The Joy of Cents

Keith Bradley and Alan Gelb: Worker Capitalism: The New Industrial Relations; Tue MIT Press; Cambridge, MA.

Leonard M. Greene: Free Enterprise Without Poverty; W.W. Norton; New York.

Wynne Godley and Francis Cripps: Macroeconomics; Oxford University Press; New York.

As in almost any field, economics is dominated by a very few seminal works. Still there are those who must publish or perish, those with an axe to grind and sufficiently impressive academic credentials or enough cash to make the printing presses turn, and those who truly are able to make a useful contribution to the science/art, all of whom produce, produce, produce. This leads to academic trickle-down. Much academic economic posturing slips through the cracks and washes away into the underground stream of oblivion. But some authors, for good or ill, float to the top. Keynes, Friedman, and Galbraith guided policy for a time. Then some fresh and trendy idea took hold, conferring stardom on the originator and his political apostles. Consider recent phenomena: Wanniski and the supply­ side crowd, including Republicans and Boll Weevils; Robert Reich, Lester (some uncharitable colleagues in Cambridge call him "Less than") Thurow, the Atari Democrats....

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