The untold story of how America once created the most successful economy the world has ever seen and how we can do it again. The American economy glitters on the outside, but the reality is quite different. Job opportunities and economic growth are increasingly concentrated in a few crowded coastal enclaves. Corporations and investors are disproportionately developing technologies that benefit the wealthiest Americans in the most prosperous areas -- and destroying middle class jobs elsewhere. To turn this tide, we must look to a brilliant and all-but-forgotten American success story and embark on a plan that will create the industries of the future -- and the jobs that go with them. Beginning in 1940, massive public investment generated breakthroughs in science and technology that first helped win WWII and then created the most successful economy the world has ever seen. Private enterprise then built on these breakthroughs to create new industries -- such as radar, jet engines, digital computers, mobile telecommunications, life-saving medicines, and the internet-- that became the catalyst for broader economic growth that generated millions of good jobs. We lifted almost all boats, not just the yachts. Jonathan Gruber and Simon Johnson tell the story of this first American growth engine and provide the blueprint for a second. It's a visionary, pragmatic, sure-to-be controversial plan that will lead to job growth and a new American economy in places now left behind.

In this short and accessible book, Amy Finkelstein -- winner of the 2012 John Bates Clark award -- tackles the tricky question of moral hazard, which is the tendency to take risks when the cost will be borne by others. Kenneth J. Arrow's seminal 1963 paper, "Uncertainty and the Welfare Economics of Medical Care" -- included in the volume -- was one of the first to explore the implication of moral hazard for healthcare, and in this book, Finkelstein examines this issue in the context of contemporary American health care policy.

Showcasing research from a 1972 RAND experiment and her own findings from an ongoing Medicaid study in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction from Joseph Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow.

You won't have to worry about going broke if you get sick. We will start to bring the costs of health care under control. And we will do all this while reducing the federal deficit. That is the promise of the Affordable Care Act. But from the moment President Obama signed the bill into law in 2010, a steady and mounting avalanche of misinformation about the ACA has left a growing majority of Americans confused about what it is, why it's necessary, and how it works. If you're one of them, buy this book. From how to tame the twin threats of rising costs and the increasing number of uninsured to why an insurance mandate is good for your health, Health Care Reform dispels false fears by arming you with facts.

Every day young people engage in risky behaviors that affect not only their immediate well-being but their long-term health and safety. These well-honed essays apply diverse economic analyses to a wide range of unsafe activities, including teen drinking and driving, smoking, drug use, unprotected sex, and criminal activity. Economic principles are further applied to mental health and performance issues such as teenage depression, suicide, nutritional disorders, and high school dropout rates. Together, the essays yield notable findings: price and regulatory incentives are critical determinants of high-risk behavior, suggesting that youths do apply some sort of cost/benefit calculation when making decisions; the macroeconomic environment in which those decisions are made matters greatly; and youths who pursue high-risk behaviors are significantly more likely to engage in similar behaviors as adults.
This important volume provides both a key data source for public policy makers and a clear affirmation of the usefulness of economic analysis to our understanding of risky behavior.

The future of retirement programs is troubled, both in the United States and in most other developed countries with aging populations. As improvements in health care and changes in lifestyles enable retirees to live longer than ever before, the stress on national budgets will increase substantially. In "Social Security Programs and Retirement" around the World, Jonathan Gruber, David A. Wise, and experts in many countries examine the consequences of reforming retirement benefits in a dozen nations. Drawing on the work of an international group of noted economists, the editors argue that social security programs provide strong incentives for workers to leave the labor force by retiring and taking the benefits to which they are entitled. By penalizing work, social security systems magnify the increased financial burden caused by aging populations, thus contributing to the insolvency of the system. This book is a model of comparative analysis that evaluates the effects of illustrative policies for countries facing the impending rapid growth of social security benefits. Its insights will help inform this most pressing debate.

"Social Security Programs and Retirement around the World" represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work.
In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.