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The Price Of Punishment: Public Spending For Corrections In New York
by Douglas McdonaldDespite the intensity of the national debate concerning control and correctional policies, neither the costs of existing agencies nor of alternative approaches are adequately understood. Accurate figures are not reported to private citizens or public officials, and spending is fragmented among different agencies and governing units. This study presents a comprehensive description and analysis of how much money was actually spent in New York in 1977–1978, at all levels of government, for each of the control systems that incarcerate or supervise criminal offenders/defendants. After a broad overview of criminal justice spending, it details spending for prisons, jails, probation, and parole; evaluates the services provided by these public expenditures; and discusses proposals for alternative penal policies and their fiscal implications. The book concludes with recommendations for improved government cost accounting, as well as suggestions for broader penal reforms. Although restricted to an analysis of New York, the findings and recommendations are broadly relevant to other regions of the country.
The Price Of Punishment: Public Spending For Corrections In New York
by Douglas McdonaldDespite the intensity of the national debate concerning control and correctional policies, neither the costs of existing agencies nor of alternative approaches are adequately understood. Accurate figures are not reported to private citizens or public officials, and spending is fragmented among different agencies and governing units. This study presents a comprehensive description and analysis of how much money was actually spent in New York in 1977–1978, at all levels of government, for each of the control systems that incarcerate or supervise criminal offenders/defendants. After a broad overview of criminal justice spending, it details spending for prisons, jails, probation, and parole; evaluates the services provided by these public expenditures; and discusses proposals for alternative penal policies and their fiscal implications. The book concludes with recommendations for improved government cost accounting, as well as suggestions for broader penal reforms. Although restricted to an analysis of New York, the findings and recommendations are broadly relevant to other regions of the country.
The Price of Racial Reconciliation (The Politics of Race and Ethnicity)
by Ronald Walters“In The Price of Racial Reconciliation, Ronald Walters offers an abundance of riches. This book provides an extraordinarily comprehensive and persuasive set of arguments for reparations, and will be the lens through which meaningful opportunities for reconciliation are viewed in the future. If this book does not lead to the success of the reparations movement, nothing will.” —Charles J. Ogletree, Jesse Climenko Professor of Law, Harvard Law School “The Price of Racial Reconciliation is a seminal study of comparative histories and race(ism) in the formation of state structures that prefigure(d) socioeconomic positions of Black peoples in South Africa and the United States. The scholarship is meticulous in brilliantly constructed analysis of the politics of memory, reparations as an immutable principle of justice, imperative for nonracial(ist) democracy, and a regime of racial reconciliation.” —James Turner, Professor of African and African American Studies and Founder, Africana Studies and Research Center, Cornell University “A fascinating and pathbreaking analysis of the attempt at racial reconciliation in South Africa which asks if that model is relevant to the contemporary American racial dilemma. An engaging multidisciplinary approach relevant to philosophy, sociology, history, and political science.” —William Strickland, Associate Professor of Political Science, W.E.B. Du Bois Department of Afro-American Studies, University of Massachusetts Amherst The issue of reparations in America provokes a lot of interest, but the public debate usually occurs at the level of historical accounting: “Who owes what for slavery?” This book attempts to get past that question to address racial restitution within the framework of larger societal interests. For example, the answer to the “why reparations?” question is more than the moral of payment for an injustice done in the past. Ronald Walters suggests that, insofar as the impact of slavery is still very much with us today and has been reinforced by forms of postslavery oppression, the objective of racial harmony will be disrupted unless it is recognized with the solemnity and amelioration it deserves. The author concludes that the grand narrative of black oppression in the United States—which contains the past and present summary of the black experience—prevents racial reconciliation as long as some substantial form of racial restitution is not seriously considered. This is “the price” of reconciliation. The method for achieving this finding is grounded in comparative politics, where the analyses of institutions and political behaviors are standard approaches. The author presents the conceptual difficulties involved in the project of racial reconciliation by comparing South African Truth and Reconciliation and the demand for reparations in the United States. Ronald Walters is Distinguished Leadership Scholar and Director, African American Leadership Program and Professor of Government and Politics, University of Maryland.
