stock (somehow defined) and using all its powers to make the actual stock follow that path closely. He maintains that the analytical basis for this approach to monetary policy is seriously deficient. Dilemma: Budget Policy in the Reagan Era. Gregory B. Mills and John L. Palmer. Washington, D.C.: The Urban Institute Press, 1983. 62 pp. ($6.95 ISBN 0-87766-327-O paperbound). In this book, Mills and Palmer focus on the dominant issue of the Reagan administration-the budget. They examine the budget outlook since Reagan took office in 1981 and the consequences for the economy of current tax and spending policies. They find that Reagan’s initial success in winning tax cuts and dollars for defense has put his balanced-budget objective well beyond reach, despite unprecedented domestic spending restraint. Eighth publication in the Urban Institute’s Changing Domestic Priorities (CDP) series. The Deficit
Effects of Social Security. Henry J. Aaron. Brookings Studies of Government Finance, Second Series, vol. 16. Washington, D.C.: The Brookings Institution, 1982. 96 pp. $10.95 ($5.95 paperbound). Here Aaron examines the effects of social security on saving, labor supply, and income distribution. He shows that earlier studies provide little evidence that social security has reduced saving, but indicate that it has contributed to the trend toward early retirement. The author finds that the aged are now about as well off on the average as the general population and that social security has played a considerable role in bringing about this equality.
of Private Pensions. Alicia H. Munnell. Brookings Studies in Social Economics, vol. 21. Washington, D.C.: The Brookings Institution, 1982. 240 pp. $22.95 ISBN O-8157-5894-4 ($8.95 ISBN O-8157-5893-6 paperbound). Munnell begins this examination of private pension plans by scrutinizing social security and federal tax law. Next she explores the macroeconomic effects of the private pension system on individual saving, financial markets, corporations, and the income of the elderly. Finally, she considers the future of such private plans and entertains proposals for reform, such as partial indexing of benefits, changes in tax provisions, and a universal pension system. Freedom, Feminism, and the State: An Overview of Zndividualist Feminism. Wendy McElroy, ed. Foreward by Lewis Perry. 516
Recent Books Washington, D.C.: The Cato Institute, 1982. 357 pp. ($7.95 ISBN 0-932790-32-1 paperbound). In this anthology of individualist feminist writings from the 19th and 20th centuries, the authors demonstrate that government has prevented women from achieving freedom and equal rights. They survey areas from sex and birth control to business and science. The selections on economic freedom and the role of women are by businesswoman Rosalie Nichols, journalist Suzanne LaFollette, author Susan Anthony, and Joan Kennedy Taylor of the Manhattan Institute. The Guide to the Federal Budget: Fiscal 1984 Edition. Stanley E. Collender. Foreward by the Hon. James Jones. Introduction by Aaron Wildavsky. Washington, D.C.: The Urban Institute Press, 1983. 159 pp. ($10.00 ISBN O-8766-321-1 paperbound). Second in a series of annual volumes designed to aid the novice and expert alike in comprehending the 3,000-page Budget of the United States Government submitted each January by the president of the United States to Congress. Part one describes how Congress considers and passes the federal budget; part two explains how to read each of the five budget documents submitted by the president to Congress. The Plight of the Thtift Institutions. Andrew S. Carron. Studies in the Regulation of Economic Activity, vol. 18. Washington, D.C.: The Brookings Institution, 1982. 96 pp. $10.95 ISBN 0-8157-13002 ($4.95 ISBN O-8157-1299-5 paperbound). The problem now facing the thrifts is how to manage a transition to deregulation while preserving the safety of household deposits and maintaining the availability of mortgage loans for housing. Carron estimates the amount of financial assistance the industry will require and describes the forces compelling its structural consolidation He calls for strengthening the existing regulatory tools, and concludes that more tax and spending programs are not necessary. Pay and Pensions for Federal Workers. Robert W. Hartman. Washington, D.C.: The Brookings Institution, 1983. 118 pp. $18.95 ISBN O-8157-3496-4 ($7.95 ISBN O-8157-3495-6 paperbound). Hartman thinks that the structure of both the federal pay and retirement systems must be changed. He explains the present systems, pointing out their problems and inequities. Instead of the so517