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The Slow Growth Mystery: Can We Cure the Cancer?

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The End of Affluence: The Causes and Consequences of America's Economic Dilemma

The End of Affluence: The Causes and Consequences of America's Economic Dilemma
By Jeffrey G. Madrick
Random House, 1995, 223 pp. $22.00 Purchase

In 1990 Stanford economist Paul Krugman wrote a superb primer on U.S. economic policymaking in the 1990s that he called The Age of Diminished Expectations. In it he argued that the most important problem facing the United States was a slowdown in long-term economic growth. As usual Krugman got his economics right. But his description of the mood of America in the 1990s was wrong. Instead of bringing their expectations into line with the economy's lower productive potential, Americans have been in continual denial, lashing out at foreign competition, immigrants, the poor, minorities, declining values, and above all, big government as the source of their problems.

In The End of Affluence, Jeffrey Madrick follows in Krugman's footsteps with a lucid, well-documented portrayal of America's economic plight. Madrick's central thesis is that America has entered a new era of slow growth that requires a radical change in mindset. While his message

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