Milken Institute Review Fourth Quarter 1999

December 1999

This issue's book excerpt comes from True Security: Rethinking American Social Insurance, by Michael J. Graetz and Jerry L. Mashaw, veteran public policy analysts at the Yale Law School.

Also in this issue are two book reviews by Barry Bosworth, a senior fellow at the Brookings Institution; pleas for patience on China and Russia by Michael Intriligator and Donald Straszheim of the Milken Institute in Institute View; and, of course, Mark Alan Stamaty's cartoon strip, Ekinomix.

Ben S. Bernanke,Frederic S. Mishkin and Adam S. Posen answer the question: How will the United States maintain monetary order once Federal Reserve Chairman Alan Greenspan is gone? "We think the answer lies in a strategy known as inflation targeting," the authors say.

Virginia Postrel, editor ofReason Magazine, writes about the economics of aesthetics - how the revolution in design technology is changing everything from the look of interoffice memos to the shape of tummies.

Jagdish Bhagwati of Columbia University explains what the World Trade Organization must do to rekindle enthusiasm for trade liberalization.

Walter Russell Mead, a senior fellow at the Council on Foreign Relations, offers a new growth model that relies less on exports and more on homegrown demand.

Joseph Pomykala, the associate director of the Center for International Business and Management at Towson University, explains how the epidemic of bankruptcy in the U.S. - last year one household in 68 filed for bankruptcy - started and how it could be stopped.

Stephen Moore of the CATO Institute weighs the impact of abolishing the 55-mph national speed limit. Does speed kill? Not according to Moore.