This unusual volume marks the sixtieth anniversary of the National Bureau of Economic Research. In contrast to the technical and specialized character of most NBER studies, the current book is designed to provide the general reader with a broad and critical overview of the American economy. The...

In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the...

Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity....