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American Gridlock: Why the Right and Left are Both Wrong Commonsense 101 Solutions to the economic Crises
Contents
Preface
Chapter 1: Dialogue of the Deaf
The Price Paid: Policy Gridlock
What Went Wrong: Origins of the Dialogue of the Deaf
An End to the Dialogue of the Deaf and an Exit from Gridlock
The Illogic of Policy Analysis Today
What Must Be Done to Raise the Level of Debate
Conclusion
Chapter 2: Must There Be a Lost Decade?
Seven Headwinds That Have Stunted U.S. Economic Recovery
Reasons for Lackluster Growth During the Remainder of this Decade
But Will This Happen?
Exit from Gridlock: Mr. President, You Can Have Your Cake and Eat It, Too
Socratic Dialogue: A Rethink of Fiscal Policy
“Good” versus “Bad” Deficits, and the Main Policy Proposal
How the Proposed Policy Satisfies the Four Desiderata
A Further Justification of the Proposed Marshall Plan
Three Potential Difficulties
Are the Needed Resources Available?
Legal System Difficulties—NIMBYism in Particular
The Identification and Ranking of Public Investment Projects by Their Return
An Objective Assessment of Returns
Keeping Analysts Honest in the New Bank
Need for Powerful Leadership
A Deeper Approach to Justifying the Proposal
Rethinking the Role of Deficit Spending from Scratch
When Very Large Deficits Are Justified: A Unification of the Arrow-Kurz and Keynesian Theories
Appendix: The Case for Very Large Deficits and/or Surpluses
Chapter 3: Resolving the Entitlements Spending Crisis
The Broader Picture
The Ideal: More Health-Care Services, Lower Total Expenditures
A Supply-Side Solution to the Health-Care Crisis
Three Basic Assumptions for an Optimal Health-Care System
An Analogy from Agricultural Reform
Can the Supply Curve Shift Way Out? If So, How?
Expert Systems and Automation
Importance of Health-Care Reform—A Postscript
Redressing the Social Security Deficit
Conclusion
Chapter 4: Preventing Perfect Financial Storms
The Four Origins of Today’s Financial Crisis
Misguided Theories of Market Deregulation—“Markets Always Know Best”
Emergence of a Pathological Incentive Structure
Excess Societal Leverage
Requisite Policy Reforms
Chapter 5: Bargaining Theory 101
The Origins of Economics Imperialism
Why the Paradigm of Economics No Longer Suffices
The Possibility of the Hegemony of Political Science: The Nash-Harsanyi Pluralistic Bargaining Model
An Application of the Bargaining Model to Today’s United States versus China Game: How Not to Negotiate with Thugocracies
The Remarkable Power of the Bargaining Model in Political Science and Beyond
Chapter 6: Beyond Democratic Capitalism
Overview and Summary
True Textbook Capitalism, and the Correct Role of Government
Beyond Efficiency: The Eight Ideals of an Optimal Social System
Distributional Equity
A Comprehensive Theory of Distributive Justice
Conclusion
Conclusion
Appendix A: Supply/Demand Summary of the Patient Protection and Affordable Care Act
Appendix B: Dynamics of Total Health-Care Expenditure
Notes
Index
Nội dung
[...]... jobs that were “outsourced” would probably have been saved But the U.S government buckled at every stage of the way, always apologizing for China and never forcing that nation to pay any price for its unfair practices It is time for the U.S government to stand up for its citizens, earning an A rather than a D in Bargaining Theory 101 Drawing upon groundbreaking work by mathematician John F Nash Jr... recognition that win-win solutions exist But they do exist, and they are exactly what the doctor ordered Such policies are needed to build bipartisan support on issues, and thus to terminate gridlock here in America, and gridlock elsewhere for that matter My third goal is to demonstrate that the win-win solutions I deduce for the five problems analyzed are neither Right wing nor Left wing in nature Because... stance toward Islamic radicalism, and to entitlements reform—health-care reform in particular Everyone on both sides of the aisle concedes that there is gridlock and that little, if anything, is being done about our most pressing problems But there is widespread misunderstanding about the true cost of policy gridlock This cost can take two very different forms First, it can mean that nothing is done about... done about a problem when arriving at a consensus is impossible Social Security reform to date offers an example of this form of gridlock The can is forever kicked down the alley and nothing is done to improve matters The problem with procrastination is that the longer-term cost of remedial action skyrockets Second, gridlock can be broken and legislation passed even when there is no consensus, provided... 8:12 AM xxii Preface informal induction, you could survey hundreds of college graduates to arrive at a consensus probability In doing so, you will discover that there is a 7.5 percent chance of a common birthday But don’t use this result as it is wrong, and will be bad for your wallet! But how then do you learn the truth? Using more formal inductive logic, you could organize and pay for one hundred similar... parare,” which translates to, “If you wish for peace, prepare for war.” So once again, my proposals of how to negotiate with the Chinas of the world are neither Left nor Right wing, even if they might appear hawkish on the surface Chapter 6, the final chapter, fleshes out the concept of an idealized political economy, and what this concept implies for making life better for us all With Anglo-Saxon capitalism... Hurwicz contributed to the subject He was a former teacher of mine at Harvard, and the best teacher I ever had He was a notoriously “big” thinker who fpref.indd xxvi 03/12/11 8:12 AM Preface xxvii extended the criteria for good resource allocation systems to include numerous societal norms other than economic efficiency, norms like freedom and privacy For this work and for his related theory of mechanism design,... profound and intrinsically interesting part of the book Intended Readership This book has been written for anyone troubled by the decline of the United States, and indeed of the West, for anyone who seeks compelling solutions to today’s policy challenges, and for anyone sick and tired of pessimism and gridlock No mathematics has been used, except in Appendix B where the health-care spending theorems are... all, the time seemed ripe for a book reprising all these past and present interests I am particularly indebted to Kevin Commins of John Wiley & Sons for approaching me to write this book in late 2009 when I had no intention of doing so, to John O’Leary for invaluable assistance with Appendix B on health care expenditure, and to Eugene Lancaric, Mary Ryan, and Charles La Rosa for indispensable editing... have lost in information? —T S Eliot T wo decades ago, during ski season, I had the pleasure of spending a weekend in the Alpine chalet of Bill and Pat Buckley near Gstaad, Switzerland For those of you who don’t remember, the late William F Buckley Jr was the dean of American conservative politics, having founded the National Review and having hosted the conservative talk show Firing Line for three decades . catalyst for my own thinking
than Woody. Read American Gridlock. Savor American Gridlock. Allow yourself to be pro-
voked and prodded by American Gridlock. .
ffirs.indd iiffirs.indd ii 03/12/11 8:12 AM03/12/11 8:12 AM
Additional Praise for
American Gridlock
“Woody Brock’s writings are often the fi rst place I