"Krugman is one of the economic world’s superstars In exceptionally lucid prose ... [he offers] good guideposts for what’s really atstake."

"In ten lively chapters, Krugman traces how loose economic thinking has repeatedly led to wrongheaded government policies. In the process, he offers the best primer around on recent U.S. economic history.

The low-growth years of the past two decades have produced an intense, fascinating debate between economists of rival ideologies. Sadly, they, have also produced the policy entrepreneur--the economic snake-oil salesman who offers easy answers to hard problems.

It started with the conservative economists-- Milton Friedman most prominent among them-- whose powerful arguments against activist government had kept liberals on the defensive for years.Yet when Ronald Reagan brought conservatism to power, he brought with him supply-side economics. This simplistic program not only cured nothing, it left behind a $3 trillion bill.

Meanwhile, new work in economics suggested more activist roles for government. But the ideas have once again been hijacked en route to power, this time by Bill Clinton and the strategic traders. Their view ofa U.S. economy locked in win-lose competition with other countries seems all too likely to be patent medicine as well.

This provocative book describes the strange things that happen to economic ideas on their way to power.

   Preface  

   Introduction: Looking for Magicians  

PART Ⅰ THE RISE OF CONSERVATIVE ECONOMICS

 1 The Attack on Keynes  

 2 Taxes, Regulation, and Growth  

 3 The Supply-Siders  

PART Ⅱ CONSERVATIVES IN POWER

 4 Growth 

 5 Income Distribution 

 6 The Budget Deficit 

 7 Conservatives Abroad 

PART Ⅲ THE PENDULUM SWINGS

 8 In the Long Run Keynes Is Still Alive 

 9 The Economics of QWERTY  

 10 The Strategic Traders  

   Appendix to Chapter 10

   Productivity and Compeitiveness 

   Epilogue  

   Index