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"the bible of the Unconquerable."
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My one complaint is that the book -- as is clear from the introduction -- is very U.S. centric and has only a few references to other countries. For example, the discussion of why shifting powers to the states might limit the size of government (since they can not print money and therefore can not run persistent deficits and can only tax so much before taxpayers move to escape high taxes) seems to go against the experience of some other federal countries (e.g., Brazil) where the states seem willing to be quite profligate (perhaps relying on federal bailouts).
Daniel Shaviro is professor of law at New York University and a former legislation attorney with the Joint Committee on Taxation of the United States Congress. There are few lawyers who write like economists (or better) and Shaviro's mastery of the development of economic thought is both judicious and impressive.
Nevertheless, if we can judge the state of economic arguments by papers presented at the annual convention of economists, there would seem to be a reduction in papers even dealing with the the Federal budget deficit. At the end of 1997, most policy-makers are celebrating the virtual elimination of the deficit, and the question becomes one of whose taxes should be cut? In this respect, Shaviro's rather conservative position seems to be one of accepting $200 billion deficits for some time.
In my view, a great deal of the skeptical view of economists with regard to the Federal deficit has been the result of the heroic writings of the Classical Keynesian, Robert Eisner, former President of the American Economic Association, reinforced by the last writings of Nobel Prize winner William Vickrey.
Shaviro treats Eisner's writings with critical respect and even admits a certain renaissance in Keynesian thinking as a result of the prediction failures of the monetarists, including the rational expectations and real business cycle extensions of neo-classical thinking.
This reviewer was pleased to see a younger political economist take the views of Abba Lerner seriously, particularly his pathbreaking article on "functional financs." Shaviro maintains that "Lerner was perhaps the leading early post-World Waw II Keynesian economist in the United States, not a marginal figure or a crank." If true, how does one explain the endless peregrinations of Professor Lerner searching for tenure?
One little-recognized contribution of Lerner was his recognition of what he called "supply-side inflation" in the seventies, something also understood by the British Keynesian, Sir Roy Harrod, and the Canadian economist John Hotson, who labeled the Harrod insight as the "Harrod dichotomy." Milton Friedman's reassuring claim that "we are all Keynesians now" permitted the eclipse of the Lernerians in theoretical discussions and the continuation of the dogmatic monetarist belief that inflation is always a question of too much money in the system.
More importantly, it resulted in the popularity of Paul Volker's "licking of inflation" with a little-noticed jump of real interest rates in the early eighties and the continued fawning approval of his successor, Alan Greespan, despite the fact that Greenspan has given up the use of monetary aggregates to determine his monetary policy decisions.
Shaviro seems overly impressed with an "independent" Fed conducting monetary policy (except for Burns in 1972), and it is very difficult for this reviewer to go along with Shaviro's conclusion that "deliberate management of the business cycle should generally be left to the Federal Reserve, acting through monetary policy."
The persistent fears of the Fed concerning demand-pull inflation in the long run have produced passive or cyclical deficits and eventually deflation. It is no accident that the postwar record deficits have all been passive and achieved by Republican Administrations beginning with Eisenhower and ending with Bush.
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Two regrets : first, the references end with year 1979 (end of President CARTER's periode), but so many laws were established during Presidents REAGAN, BUSH and CLINTON... should have found its place here;
second, it's quite difficult to find a particular problem, while an important final index (pages 1500 to 1540) offers interesting possibilities. If You want to learn how Treaties were written and failed, You have to buy (or consult) those two books.
(Please excuse my bad English; I'm a natural French writer)
This is a two volume, 1500 page work. This is surprising enough without considering that the texts of the 350+ traditionally acknowledged treaties - that have been accessed over the years through Charles J. Kappler's "Indian Affairs: Laws and Treaties" - are not included here. Citations to Kappler's compilation are provided in Chapter 5 on "Valid Treaties." The scope of this work is demonstrated by the inclusion of early and very late treaties or agreements; by an analysis of the railroad/irrigation agreements; and by the enumeration of treaties and agreements rejected by Congress or by the Nations. This last group of documents is added to land grants to private parties, and to unratified or miscellaneous treaties or agreements, that collectively comprise the entire second volume.
Deloria and DeMallie state ( page 1475 ): "The goal of this collection is to identify every document that can be understood as representing a diplomatic negotiation by an Indian nation." For those interested in this area of history, this publication will be an asset to their collection.
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Note: Barry Feinstein's pictures graced the booklet that went with the CD "Bob Dylan, Live 1966". He could have easily made a much, much more exiting book if all the "standard" pictures from Kramer and Marshall were replaced by more of Feinstein's unseen amazing photographs.
They are wire-bound, making it easier to lay them flat and get down to business. But she would prefer they be laid out on single pages, and have larger type.
The puzzles are challenging without being overwhelming. These are roughly comparable to those found in the NY Times and LA Times, in both level of difficulty and in their design.
A pretty safe bet for fans, but no 5th star for the reasons above.