Publications

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