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North Castle Books
Challenge: The Magazine of Economic Affairs
Editor: Jeff Madrick, M.E. Sharpe, Inc. ( challenge@mesharpe.com )

This vital journal gives its readers an independent perspective on economic issues they simply can't get anywhere else. Published six times a year, Challenge presents, in plain English, studies and analyses of the pressing economic problems that we face today; interviews with the most influential (and often controversial) economic and political leaders of our time; book reviews of important works; and compelling policy prescriptions for today's urgent economic issues. For down-to-earth information on the real economic world we live in, Challenge has no substitute.

"Challenge magazine provides an array of insightful and eclectic analyses of current critical economic issues. No other economic publication can match its combination of relevance, readability, and solid reasoning." -Lawrence Mishel, President, Economic Policy Institute

"Challenge is always stimulating, and never boring. Few journals combine relevance with in-depth analysis as it does." -Dani Rodrik, Professor of Economics, Princeton University

"Challenge is the one publication on economic matters that succeeds in being both intellectually rigorous and completely readable. Each issue is crisp, relevant, and thought provoking." -Richard Leone, President, Century Foundation

"Written in a clear, non-technical manner, the articles are by prestigious economists and well-respected scholars, and the editorial board includes several Nobel laureates. ... Recommended for high school, public, academic, and government libraries." -Magazines for Libraries

"There is simply no other way to keep up with the real issues in the ongoing debate on economic policy than to read Challenge. Each new batch of articles provides a useful and important reality check on the way that policy debates are framed by the conventional press. A great antidote for intellectual sterility." -William Wolman, Business Week Magazine
Abstracting and Indexing: EconLit, e-JEL, JEL on CD, International Bibliography of Social Sciences, PAIS International, Proquest Database, and the Wilson Social Sciences Index.

Challenge is now available in the JSTOR Archive as part of the Arts & Sciences IX and Business III Collections.

Click here for information on online access to Challenge.

Click here to view a sample issue online.

Visit the Challenge Magazine Website.

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Click here to request a free print sample issue.

ISSN:  Current volume: Frequency Per Year:
0577-5132 Vol. 57 No. 4 (July/Aug 2014 - May/June 2015) 6

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Editorial Board
Eileen Appelbaum; Kenneth J. Arrow; Barbara R. Bergmann; Jagdish Bhagwati; Alan S. Blinder; Andrew F. Brimmer; Nancy Folbre; Paul R. Krugman; George W. McKinney, Jr.; Lawrence Mishel; Alicia H. Munnell; Dimitri B. Papadimitriou; Dani Rodrik; Robert M. Solow; Joseph E. Stiglitz; Murray L. Weidenbaum

Table of Contents
Vol. 57 No. 04

Letter from the Editor
A Call for Policy Change in Europe
Joseph E. Stiglitz, Jean-Paul Fitoussi, Peter Bofinger, Gøsta Esping-Andersen, James K. Galbraith, and Ilene Grabel 5
Work-Based Learning to Expand Opportunities for Youth
Harry J. Holzer and Robert I. Lerman 18
State and Local Finances: Privatization and the Weakening of Democracy
Donald Cohen 32
Are City Fiscal Woes Widespread? Are Pensions the Cause?
Alicia H. Munnell, Jean-Pierre Aubry, Josh Hurwitz, and Mark Cafarelli 44
The Economics of Mitigating Climate Change: What Can We Know?
Richard A. Rosen and Edeltraud Guenther 57
A Tax Reform That Falls Flat
Steven Pressman 82
Thomas Piketty Responds to His Critics
Interview with Martin Burcharth 103
From the Publisher
Good Luck with a Tax on Capital
Mike Sharpe 115


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