The Price of Rights: Regulating International Labor Migration
by Martin RuhsMany low-income countries and development organizations are calling for greater liberalization of labor immigration policies in high-income countries. At the same time, human rights organizations and migrant rights advocates demand more equal rights for migrant workers. The Price of Rights shows why you cannot always have both. Examining labor immigration policies in over forty countries, as well as policy drivers in major migrant-receiving and migrant-sending states, Martin Ruhs finds that there are trade-offs in the policies of high-income countries between openness to admitting migrant workers and some of the rights granted to migrants after admission. Insisting on greater equality of rights for migrant workers can come at the price of more restrictive admission policies, especially for lower-skilled workers. Ruhs advocates the liberalization of international labor migration through temporary migration programs that protect a universal set of core rights and account for the interests of nation-states by restricting a few specific rights that create net costs for receiving countries. The Price of Rights analyzes how high-income countries restrict the rights of migrant workers as part of their labor immigration policies and discusses the implications for global debates about regulating labor migration and protecting migrants. It comprehensively looks at the tensions between human rights and citizenship rights, the agency and interests of migrants and states, and the determinants and ethics of labor immigration policy.
The Price of Rights: Regulating International Labor Migration
by Martin RuhsMany low-income countries and development organizations are calling for greater liberalization of labor immigration policies in high-income countries. At the same time, human rights organizations and migrant rights advocates demand more equal rights for migrant workers. The Price of Rights shows why you cannot always have both. Examining labor immigration policies in over forty countries, as well as policy drivers in major migrant-receiving and migrant-sending states, Martin Ruhs finds that there are trade-offs in the policies of high-income countries between openness to admitting migrant workers and some of the rights granted to migrants after admission. Insisting on greater equality of rights for migrant workers can come at the price of more restrictive admission policies, especially for lower-skilled workers. Ruhs advocates the liberalization of international labor migration through temporary migration programs that protect a universal set of core rights and account for the interests of nation-states by restricting a few specific rights that create net costs for receiving countries. The Price of Rights analyzes how high-income countries restrict the rights of migrant workers as part of their labor immigration policies and discusses the implications for global debates about regulating labor migration and protecting migrants. It comprehensively looks at the tensions between human rights and citizenship rights, the agency and interests of migrants and states, and the determinants and ethics of labor immigration policy.
The Price of the Euro
by J. LjungbergThis volume presents a critical examination of the EMU from different perspectives. It includes essays on the political economy of currency unions, on the Growth and Stability pact, the European Central Bank, an evaluation of the first four years of the EMU, and the costs and benefits for Sweden as well as for Britain of adopting the euro.
The Price of the Ticket: Barack Obama and the Rise and Decline of Black Politics (Transgressing Boundaries: Studies in Black Politics and Black Communities)
by Fredrick HarrisThe historical significance of Barack Obama's triumph in the presidential election of 2008 scarcely requires comment. Yet it contains an irony: he won a victory as an African American only by denying that he should discuss issues that target the concerns of African Americans. Obama's very success, writes Fredrick Harris, exacted a heavy cost on black politics. In The Price of the Ticket, Harris puts Obama's career in the context of decades of black activism, showing how his election undermined the very movement that made it possible. The path to his presidency began just before passage of the 1965 Voting Rights Act, when black leaders began to discuss strategies to make the most of their new access to the ballot. Some argued that black voters should organize into a cohesive, independent bloc to promote both targeted and universal polices; others urged a more race-neutral approach, working together with other racial minorities as well as like-minded whites. This has been the fundamental divide within black politics ever since. At first, the gap did not seem serious. But the post-civil-rights era has accelerated a shift towards race-neutral politics. Obama made a point of distancing himself from older race-conscious black leaders, such as Jesse Jackson- and leaders of the Congressional Black Caucus-even though, as Harris shows, he owes much to Jackson's earlier campaigns for the White House. Unquestionably Obama's approach won support among whites, but Harris finds the results troublesome. The social problems targeted by an earlier generation of black politicians--racial disparities in income and education, stratospheric incarceration and unemployment rates--all persist, yet Obama's election, ironically, marginalized those issues, keeping them off the political agenda. Meanwhile, the civil-rights movement's militancy to attack the vestiges of racial inequality is fading. Written by one of America's leading scholars of race and politics, The Price of the Ticket will reshape our understanding of the rise of Barack Obama and the decline of a politics dedicated to challenging racial inequality head on.
