Customer Reviews

The Rising Tide: The Leading Minds of Business and Economics Chart a Course Toward Higher Growth and Prosperity

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Various forces such as increased competition in the global economy and a high technology revolution in computers and communications have significantly increased private-sector productivity. In this volume, first published in 1997, Jasinowksi has selected and edited essays written by 26 leading economists and CEOs which, as he explains, "add up to a thorough investigation of American growth prospects. Although there are differences of opinion, the consensus is that dramatic economic changes have increased the nation's capacity for sustained, noninflationary economic growth." Although the authors (obviously) approach various issues from different perspectives and offer different recommendations, Jasinowski notes that there is a significant consensus among them: "First, they agree that in the long run, increases in output per person are driven mainly by technological advance....Second, the writers agree that market capitalism is the most efficient economic system....Third, there is a general consensus among the writers that the role of government should reduced.....Finally, there is a sense among these writers that the economic potential of the United States is greater than has sometimes been argued."

The essays are organized within seven sections whose titles suggest their primary focus. I also identify an essay included in each section. 1. The Mandate for Higher Growth ("The Economic Growth Imperative", Jack Kemp); 2. America Can Grow Faster ("Damn the NAIRU and Full Steam Ahead!", Robert Eisner); 3. Growth Is Coming from Companies ("Small Business and Economic Growth," Rosabeth Moss Kanter); 4. People Are Key ("the Power of Employees", Robert A. Lutz); 5. The Role of Technology ("Technology Investment Is Driving Growth", Frank R. Lichtenberg); 6. Global Competition ("Trade and Growth: Restoring the Virtuous Circle", Marina Whitman), and 7. Government Can Boost Growth ("The Growth Burden of Federal Regulation", William A. Niskanen). Jasinowski then provides an appropriate Epilogue, "The Rising Tide," in which he reiterates several of the recurrent themes in the 25 essays. To varying degrees, their authors do indeed explore dimensions of the "rising tide" metaphor. Jasinowski expresses an understandable concern about the situation which the American economy continues to occupy, "growing and thriving, the envy of the world" and yet "restricted by a political and bureaucratic mind-set that does not realize how the global economy has changed [and continues to change] the economic rules." That was true when Jasinowski formulated those thoughts several years ago and remains true now. Without an effective partnership of decision-makers in both the public and private sectors, free enterprise will fail to take full advantage the "rising tide" of global economics. No doubt many readers will challenge the assertions and conclusions offered within many of the essays but I think most readers will agree that the issues addressed remain relevant and indeed have even greater importance today than they did four years ago.