The highly engaging introduction to thinking like an economist, updated for a new generation of readers.

When economists wrestle with any social issue—be it unemployment, inflation, healthcare, or crime and punishment—they do so impersonally. The big question for them is: what are the costs and benefits, or trade-offs, of the solutions to such matters? These trade-offs constitute the core of how economists see the world—and make the policies that govern it.

Trade-Offs is an introduction to the economic approach of analyzing controversial policy issues. A useful introduction to the various factors that inform public opinion and policymaking, Trade-Offs is composed of case studies on topics drawn from across contemporary law and society.

Intellectually stimulating yet accessible and entertaining, Trade-Offs will be appreciated by students of economics, public policy, health administration, political science, and law, as well as by anyone following current social policy debates.

Transatlantic Policymaking in an Age of Austerity integrates the study of politics and public policy across a broad spectrum of regulatory and social welfare policies in the United States and several nations of Western Europe. The editors and a sterling list of contributors look at policymaking in the 1990s through the present—providing a comparative politics framework—stressing both parallel development and the differences between and among the nations. Similar prevailing ideas and political factors can be identified and transatlantic comparisons made—providing for a clearer understanding of the policymaking process.

Faith in regulated markets and the burden of rising welfare costs are concerns found on both sides of the Atlantic. Western democracies also share political climates colored by economic austerity; low trust in government, pressures from interest groups, and a sharply divided electorate. Because of differing political processes and differing policy starting points, a variety of disparate policy decisions have resulted.

Real world policymaking in the areas of welfare, health, labor, immigration reform, disability rights, consumer and environmental regulation, administrative reforms, and corporate governance are compared. Ultimately, the last decade is best characterized as one of "drift," sluggish changes with little real innovation and much default to the private sector. In general, policymakers on both sides of the ocean, constrained by economic necessity, have been unable to produce policy outcomes that satisfy the key segments of the electorate.

The contributors examine the United States, Great Britain, France, and Germany, as well as a number of other European countries, and study the European Union itself as a policymaking institution. Transatlantic Policymaking in an Age of Austerity distills the prominent issues, politics, and roles played by governmental institutions into a new understanding of the dynamics of policymaking in and among transatlantic nations.

In the past thirty years, Americans have lost faith in their government and the politicians who lead it. They have blamed Washington for a long list of problems, ranging from poor schools to costly medical care to high rates of violent crime. After investigating these complaints and determining that many are justified, Derek Bok seeks to determine the main reasons for the failings and frustrations associated with government.

Discounting three common explanations--deteriorating leadership, the effect of the media on the political process, and the influence of interest groups--Bok identifies four weaknesses that particularly need explaining: a persistent tendency by Congress to design programs poorly; to impose expensive and often quixotic regulations that produce only modest results; to do less than other leading democracies to protect working people from illness, unemployment, and other basic hazards of life; and to leave large numbers of people, especially children, living in poverty.

Bok goes on to explore the reasons for these fundamental weaknesses and to discuss popular remedies such as term limits, devolution, "reinventing" government, and campaign finance reform. While some of these proposals have merit, Bok finds a deeper, more troubling paradox: Americans want to gain more power over their government, but are devoting less time to exerting a constructive influence. Their dissatisfaction with government is growing as their participation in the political process is declining. These contradictory trends, Bok argues, contribute to the problems of our democracy. Fortunately, there are many concrete steps that Americans can take to be politically engaged and to help their government improve its performance.

"Democracy," Bok concludes, "is a collective venture which falters or flourishes depending on the efforts citizens invest in its behalf."