Report November 1998

In this issue’s editorial, James K. Galbraith and George Purcell trace the chain of worldwide events that followed from the Federal Reserve’s failure to pursue interest rate cuts.

Contents: Symposium: Employment Policies to Reduce Poverty * Wall Street Blues: An Interview with Leon Levy by Jeffrey Madrick * Editorial: The Butterfly Effect (James K. Galbraith and George Purcell) * New Working Paper topics include: An Ethical Framework for Cost-Effective Medicine * Derivatives and Global Capital Flows: Applications to Asia * Can Expenditure Cuts Eliminate a Budget Deficit? * The American Wage Structure, 1920-1947 * New Policy Notes: Small Business and the Minimum Wage * Small Business and the New Welfare * Levy Institute News: Scholars Brief Members of Congress * Upcoming Conferences on Financial Structure