Report August 1998

In this issue, Senator Daniel Patrick Moynihan talks with Sanjay Mongia about Social Security, tax reform, income inequality, and trade. Moynihan argues that Social Security should return to a pay-as-you-go system that allows participants to invest part of their contribution in a savings plan.

Contents: Symposium on Employment Policy and Labor Markets: Is There a Shortage of Information Technology Workers? * Editorial: Toward Full Employment without Inflation: The Job Opportunity Program (Dimitri B. Papadimitriou, L. Randall Wray, and Mathew Forstater) * The Levy Report Interview: Senator Daniel Patrick Moynihan Discusses Social Security, Tax Reform, Income Inequality, and Trade * New Working Papers: The Hierarchy of Money * The Asian Disease: Plausible Diagnoses, Possible Remedies * Public Capital and Economic Growth: Issues of Quantity, Finance, and Efficiency * Yes, ‘It’ Did Happen Again—A Minsky Crisis Happened in Asia * East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations * An Important Inconsistency at the Heart of the Standard Macroeconomic Model * Speed of Technical Progress and Length of the Average Interjob Period * The Macroeconomics of Industrial Strategy * New Public Policy Brief: Overcoming America’s Infrastructure Deficit * New Policy Notes: Welfare Graduates: College and Financial Independence * How Should the Surpluses Be Spent? * Levy Institute News: Lectures and Seminars * New Scholars