The Price of the Ticket: Barack Obama and the Rise and Decline of Black Politics (Transgressing Boundaries: Studies in Black Politics and Black Communities)
by Fredrick HarrisThe historical significance of Barack Obama's triumph in the presidential election of 2008 scarcely requires comment. Yet it contains an irony: he won a victory as an African American only by denying that he should discuss issues that target the concerns of African Americans. Obama's very success, writes Fredrick Harris, exacted a heavy cost on black politics. In The Price of the Ticket, Harris puts Obama's career in the context of decades of black activism, showing how his election undermined the very movement that made it possible. The path to his presidency began just before passage of the 1965 Voting Rights Act, when black leaders began to discuss strategies to make the most of their new access to the ballot. Some argued that black voters should organize into a cohesive, independent bloc to promote both targeted and universal polices; others urged a more race-neutral approach, working together with other racial minorities as well as like-minded whites. This has been the fundamental divide within black politics ever since. At first, the gap did not seem serious. But the post-civil-rights era has accelerated a shift towards race-neutral politics. Obama made a point of distancing himself from older race-conscious black leaders, such as Jesse Jackson- and leaders of the Congressional Black Caucus-even though, as Harris shows, he owes much to Jackson's earlier campaigns for the White House. Unquestionably Obama's approach won support among whites, but Harris finds the results troublesome. The social problems targeted by an earlier generation of black politicians--racial disparities in income and education, stratospheric incarceration and unemployment rates--all persist, yet Obama's election, ironically, marginalized those issues, keeping them off the political agenda. Meanwhile, the civil-rights movement's militancy to attack the vestiges of racial inequality is fading. Written by one of America's leading scholars of race and politics, The Price of the Ticket will reshape our understanding of the rise of Barack Obama and the decline of a politics dedicated to challenging racial inequality head on.
The Price of Wealth: Economies and Institutions in the Middle East (Cornell Studies in Political Economy)
by Kiren Aziz ChaudhryThe emerging consensus that institutions shape political and economic outcomes has produced few theories of institutional change and no defensible theory of institutional origination. Kiren Aziz Chaudhry shows how state and market institutions are created and transformed in Saudi Arabia and Yemen, two countries that typify labor and oil exporters in the developing worlds.In a world where the international economy dramatically affects domestic developments, the question of where institutions come from becomes at once more urgent and more complex. In both Saudi Arabia and Yemen, fundamental state and market institutions forged during a period of isolation at the end of World War I were destroyed and reshaped not once but three times in response to exogenous shocks. Comparing boom-bust cycles, Chaudhry exposes the alternating social and organizational origins of institutions, arguing that both broad changes in the international economy and specific forms of international integration shape institutional outcomes. Labor and oil exporters thus experience identical economic cycles but generate radically different state, market, and financial institutions in response to different resource flows.Chaudhry supplemented years of field work in Saudi Arabia and Yemen with extensive analysis of previously unavailable materials in the Saudi national archives.
The Price Reporters: A Guide to PRAs and Commodity Benchmarks
by Owain JohnsonEvery consumer in a modern economy is indirectly exposed to the work of a price reporting agency (PRA) each time they fill up their car, take a flight or switch on a light, and yet the general public is completely unaware of the existence of PRAs. Firms like Platts, Argus and ICIS, which are referenced every day by commodity traders and which influence billions of dollars of trade, are totally unfamiliar to consumers. The Price Reporters: A Guide to PRAs and Commodity Benchmarks brings the mysterious world of price reporting out of the shadows for the first time, providing a comprehensive guide to the agencies that set the world’s commodity prices. This book explains the importance of PRAs to the global commodities industry, highlighting why PRAs affect every consumer around the world. It introduces the individual PRAs, their history and the current state of play in the industry, and also presents the challenges that the PRA industry is facing now and in the future, in particular how regulation might impact on the PRAs, their relationships with commodity exchanges, and their likely direction. This is the first-ever guide to PRAs and is destined to become the standard reference work for anyone with an interest in commodity prices and the firms that set them.
