Michael Walzer’s name is associated with the summons to undertake social criticism that is engaged: that is, rooted in actual circumstances; cognizant of real people’s wants, needs, and desires; and respectful of the diversity of beliefs, practices, and forms of association by which groups of men and women organize their moral, political, and spiritual lives.

How much does the gap between rich and poor matter? In 1979, for every dollar the poorest fifth of the American population earned, the richest fifth earned nine. By 1997, that gap had increased to fifteen to one. Is this growing income inequality a serious problem? Is the size of the gap between rich and poor less important than the poor's absolute level of income? In other words, should we focus on reducing the income gap or on fighting poverty?

The September 11 attacks in New York and Washington have already cost America thousands of lives and billions of dollars in damages. But those are only the direct costs. How severe and how lasting will the impact be on our economy as whole? And how will new burdens on the federal government, including a military buildup and a bailout of the airline industry, affect fiscal policy? Should the government cut taxes or increase spending to get the economy moving again?

On July 29, 1981, barely six months into his presidency and in the face of an economic crisis of historic proportions, Ronald Reagan succeeded in persuading both houses of Congress to pass dramatic tax cuts that set the stage for nearly three decades of vigorous economic growth...

In the West, capitalism reigns triumphant. Living standards, wealth, and technological development in the capitalist Western countries surpass anything seen before in human history. But why has capitalism so obviously failed in most developing countries? Why are some saying that capitalism is in a state of crisis today in the Third World? Does the success of capitalism depend on Western cultural values that simply don't translate to the Third World? Or can economic and political reforms, especially reform of property rights, enable developing countries to share the same fruits of capitalism and free enterprise that we enjoy in the West?

In January 2003, the Bush administration unveiled a package of proposed new tax cuts, including provisions to eliminate the taxation of dividends and make permanent the 2001 tax cut. President Bush called the plan "an immediate boost to the economy" as well as "essential for the long run to lay the groundwork for future growth and prosperity." Critics have said that the plan doesn't provide short-term economic stimulus and endangers long-term growth and prosperity. Is the Bush tax plan good for the economy or not?

Interest Rate adjustments by the Federal Reserve are among the most closely watched and anticipated of all economic policy decisions. Yet many economists believe the Fed no longer has the power it once did to regulate the economy. So just how powerful is the Fed today? What tools does the Fed have to regulate the economy, and how should they be used?

My latest Macro Musings podcast is with Peter Ireland. Peter is a professor of economics at Boston college, a research associate at the National Bureau of Economic Research, and a member of the shadow open market committee. He has also been a visiting scholar at numerous Federal Reserve banks. 

Adam Davidson, in the New Yorker, highlights the thinking of Peter Navarro, a Ph.D. economist who is on Donald Trump's economic team.