and industries, and Part IV provides international comparisons for measuring productivity. Priorities: What Can Government Do? Henry J. Aaron and Charles L. Schultze. Washington, DC: The Brookings Institution, 1992. 318 pp. $32.95 ISBN O-8157-0054-7. The essays in this book discuss what the authors believe government can and should do to remedy social and economic problems in the United States today. Areas discussed are health care financing, homelessness, crime, families and young children, education and training, research and development, and public infrastructure. For each problem area, authors examine the results of research to determine which current or proposed government programs are most likely to have some positive effect and those that are not likely to work. The authors then offer a budget proposal that allows for the programs and is designed to lead to a balanced budget in 10 years. Contributors are Hemy J. Aaron, Charles L. Schultze, Gordon Berlin, William McAllister, John J. DiIulio, Jr., Isabel V. Sawhill, Richard J. Mumane, Frank Levy, Linda R. Cohen, Roger G. Noll, Clifford Winston and Barry Bosworth.
in Positive and Normative Economics. Martin J. Bailey. Brookfield, VT: Ashgate Publishing Company, 1992. 296 pp. $69.95 ISBN 1-85278604-3. Studies in Positive and Nonnative Economics is a collection of Martin J. Bailey’s work published between 1954 and 1991. The work focuses mainly on current theories of social choice, inflation and fiscal policy. The volume is divided into five parts. Part I, Social Choice, deals with the “compensation principle” and the concept of social welfare. Part II, Constrained Household Optimization, focuses on compensated demand theory, the theory of saving, and other issues involving constrained intertemporal choice. Part III, Measurement and Estimation, covers the estimation of index numbers as well as analysis and estimation of neighborhood demographic effects on the prices of single-family homes. Part IV, Evaluation, analyzes criteria for government investment decisions and the problem of obtaining optimal outcome in regulating pollution. Part V, Inflation and the Fist, includes discussions of welfare cost of inflationary finance, progressivity and investment yields, and tax-induced resource misallocation.
the Earth: Economics, Ecology, Ethics. Herman E. Daly and Kenneth N. Townsend. Cambridge, MA: The MIT Press, 1992. $18.95 ISBN 0-262-54068-l. This book consists of twenty essays that examine the dilemma of maintaining a healthy environment without causing great economic loss.
Recent Books Topics discussed include economic incentives for improving the quality of the environment, a discussion on the purpose of wealth from a historical perspective, a Christian view of the Age of Plenty, and economics as a life science. Contributors include Herman E. Daly, Kenneth N. Townsend, Paul FL Ehrlich, Anne H. Ehrlich, E. F. Schumacher, Gerald Alonzo Smith, and c. s. Levis.