The Price Reporters: A Guide to PRAs and Commodity Benchmarks
by Owain JohnsonEvery consumer in a modern economy is indirectly exposed to the work of a price reporting agency (PRA) each time they fill up their car, take a flight or switch on a light, and yet the general public is completely unaware of the existence of PRAs. Firms like Platts, Argus and ICIS, which are referenced every day by commodity traders and which influence billions of dollars of trade, are totally unfamiliar to consumers. The Price Reporters: A Guide to PRAs and Commodity Benchmarks brings the mysterious world of price reporting out of the shadows for the first time, providing a comprehensive guide to the agencies that set the world’s commodity prices. This book explains the importance of PRAs to the global commodities industry, highlighting why PRAs affect every consumer around the world. It introduces the individual PRAs, their history and the current state of play in the industry, and also presents the challenges that the PRA industry is facing now and in the future, in particular how regulation might impact on the PRAs, their relationships with commodity exchanges, and their likely direction. This is the first-ever guide to PRAs and is destined to become the standard reference work for anyone with an interest in commodity prices and the firms that set them.
Price Wars: How Chaotic Markets Are Creating a Chaotic World
by Rupert RussellFor Rupert Russell, the shock of the Trump-Brexit victories was only the latest in a decade full of them: the unstoppable war in Syria, huge migrant flows into Europe, beheadings in Iraq, children caged at the US border. In Price Wars he sets out on an improbable journey to investigate what caused the wave of chaos that consumed the world in the 2010s.Armed with a notebook, flak jacket and pink socks, Russell travels to modern apocalypses across five continents, embedding with separatist soldiers in the trenches of Eastern Ukraine, gangs of street kids battling over garbage in Caracas, the UN bomb disposal squad in Iraq and cattle raiders in Northern Kenya. He traces the origins of these conflicts back to dramatic and mysterious swings in the prices of essential commodities. He meets with commodity speculators who describe the inner workings of these volatile markets, explaining how food prices can spike even in years of abundant harvests, causing bread riots and revolutions. Oil prices can surge on rumours, enriching and emboldening dictators and terrorists alike. These price shocks, and many others across the decade, triggered local disasters that became global catastrophes. It is chaotic prices, Russell learned, fuelled by banks and hedge funds in New York and London, that have toppled regimes and fractured the West.Price Wars is a page-turning chronicle of discovery and a ground-breaking expose of the power of price to devastate the world.
The Price We Pay: What Broke American Health Care--and How to Fix It
by Marty Makary"A must-read for every American and business leader." --Steve Forbes, editor-in-chief, FORBESFrom the New York Times bestselling author of Unaccountable comes an eye-opening, urgent look at America's broken health care system--and the people who are saving it. One in five Americans now has medical debt in collections and rising health care costs today threaten every small business in America. Dr. Makary, one of the nation's leading health care experts, travels across America and details why health care has become a bubble. Drawing from on-the-ground stories, his research, and his own experience, The Price We Pay paints a vivid picture of price-gouging, middlemen, and a series of elusive money games in need of a serious shake-up. Dr. Makary shows how so much of health care spending goes to things that have nothing to do with health and what you can do about it. Dr. Makary challenges the medical establishment to remember medicine's noble heritage of caring for people when they are vulnerable. The Price We Pay offers a roadmap for everyday Americans and business leaders to get a better deal on their health care, and profiles the disruptors who are innovating medical care. The movement to restore medicine to its mission, Makary argues, is alive and well--a mission that can rebuild the public trust and save our country from the crushing cost of health care.
