Peter Temin

Peter Temin is Professor of Economics Emeritus at MIT. He is the coauthor of Keynes: Useful Economics for the World Economy (MIT Press) and of The Leaderless Economy.

  • The Vanishing Middle Class, New Epilogue

    The Vanishing Middle Class, New Epilogue

    Prejudice and Power in a Dual Economy

    Peter Temin

    Why the United States has developed an economy divided between rich and poor and how racism helped bring this about.

    The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor. Temin employs a well-known, simple model of a dual economy to examine the dynamics of the rich/poor divide in America, and outlines ways to work toward greater equality so that America will no longer have one economy for the rich and one for the poor.

    Many poorer Americans live in conditions resembling those of a developing country—substandard education, dilapidated housing, and few stable employment opportunities. And although almost half of black Americans are poor, most poor people are not black. Conservative white politicians still appeal to the racism of poor white voters to get support for policies that harm low-income people as a whole, casting recipients of social programs as the Other—black, Latino, not like "us." Politicians also use mass incarceration as a tool to keep black and Latino Americans from participating fully in society. Money goes to a vast entrenched prison system rather than to education. In the dual justice system, the rich pay fines and the poor go to jail.

    • Paperback $17.95 £13.99
  • The Vanishing Middle Class

    The Vanishing Middle Class

    Prejudice and Power in a Dual Economy

    Peter Temin

    Why the United States has developed an economy divided between rich and poor and how racism helped bring this about.

    The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor. Temin employs a well-known, simple model of a dual economy to examine the dynamics of the rich/poor divide in America, and outlines ways to work toward greater equality so that America will no longer have one economy for the rich and one for the poor.

    Many poorer Americans live in conditions resembling those of a developing country—substandard education, dilapidated housing, and few stable employment opportunities. And although almost half of black Americans are poor, most poor people are not black. Conservative white politicians still appeal to the racism of poor white voters to get support for policies that harm low-income people as a whole, casting recipients of social programs as the Other—black, Latino, not like "us." Politicians also use mass incarceration as a tool to keep black and Latino Americans from participating fully in society. Money goes to a vast entrenched prison system rather than to education. In the dual justice system, the rich pay fines and the poor go to jail.

    • Hardcover $26.95 £21.00
  • Keynes

    Keynes

    Useful Economics for the World Economy

    Peter Temin and David Vines

    Why Keynes is relevant to today's global economic crisis, and how Keynesian ideas can point the way to renewed economic growth.

    As the global economic crisis continues to cause damage, some policy makers have called for a more Keynesian approach to current economic problems. In this book, the economists Peter Temin and David Vines provide an accessible introduction to Keynesian ideas that connects Keynes's insights to today's global economy and offers readers a way to understand current policy debates. They survey economic thinking before Keynes and explain how difficult it was for Keynes to escape from conventional wisdom. They also set out the Keynesian analysis of a closed economy and expand the analysis to the international economy, using a few simple graphs to present Keynes's formal analyses in an accessible way. Finally, they discuss problems of today's world economy, showcasing the usefulness of a simple Keynesian approach to current economic policy choices. Keynesian ideas, they argue, can lay the basis for a return to economic growth.

    • Hardcover $25.95 £20.00
    • Paperback $20.95 £16.99
  • Lessons from the Great Depression

    Lessons from the Great Depression

    Peter Temin

    Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States.

    Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery.

    Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.

    • Hardcover $40.00 £29.95
    • Paperback $35.00 £27.00
  • Iron and Steel in Nineteenth-Century America

    An Economic Inquiry

    Peter Temin

    In the nineteeth century, as the United States rapidly increased its area, population, and income, the American iron and steel industry also underwent tremendous expansion, both to meet the increased demand of the booming railroad industry for iron and steel products, and as a result of important innovations in iron and steel production methods. This is the first book to use the tools of modern economic analysis to explain the nature of the growth of the iron and steel industry. Information is provided relating to the changes in the supply and demand curves for iron and steel from 1830 to 1900, a period that saw, besides the expansion of the industry, a major improvement in the quality of iron and steel products, accompanied by a simultaneous lowering of their price.

    This book will be of interest to students of the iron and steel industry, economic historians and those specifically interested in American economic development or the diffusion of innovations, as well as to those concerned with more general questions of industrial growth.

    • Hardcover $12.50