Converting Resources from Military to Non-military Uses

By Jurgen Brauer and John Tepper Marlin

Journal of Economic Perspectives, Fall 1992

As a proportion of gross national product, U.S. military spending has declined steadily since the mid-1980s. The end of the Cold War has given rise to calls for even more cuts in military spending. In early 1992, President George Bush proposed to reduce m...

Econometric Software: A User's View

By Jeffrey K. MacKie-Mason

Journal of Economic Perspectives, Fall 1992

For the social scientist, software is a tool, not an end in itself. My objective in this review is to help practicing economists decide which tool will best get the task done. To do this, I report on how seven programs performed on each of six different e...

Policy Watch: Infrastructure Investment and Economic Growth

By Alicia H. Munnell

Journal of Economic Perspectives, Fall 1992

In the late 1980s, David Aschauer (1989) triggered a long overdue dialogue among economists and political leaders when he published a study arguing that much of the decline in U.S. productivity that occurred in the 1970s was precipitated by declining rate...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Fall 1992

Correspondence

By Paul A. Samuelson

Journal of Economic Perspectives, Fall 1992

Correspondence and response regarding: Graduated Income Taxation, Which Reduces Inequality, Leaves Pareto's Coefficient Invariant: A Pseudo-paradox That Debunks Pareto's Coefficient More on Keynes and Probability

Notes

Journal of Economic Perspectives, Fall 1992

Index to Volume 6

Journal of Economic Perspectives, Fall 1992

Front Matter

Journal of Economic Perspectives, Fall 1992

Symposium on Keynesian Economics Today

[Symposium: Keynesian Economics Today]

By N. Gregory Mankiw

Journal of Economic Perspectives, Winter 1993

The New Keynesian Synthesis

[Symposium: Keynesian Economics Today]

By David Romer

Journal of Economic Perspectives, Winter 1993

The new Keynesians made more rapid progress in understanding the microeconomics of unemployment than in understanding the microeconomics of nominal price rigidity. But the past five years have seen important breakthroughs in this second area. This paper w...

New and Old Keynesians

[Symposium: Keynesian Economics Today]

By Bruce Greenwald and Joseph E. Stiglitz

Journal of Economic Perspectives, Winter 1993

The purpose of this paper is to describe one strand of New Keynesian literature which explores how increased flexibility of wages and prices might exacerbate the economy's downturn, and to contrast it with other strands of New Keynesian literature. This s...

Price Flexibility and Output Stability: An Old Keynesian View

[Symposium: Keynesian Economics Today]

By James Tobin

Journal of Economic Perspectives, Winter 1993

In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak fo...

Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?

[Symposium: Keynesian Economics Today]

By Robert G. King

Journal of Economic Perspectives, Winter 1993

The IS-LM model has no greater prospect of being a viable analytical vehicle for macroeconomics in the 1990s than the Ford Pinto has of being a sporty, reliable car for the 1990s. Because of its treatment of expectations, the IS-LM model, as traditionally...

The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy

By Samuel Bowles and Herbert Gintis

Journal of Economic Perspectives, Winter 1993

Recent developments in microeconomic theory have shown that the self-interested behavior underlying neoclassical theory is artificially truncated: it depicts a charmingly Victorian but Utopian world in which conflicts abound but a handshake is a handshake...

Contested Exchange versus the Governance of Contractual Relations

By Oliver E. Williamson

Journal of Economic Perspectives, Winter 1993

Post Walrasian and Post Marxian Economics

By Joseph E. Stiglitz

Journal of Economic Perspectives, Winter 1993

It is widely believed that the failure of the socialist experiment should have had a devastating effect on radical economics. Yet radical economics is not only alive and well, but flourishing. Years before the official demise of Marxist-socialism, they ha...

Corporate Tax Integration: A View from the Treasury Department

By R. Glenn Hubbard

Journal of Economic Perspectives, Winter 1993

"Integration" of the corporate and individual income taxes refers to any plan in which corporate income is taxed only once, rather than taxed both when earned and when distributed to shareholders as dividends. A consensus is emerging from the ongoing stud...

Human Development in Poor Countries: On the Role of Private Incomes and Public Services

By Sudhir Anand and Martin Ravallion

Journal of Economic Perspectives, Winter 1993

Development is often taken to mean rising incomes. Discussions of the "goals of development" now often emphasize the reduction of poverty, rather than raising average incomes per se. The role of social services—particularly basic health and educatio...

The Salaries of Ph.D.'s in Academe and Elsewhere

By Albert Rees

Journal of Economic Perspectives, Winter 1993

It has long been known that Ph.D.'s working for academic institutions earn less than Ph.D.'s in the same disciplines working for other kinds of employers, especially government and industry. It has not been possible to tell, however, whether this differen...

A Portfolio of Nobel Laureates: Markowitz, Miller and Sharpe

By Hal Varian

Journal of Economic Perspectives, Winter 1993

Three pioneers of quantitative finance have now been justly honored: Harry Markowitz, Merton Miller, and William Sharpe received the Nobel Prize in Economic Science in 1990. From today's perspective it is hard to understand what finance was like before po...