Priced Out: The Economic and Ethical Costs of American Health Care
by Uwe E. ReinhardtFrom a giant of health care policy, an engaging and enlightening account of why American health care is so expensive—and why it doesn't have to beUwe Reinhardt was a towering figure and moral conscience of health care policy in the United States and beyond. Famously bipartisan, he advised presidents and Congress on health reform and originated central features of the Affordable Care Act. In Priced Out, Reinhardt offers an engaging and enlightening account of today's U.S. health care system, explaining why it costs so much more and delivers so much less than the systems of every other advanced country, why this situation is morally indefensible, and how we might improve it.The problem, Reinhardt says, is not one of economics but of social ethics. There is no American political consensus on a fundamental question other countries settled long ago: to what extent should we be our brothers' and sisters' keepers when it comes to health care? Drawing on the best evidence, he guides readers through the chaotic, secretive, and inefficient way America finances health care, and he offers a penetrating ethical analysis of recent reform proposals. At this point, he argues, the United States appears to have three stark choices: the government can make the rich help pay for the health care of the poor, ration care by income, or control costs. Reinhardt proposes an alternative path: that by age 26 all Americans must choose either to join an insurance arrangement with community-rated premiums, or take a chance on being uninsured or relying on a health insurance market that charges premiums based on health status.An incisive look at the American health care system, Priced Out dispels the confusion, ignorance, myths, and misinformation that hinder effective reform.
Prices, Growth and Cycles: Essays in Honour of András Bródy
by Andras Simonovits Albert E. SteengeThis book contains a collection of essays written by renowned economists on the occasion of Andras Brody's 70th birthday. Andras Brody has contributed to many fields of economics, including mathematical modelling, the theory of economic growth, marxian economics and input-output analysis. The essays contained in this book deal with new results in these and related fields, and cover both theoretical and empirical aspects. Among the topics being discussed are foundations of input-output analysis, methodologies for measuring economic growth and structural change, and normative aspects of economic behaviour. The book also includes a chapter on the extraordinary event of building an input-output table for the newly reunited Germany.
Pricing Analytics: Models and Advanced Quantitative Techniques for Product Pricing
by Walter R. PaczkowskiThe theme of this book is simple. The price – the number someone puts on a product to help consumers decide to buy that product – comes from data. Specifically, itcomes from statistically modeling the data. This book gives the reader the statistical modeling tools needed to get the number to put on a product. But statistical modeling is not done in a vacuum. Economic and statistical principles and theory conjointly provide the background and framework for the models. Therefore, this book emphasizes two interlocking components of modeling: economic theory and statistical principles. The economic theory component is sufficient to provide understanding of the basic principles for pricing, especially about elasticities, which measure the effects of pricing on key business metrics. Elasticity estimation is the goal of statistical modeling, so attention is paid to the concept and implications of elasticities. The statistical modeling component is advanced and detailed covering choice (conjoint, discrete choice, MaxDiff) and sales data modeling. Experimental design principles, model estimation approaches, and analysis methods are discussed and developed for choice models. Regression fundamentals have been developed for sales model specification and estimation and expanded for latent class analysis.
Pricing Analytics: Models and Advanced Quantitative Techniques for Product Pricing
by Walter R. PaczkowskiThe theme of this book is simple. The price – the number someone puts on a product to help consumers decide to buy that product – comes from data. Specifically, itcomes from statistically modeling the data. This book gives the reader the statistical modeling tools needed to get the number to put on a product. But statistical modeling is not done in a vacuum. Economic and statistical principles and theory conjointly provide the background and framework for the models. Therefore, this book emphasizes two interlocking components of modeling: economic theory and statistical principles. The economic theory component is sufficient to provide understanding of the basic principles for pricing, especially about elasticities, which measure the effects of pricing on key business metrics. Elasticity estimation is the goal of statistical modeling, so attention is paid to the concept and implications of elasticities. The statistical modeling component is advanced and detailed covering choice (conjoint, discrete choice, MaxDiff) and sales data modeling. Experimental design principles, model estimation approaches, and analysis methods are discussed and developed for choice models. Regression fundamentals have been developed for sales model specification and estimation and expanded for latent class analysis.
