First published 1998
Steven Radelet faces the wreckage of East Asian economies as currencies collapse and markets spiral downward. He works alongside Jeffrey Sachs to diagnose what went wrong and prescribe remedies for nations reeling from financial catastrophe. Meanwhile, David Laibson struggles with the psychology of retirement savings, watching Americans fail to save for their futures despite knowing they should. Alberto Alesina navigates the treacherous waters of political fiscal policy, where economic necessity clashes with electoral reality. Erik Hurst tracks wealthy American families across a decade, documenting how their fortunes rise and fall. Jennifer Hunt examines European work-sharing programs where reduced hours promise to spread employment more widely. These economists confront the human cost of financial decisions, from Bangkok boardrooms to Detroit factory floors. Their research reveals how individual choices and government policies shape entire economies. The stakes are enormous as millions of jobs and trillions in wealth hang in the balance.
Genres: business, economics, non-fiction, academic
Vibes: thought-provoking
Tropes: expert-analysis
Setting: Bangkok, Detroit
Period: 1998
381 pages · Paperback · Brookings Institution Press