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In this new edition of his classic text, Laurence Seidman refocuses
on important economic issues the United States faces in the
twenty-first century. Writing in a conversational style, he
introduces professor-requested supply-and-demand and production
possibility-frontier diagrams to illustrate the updated micro- and
macroeconomic topics. Using parables to present economic lessons,
this third edition includes sections on combating recessions and
the free market, as well as updated material on new individual
accounts under Social Security. New to this edition are discussions
of the tax credit approach to encourage the purchase of health
insurance and the latest changes in the earned income tax credit.
Revised to facilitate the needs of teaching introductory economics,
each chapter advocates a specific economic policy to illustrate the
particular issue under discussion, and to provide an opportunity
for debate and discussion. Topics covered include taxation, social
security, international trade, the environment, health care,
education, investment, and other issues.
This work includes sections on combating recessions and the free
market, as well as updated material on the pros and cons of
establishing new individual accounts under Social Security. It also
includes a discussion of the tax-credit approach to encourage the
purchase of health insurance.
This timely book offers bold new fiscal policy options that can
complement current automatic stabilizers and counter-cyclical
monetary policy to combat recessions. Dr. Seidman acknowledges that
most economists are justifiably skeptical of Congress's ability to
implement discretionary counter-cyclical fiscal policy in a timely
and effective manner, as indicated by the government's heavy
reliance on monetary policy to stabilize the economy in recent
decades. He argues for an independent fiscal policy board or the
Federal Reserve to decide changes in the magnitude of Congress's
fiscal policy package of stimulus or restraint. Any recommendations
would go into effect immediately without a congressional vote,
subject only to congressional override. With thought provoking
proposals like this, Dr. Seidman provides a fresh look at practical
fiscal policy tools based on the most prominent research in the
field.
This timely book offers bold new fiscal policy options that can
complement current automatic stabilizers and counter-cyclical
monetary policy to combat recessions. Dr. Seidman acknowledges that
most economists are justifiably skeptical of Congress's ability to
implement discretionary counter-cyclical fiscal policy in a timely
and effective manner, as indicated by the government's heavy
reliance on monetary policy to stabilize the economy in recent
decades. He argues for an independent fiscal policy board or the
Federal Reserve to decide changes in the magnitude of Congress's
fiscal policy package of stimulus or restraint. Any recommendations
would go into effect immediately without a congressional vote,
subject only to congressional override. With thought provoking
proposals like this, Dr. Seidman provides a fresh look at practical
fiscal policy tools based on the most prominent research in the
field.
A serious consideration of the debate on social security reform
that is taking place in many countries around the world. Professor
Seidman advocates the concept of 'funded social security' as a
middle position between pay-as-you-go (PAYGO) social security and
privatized social security, and constitutes a politically strategic
alternative. His analysis covers two distinct components, fund
accumulation and portfolio diversification. The concept of funded
social security uses a mix of payroll taxes and portfolio
investment income to finance benefits. With funded social security,
the government contracts with private investment firms to manage
the portfolio of the social security trust fund. It is entirely a
defined-benefit plan without any individual defined-contribution
accounts; each retiree's benefit is linked by a legislated formula
to the retiree's own wage history. The benefit is an annuity - an
annual benefit that continues as long as the retiree (or spouse)
lives - and is automatically adjusted annually for inflation.
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