Pricing Carbon in Australia: Contestation, the State and Market Failure (Routledge Advances in Climate Change Research)
by Rebecca PearseIn the mid-2000s it seemed that the global carbon market would take off and spark the worldwide transition to a profitable low carbon economy. A decade on, the experiment in carbon trading is failing. Carbon market schemes have been plagued by problems and resistance to carbon pricing has come from the political Left and Right. In the Australian case, a national emissions trading scheme (ETS) was dismantled after a long, bitter public debate. The replacement ‘Direct Action Plan’ is also in disrepute. Pricing Carbon in Australia examines the rise and fall of the ETS in Australia between 2007 and 2015, exploring the underlying contradictions of marketised climate policy in detail. Through this and other international examples, the book offers a critique of the political economy of marketised climate policy, exploring why the hopes for global carbon trading have been dashed. The Australian case is interpreted in light of a broader legitimation crisis as state strategies for (temporarily) displacing the climate crisis continue to fail. Importantly, in the wake of carbon market failure, alternative agendas for state action are emerging as campaigns for the retrenchment of fossil fuel assets and for just renewable energy transition continue transforming climate politics and policy as we know it. This book is a valuable resource for practitioners and academics in the fields of environmental policy and politics and social movement studies.
Pricing Carbon in Australia: Contestation, the State and Market Failure (Routledge Advances in Climate Change Research)
by Rebecca PearseIn the mid-2000s it seemed that the global carbon market would take off and spark the worldwide transition to a profitable low carbon economy. A decade on, the experiment in carbon trading is failing. Carbon market schemes have been plagued by problems and resistance to carbon pricing has come from the political Left and Right. In the Australian case, a national emissions trading scheme (ETS) was dismantled after a long, bitter public debate. The replacement ‘Direct Action Plan’ is also in disrepute. Pricing Carbon in Australia examines the rise and fall of the ETS in Australia between 2007 and 2015, exploring the underlying contradictions of marketised climate policy in detail. Through this and other international examples, the book offers a critique of the political economy of marketised climate policy, exploring why the hopes for global carbon trading have been dashed. The Australian case is interpreted in light of a broader legitimation crisis as state strategies for (temporarily) displacing the climate crisis continue to fail. Importantly, in the wake of carbon market failure, alternative agendas for state action are emerging as campaigns for the retrenchment of fossil fuel assets and for just renewable energy transition continue transforming climate politics and policy as we know it. This book is a valuable resource for practitioners and academics in the fields of environmental policy and politics and social movement studies.
Pricing Lives: The Political Art of Measurement
by Ariel ColonomosThis book discusses how human lives are equated with the material, and argues that pricing lives lies at the core of the political; in fact, as in Plato or Hobbes, and in the Weberian ethics of responsibility, measurement is considered to be one of its central features. Ariel Colonomos argues that this measure relies primarily on human lives and interests, and that the material equivalence to lives is twofold. The equivalence is a double equation, as we pay for lives and we pay with lives. This double equation constitutes the measurement upon which the political equilibrium of a society depends and is thus a key constitutive part of the political. The book adopts two approaches, both with an interdisciplinary perspective: one explanatory and the other normative. First, it explains the nexus between existential goods and material goods, drawing on a detailed analysis of several case studies from contemporary politics, both domestic and international. Second, it discusses normatively the material valuation of human lives and the human value of material goods. Value attribution and the question of the material equivalent to lives are of relevance not only for political theory and philosophy, but also for sociology, history, international relations, and legal studies.
Pricing Lives: The Political Art of Measurement
by Ariel ColonomosThis book discusses how human lives are equated with the material, and argues that pricing lives lies at the core of the political; in fact, as in Plato or Hobbes, and in the Weberian ethics of responsibility, measurement is considered to be one of its central features. Ariel Colonomos argues that this measure relies primarily on human lives and interests, and that the material equivalence to lives is twofold. The equivalence is a double equation, as we pay for lives and we pay with lives. This double equation constitutes the measurement upon which the political equilibrium of a society depends and is thus a key constitutive part of the political. The book adopts two approaches, both with an interdisciplinary perspective: one explanatory and the other normative. First, it explains the nexus between existential goods and material goods, drawing on a detailed analysis of several case studies from contemporary politics, both domestic and international. Second, it discusses normatively the material valuation of human lives and the human value of material goods. Value attribution and the question of the material equivalent to lives are of relevance not only for political theory and philosophy, but also for sociology, history, international relations, and legal studies.
