Troubles of the Welfare State  

Such as it is in the United States, the welfare state, a term for which exegesis will soon be supplied, came under intense fire even before the OPEC coup slowed economic growth, upset a precarious political detente over the size …



Tax Nonsense, Conservative Style  

Howard Jarvis stumps the country preaching salvation through lower taxes. One of the country’s best congressmen, Don Fraser, loses to a millionaire convert to the same gospel, and Vice President Mondale travels to his home state to urge his fellow …





Carter Economics: The Mixture as Before  

Particularly at a time of slow growth and global economic disarray, a new president’s first budget assumes even greater importance than usual as a statement of priorities and a forecast of policy for the remainder of his term. As commentators …



Economic Policy  

By comparison to the Kennedy-Johnson 1964 tax cut or even the Ford administration’s 1975 acceptance of congressional demands for antirecessionary action, the Carter program, as originally presented to Congress at the start of the new Administration, was disappointingly small. The …



The Economy: Failure of Nerve  

The strangest aspect of the current minidepression, by far the deepest since the 1937-38 episode, is the almost passive reaction of the unemployed, the principal victims, and the bewilderment of economic experts who a few years ago were certain that …



Is Capitalism Finished?  

Is the great and final crash of capitalism at last at hand? Well, as Lyndon Johnson’s legendary job aspirant answered the school board member who inquired about his views on cosmology, I can teach it round or flat. Let’s try …



Mill, Malthus, and Growth Without End  

Last December at the meetings of the American Economic Association, there was a major address by MIT’s generally admired theorist of economic growth, Robert M. Solow. He chose for his title, “The Economics of Resources or the Resources of Economics,” …



The Conservative Drift in Modern Economics  

American intellectual conservatism, as Joseph Epstein observed in this journal’s last issue, has become a tendency to be interpreted as well as resisted by radicals. Our contemporary conservatives, like their English predecessors, are skeptical about human behavior and disposed to …



Toward a Reordered Economy  

Ideologically, this is a time of startling events and strange alliances. Increasingly prominent on the polemical scene are the new social-science conservatives, often former liberals or radicals. They are featured in the Public Interest, Commentary, and the New York Times …





Taxes: A Gift for the Man Who Has Everything  

WHAT IS A GOOD TAX LAW? Radicals are likely to apply three criteria to legislative handiwork. If, as economists in the days of the Old Welfare economics used to believe and socialists continue to believe, human beings are approximately equal …