The first edition of Ohio University economist Harold Winter's Trade- Offs appeared in 2005, and it became a popular introduction to economic reasoning. Now he is out with a third, "significantly updated" edition, and I'm raring to introduce readers to his latest insights. The new volume covers issues that appeared in earlier editions, such as the value of a human life, markets for human organs, and copyright law. Issues new to the third edition include eminent domain, criminal law, and healthcare economics. This introduction will startle many newcomers and perhaps even some seasoned economists. Winter's methodology is: "identify trade- offs, measure trade- offs, and recommend policy." He defines trade- offs as benefits and costs. He cites empirical studies throughout the book that often contradict each other. For example, one economist concludes that the death penalty clearly reduces homicide, while another pair conclude that its effect on the murder rate is ambiguous. Winter states that "empirical studies simply lack the ability to definitively resolve social issues." He anticipates the frustration readers will have with contradictory empirical results, expecting them to wonder, "Can there be no consensus among economists when it comes to important social issues?"
Authors
- Published in
- United States of America
