The Economists’ Voice: Top Economists Take On Today’s Problems featured a core collection of accessible, timely essays on the challenges facing today’s global markets and financial institutions. The Economists’ Voice 2.0: The Financial Crisis, Health Care Reform, and More is the next installment in this popular series, gathering together the strongest essays published in The Economist’s Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world.
This collection contains thirty-two essays written by academics, economists, presidential advisors, legal specialists, researchers, consultants, and policy makers. They tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. They consider the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankers’ pay. An objective examination of the financial crisis and bank bailouts results in two indispensable essays on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. Contributors weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.
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Part I: Health Care Reform
1 The Health Care Reform Legislation: An Overview, by Chapin White
2 The Simple Economics of Health Reform, by David M. Cutler
3 The Economics, Opportunities, and Challenges of Health Insurance Exchanges, by Mark G. Duggan and Robert Kocher
4 Can the ACA Improve Population Health?, by Dana P. Goldman and Darius N. Lakdawalla
5 Systemic Reform of Health Care Delivery and Payment, by Henry J. Aaron
6 How Stable Are Insurance Subsidies in Health Reform?, by Mark V. Pauly
Part II: Financial Market Regulatory Reform
7 Financial Regulatory Reform: The Politics of Denial, by Richard A. Posner
8 Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle, by Viral V. Acharya and Matthew Richardson
9 How Little We Know: The Challenges of Financial Reform, by Russell Roberts
10 Finding the Sweet Spot for Effective Regulation, by R. Glenn Hubbard
11 A Recipe for Ratings Reform, by Charles W. Calomiris
12 Should Banker Pay Be Regulated, by Steven N. Kaplan
13 Fixing Bankers’ Pay, by Lucian A. Bebchuk
14 It Works for Mergers, by Aaron S. Edlin and Richard J. Gilbert
Part III: Financial Crisis and Bailouts
15 Hedge Fund Wizards, by Dean P. Foster and H. Peyton Young
16 Investment Banking Regulation After Bear Stearns, by Dwight M. Jaffee and Mark Perlow
17 Why Paulson Is Wrong, by Luigi Zingales
18 Dr. Strange Loan: Or, How I Learned to Stop Worrying and Love the Financial Collapse, by Aaron S. Edlin
19 Questioning the Treasury’s $700 Billion Blank Check: An Open Letter to Secretary Paulson, by Aaron S. Edlin
20 Auction Design Critical for Rescue Plan, by Lawrence M. Ausubel and Peter Cramton
21 A Better Plan for Addressing the Financial Crisis, by Lucian A. Bebchuk
22 Please Think This Over, by Edward E. Leamer
23 Is Macroeconomics Off Track?, by Casey B. Mulligan
24 If It Were a Fight, by Robert J. Barbera
25 Comment on Barbera: Your Gift Will Make You Rich, by Casey B. Mulligan
Part IV: Innovations in Policy and Business
26 Pension Security Bonds: A New Plan to Address the State Pension Crisis, by Joshua Rauh and Robert Novy-Marx
27 Carbon Taxes to Move toward Fiscal Sustainability, by William D. Nordhaus
28 Net Neutrality Is Bad Broadband Regulation, by Robert E. Litan and Hal J. Singer
29 Trills Instead of T-Bills: It’s Time to Replace Part of Government Debt with Shares in GDP, by Mark J. Kamstra and Robert J. Shiller
30 The Google Book Settlement: Real Magic or a Trick?, by Pamela Samuelson
31 The Stakes in the Google Book Search Settlement, by Paul N. Courant
32 The NFL Should Auction Possession in Overtime Games, by Yeon-Koo Che and Terrence Hendershott
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Aaron S. Edlin is the Richard W. Jennings Professor at the University of California, Berkeley, and holds professorships in both economics and law. He is also a research associate at the National Bureau of Economic Research. Formerly, he was the senior economist covering regulation, antitrust, and industrial organization on President Clinton’s Council of Economic Advisors. Joseph E. Stiglitz is University Professor at Columbia University and a member and former chair of Columbia University’s Committee on Global Thought. He was the winner of the 2001 Nobel Prize for Economics. He had previously served on President Clinton’s Council of Economic Advisors before joining the World Bank as chief economist and senior vice president. His most recent book is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress. With Aaron S. Edlin and J. Bradford De Long, he is the coeditor of The Economists’ Voice: Top Economists Take On Today’s Problems.