In language that is understandable to non-economists, this work introduces readers to the interrelationship of politics and economics in America - how economics influences public policy and how public policy can impact the economy. Readers learn how the U.S. economy works (domestically and in its global connectedness), how to measure economic performance, how government intervenes in the market to influence economic performance and redistribute resources, and how policymakers act to protect the public interest in an economic system based on private interests. The author provides historical background for contemporary problems. He explains basic economic and policymaking concepts in an issue-relevant context, with concrete examples inspired by ongoing policy debates in Washington regarding production and employment, commodity prices, Social Security and Medicare, budget deficits, national debt, trade deficits, and more.
Table of Contents
List of Figures and Tables; Preface; 1. An Introduction to America's Political Economy; 2. Measuring Economic Performance; 3. Monetary Policy Making; 4. Fiscal Policy Making; 5. Deficits and Debt; 6. America in the Global Economy; 7. Government Regulation and Deregulation; 8. Government and Social Provisioning; 9. Distributing the Benefits of Economic Growth: Rising Income Inequality and the Middle-Class Squeeze; Glossary; Index.