IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-09497-4_1.html
   My bibliography  Save this book chapter

Introduction

In: Why Reaganomics and Keynesian Economics Failed

Author

Listed:
  • James E. Sawyer

    (Seattle University)

Abstract

If the American dream is not dead, then surely it is in intensive care. Consider this. Compensation per hour, adjusted for inflation, grew at a compound rate of about 3 per cent in the twenty-year period between 1948 and 1968. This meant that the family of a typical worker could consume about 3 per cent more each year, year after year. At that rate the standard of living was doubling about once every generation. But a dramatic change took place in the American economy between 1968 and 1973, approximately contiguous with the Vietnam War. In the twelve-year period since 1973, real hourly compensation increased at a rate of about three-tenths of 1 per cent per year. This means that the standard of living of the typical American family is doubling only at a rate of about once every few hundred years!

Suggested Citation

  • James E. Sawyer, 1987. "Introduction," Palgrave Macmillan Books, in: Why Reaganomics and Keynesian Economics Failed, chapter 1, pages 3-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09497-4_1
    DOI: 10.1007/978-1-349-09497-4_1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-09497-4_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.