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On the other hand…
Recent Books
strength of the hypothesis is questioned after its failure to explain Europe's high unemployment rates during the 1980s. The essays {bcus on the theoretical framework of the hypothesis, the economics of adjustment, ranges of equilibria and hysteresis, empirical tests and macroeconomic models, and politics and the natural rate hypothesis. Whereas the natural rate hypothesis maintains that there is single rate, some contributors consider that there are ranges of unemployment rates consistent with steady inflation. On the Other Hand . . . . Herbert Stein. Washington, D.C.: The AEI Press,
1995. 275 pp. $25.95 ISBN 0-8447-3876-X. In On the Other H a n d . . . , Herbert Stein, drawing upon his fif~-six years in Washington, shares his views of the debate over economic growth, poverty, employment, taxes and deficits. He examines the role of presidents and their advisers in the development of economic policy, and he evaluates the theories of economists whose works have influenced economic practice. In one essay, Stein explains why he rejects being labeled "liberal" or "conservative," and in another he attributes the success of the American economy since 1929 to neither liberalism nor conservatism, but to pragmatism and ttexibili~, which were necessary ibr adapting to constantly changing economic conditions. Stein also describes exactly what Washington economists do, and he evaluates several aspects of economic policy, particularly during the Bush and Clinton administrations. Permanent Job Loss and the U.S. System of Financing Unemploynwnt Insurance. Frank Breehling and Louise Laurence. Kalamazoo, MI: W.E.
Upjolm Institute for Employment Research, 1995. 111 pp. NPA ISBN 0-88099-159-3. This book examines the capabilities of the present U.S. unemployment insurance system and its experience-rated payroll tax in light of the major reallocation of labor that has taken place since the 1980s. Chapters cover basic principles of insurance, recent trends in permanent and tempora D" layoffs, fimding tbr reemployment during permanent job loss, financing the costs of permanent job loss under the reserve and benefit ratio metbods, and policy recommendations for improving the financing of unemployment insnrance. Frank Brechling is Professor of Economies at the Universitv of Maryland, College Park. Louise Laurence is Associate Professor of Economics at Towson State University.
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strength of the hypothesis is questioned after its failure to explain Europe's high unemployment rates during the 1980s. The essays {bcus on the theoretical framework of the hypothesis, the economics of adjustment, ranges of equilibria and hysteresis, empirical tests and macroeconomic models, and politics and the natural rate hypothesis. Whereas the natural rate hypothesis maintains that there is single rate, some contributors consider that there are ranges of unemployment rates consistent with steady inflation. On the Other Hand . . . . Herbert Stein. Washington, D.C.: The AEI Press,
1995. 275 pp. $25.95 ISBN 0-8447-3876-X. In On the Other H a n d . . . , Herbert Stein, drawing upon his fif~-six years in Washington, shares his views of the debate over economic growth, poverty, employment, taxes and deficits. He examines the role of presidents and their advisers in the development of economic policy, and he evaluates the theories of economists whose works have influenced economic practice. In one essay, Stein explains why he rejects being labeled "liberal" or "conservative," and in another he attributes the success of the American economy since 1929 to neither liberalism nor conservatism, but to pragmatism and ttexibili~, which were necessary ibr adapting to constantly changing economic conditions. Stein also describes exactly what Washington economists do, and he evaluates several aspects of economic policy, particularly during the Bush and Clinton administrations. Permanent Job Loss and the U.S. System of Financing Unemploynwnt Insurance. Frank Breehling and Louise Laurence. Kalamazoo, MI: W.E.
Upjolm Institute for Employment Research, 1995. 111 pp. NPA ISBN 0-88099-159-3. This book examines the capabilities of the present U.S. unemployment insurance system and its experience-rated payroll tax in light of the major reallocation of labor that has taken place since the 1980s. Chapters cover basic principles of insurance, recent trends in permanent and tempora D" layoffs, fimding tbr reemployment during permanent job loss, financing the costs of permanent job loss under the reserve and benefit ratio metbods, and policy recommendations for improving the financing of unemployment insnrance. Frank Brechling is Professor of Economies at the Universitv of Maryland, College Park. Louise Laurence is Associate Professor of Economics at Towson State University.
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