2050
Paul R. Portney
The next 50 years will see more use of market-based tools for environmental
protection. Regulatory authorities everywhere will require polluters to
report emissions. Authority will leak away from national governments;
some will be devolved to lower levels of government, but some will be
lost to international bodies. Environmental conditions will continue to
improve steadily in developed countries. The developing countries will
be less fortunate; at least until rising incomes provide the impetus for
stricter standards. Some losses will be irreversible, as with species
that are extinguished.
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Worker Protection Policies in the New Century
Bernard E. Anderson
No abstract available.
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Features (view in pdf format):
Recommendations
for Further Reading (AEA members only)
Correspondence (AEA
members only)
Notes
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