Pricing Lives: Guideposts for a Safer Society
by W. ViscusiHow society’s undervaluing of life puts all of us at risk—and the groundbreaking economic measure that can fix itLike it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL—and persuasively shows how its more widespread use could create a safer and more equitable society for everyone.In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requiring businesses to label hazardous chemicals immensely outweighed the costs. VSL is the risk-reward trade-off that people make about their health when considering risky job choices. With it, Viscusi calculated how much more money workers would demand to take on hazardous jobs, boosting calculated benefits by an order of magnitude. His current estimate of the value of a statistical life is $10 million. In this book, Viscusi provides a comprehensive look at all aspects of economic and policy efforts to price lives, including controversial topics such as whether older people's lives are worth less and richer people's lives are worth more. He explains why corporations need to abandon the misguided cost-of-death approach, how the courts can profit from increased application of VSL in assessing liability and setting damages, and how other countries consistently undervalue risks to life.Pricing Lives proposes sensible economic guideposts to foster more protective policies and greater levels of safety in the United States and throughout the world.
Pricing Lives: Guideposts for a Safer Society
by W. ViscusiHow society’s undervaluing of life puts all of us at risk—and the groundbreaking economic measure that can fix itLike it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL—and persuasively shows how its more widespread use could create a safer and more equitable society for everyone.In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requiring businesses to label hazardous chemicals immensely outweighed the costs. VSL is the risk-reward trade-off that people make about their health when considering risky job choices. With it, Viscusi calculated how much more money workers would demand to take on hazardous jobs, boosting calculated benefits by an order of magnitude. His current estimate of the value of a statistical life is $10 million. In this book, Viscusi provides a comprehensive look at all aspects of economic and policy efforts to price lives, including controversial topics such as whether older people's lives are worth less and richer people's lives are worth more. He explains why corporations need to abandon the misguided cost-of-death approach, how the courts can profit from increased application of VSL in assessing liability and setting damages, and how other countries consistently undervalue risks to life.Pricing Lives proposes sensible economic guideposts to foster more protective policies and greater levels of safety in the United States and throughout the world.
Pricing Lives: Guideposts for a Safer Society
by W. ViscusiHow society’s undervaluing of life puts all of us at risk—and the groundbreaking economic measure that can fix itLike it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL—and persuasively shows how its more widespread use could create a safer and more equitable society for everyone.In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requiring businesses to label hazardous chemicals immensely outweighed the costs. VSL is the risk-reward trade-off that people make about their health when considering risky job choices. With it, Viscusi calculated how much more money workers would demand to take on hazardous jobs, boosting calculated benefits by an order of magnitude. His current estimate of the value of a statistical life is $10 million. In this book, Viscusi provides a comprehensive look at all aspects of economic and policy efforts to price lives, including controversial topics such as whether older people's lives are worth less and richer people's lives are worth more. He explains why corporations need to abandon the misguided cost-of-death approach, how the courts can profit from increased application of VSL in assessing liability and setting damages, and how other countries consistently undervalue risks to life.Pricing Lives proposes sensible economic guideposts to foster more protective policies and greater levels of safety in the United States and throughout the world.
Pricing the Planet's Future: The Economics of Discounting in an Uncertain World
by Christian GollierOur path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion of natural resources, loss of biodiversity, climate change, and polluted land, air, and water. All these environmental problems raise the crucial challenge of determining what we should and should not do for future generations. It is also central to other policy debates, including, for example, the appropriate level of public debt, investment in public infrastructure, investment in education, and the level of funding for pension benefits and for research and development. Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development. The objective of Pricing the Planet's Future is to provide a simple framework to organize the debate on what we should do for the future. A key element of analysis by economists is the discount rate--the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows. With principles that can be applied to many policy areas, Pricing the Planet's Future offers an ideal framework for dynamic problems and decision making.