Lester Thurow is Professor of Economics and Management at MIT and the former Dean of the Sloan School of Management. He is the author of The Zero-Sum Society, Head to Head, and The Future of Capitalism. (February 1998)

IN THE REVIEW

Asia: The Collapse and the Cure

Economic collapses are an intrinsic part of capitalism. The names of the really big crashes ring down through history: Tulip Mania in Holland in the 1600s, the South Sea Bubble in Britain in the 1700s, the Great Crash of 1929 in America. More recently, in the 1990s, the Japanese bubble …

The Dishonest Economy

Off the Books: The Rise of the Underground Economy

by Philip Mattera

Choosing the Right Pond: Human Behavior and the Quest for Status

by Robert H. Frank
When Americans look at the underground economy in the Soviet Union and other communist countries many of them do so from a perspective of American moral superiority. Since an economy run on communist principles cannot supply the jobs, goods, and services that its people need, they say, otherwise law-abiding citizens …

How to Get Out of the Economic Rut

The Share Economy: Conquering Stagflation

by Martin L. Weitzman

The Second Industrial Divide: Possibilities for Prosperity

by Michael J. Piore and Charles F. Sabel
In 1983 and 1984 the United States was in the midst of a cyclical recovery that was being sold to the public as if it were permanent prosperity. While the selling job was successful, the “stable expansion” promised by the administration looks more and more like a mirage. Almost as …

Losing the Economic Race

Can America Compete?

by Robert Z. Lawrence

The DRI Report on US Manufacturing Industries

by Otto Eckstein and Christopher Caton and Roger Brinner and Peter Duprey
Americans have reason to worry about their competitiveness on world markets. The deficit in America’s balance of trade is running at an annual rate in excess of $120 billion. This represents the loss of three million American jobs, jobs that would exist if exports matched imports. To finance such a …

The Elephant and the Maharajah

Inflation, Tax Rules, and Capital Formation

by Martin Feldstein
Since presidents tend to choose economic advisers who can be depended on to advise that presidents want to hear, the direction of intellectual influence runs more from president to adviser than from adviser to president. As is usually the case, the president, Mr. Reagan, and the chairman of his Council …

From Infancy to Senility and Back

The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities

by Mancur Olson
I would prefer to construct a tower, an arch, or even a gargoyle on a great cathedral that will last for ages than to take credit for single-handedly constructing a shack that will be blown away by the next change in the winds of intellectual fashion. Despite a sprinkling of …

Sentimental Education

The Education of David Stockman and Other Americans

by William Greider
Almost anything other than maybe an indiscreet quotation or expression or metaphor that was contained in that article basically reflects things that I had been saying in our private deliberations as well as in public comments over the last nine months. —David Stockman at a press conference after William Greider’s …