Lucky me! I love this book.
Naturally, when I read something that runs along lines that I already think, I am predisposed to like it. Aren't we all. Actually, this is not entirely true. I can get hypercritical of stuff I like a little too much. But honestly, that didn't really happen here, either, because Levinson focuses on telling the story: what happened, what were the policy responses, what happened after the policy responses, how did various investigators, whether bureaucrats or academics, interpret the policy responses and the results of the policy responses.
And it is actually pretty impossible to entirely agree with the way I have thought about the world in which I grew up, because I've changed my mind far too many times. From a world in which I hated Reagan and Thatcher, to an age where I don't think what they did really worked in any larger sense but I can now really understand what they were reacting to, it's difficult to imagine how one could reconcile those very divergent opinions, each of which I have held in turn. And yet, Levinson's analysis is so measured, he can describe the outrageous demands being made and the dire economic circumstances, the bizarre and not particularly consistent ideologies subscribed to by supply siders and Conservatives in the UK, and come out the other side basically saying, well, you definitely couldn't keep doing what had been the status quo, and the new stuff didn't work either, but . . . it's not at all clear that anything was really going to make that much of a difference anyway.
If it all sounds kind of dry and non-committal, it didn't feel that way reading it. To me, it was like watching a sped up version of the background of my life, and along it unreeling the many ways I have tried to understand it. Behind it all, Levinson does really _get_ that this all went the way it did because of two underlying factors which are not handled in great detail. First, technological change and progress which initially was compatible with full employment but later was not. Second, different societal goals that arose over time that were not well captured by economic statistics (environment, especially, but others as well). Significantly lacking in the background is a sense of the massive demographic changes -- if I have a complaint, it would be that. Backgrounding the technological changes and the What Do You Measure problem does not bother me; backgrounding the demographics leaves me with a chicken and egg problem.
It's a great book. I have no idea what it would be like to read this book if you are significantly older or younger than me, nor do I have any idea what it would be like to read this if you've never explored an economics perspective on history. I can readily imagine that reading this with a different life span to measure it against, or with a different sense of economics could result in a very, very different opinion of the book.