"The Economics of Public Issues:" a Review
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This paper begins with a brief overview of the evolution of the book "The Economics of Public Issues," by Douglass North et al. through several editions, and then gives a summary of the topics of the book's newest edition and their relevance to the public today. Since the book is based on current events, the writer explains that this kind of book could be could be rewritten and reprinted countless times, keeping up with the latest issues facing the public and so providing am framework for discussion and analysis and ultimately for decision-making. Further, the paper concludes that the kind of analysis used in the book would also serve the individual in analyzing personal issues and making decisions on an economic basis.
From the Paper:"The first chapter addresses Killer Airbags, pointing out how airbags intended to protect the public and save lives in crashes can sometimes kill. This has been an issue raised in the news over recent months, and the authors know that people will wonder if the airbags in their cars save more lives than they take and can be considered a cost-effective and efficient way to protect the public. The airbag uses a certain amount of energy to inflate, and this energy can injure people who are on top of the airbag when it begins to inflate. The force generated in the first few milliseconds of inflation can seriously injure anyone struck by the inflating bag. This can be especially damaging to children, not simply because they are small but because the injuries come from where the person is situated with respect to the bag. Most such deaths and injuries happen to riders who are not using seatbelts, were improperly belted, or were positioned improperly because they are not seated as they should be and can be injured when the bag inflates. The authors consider the risks to the individual and ways of minimizing those risks at minimal cost.
"When the authors discuss what they call the "Terrible Trade-Off," they analyze the way products are examined, tested, and approved by the Food and Drug Administration (FDA), taking a cost-benefit approach and so creating a trade-off between absolute safety and allowing products to go into the marketplace so long as they do not prove too hazardous. This is a form of economic analysis most people know something about because of the way costs are assigned to certain injuries and deaths and because of the criticisms that have been leveled over the years at different government agencies for assigning a value to human life."
Cite this Book Review:
"The Economics of Public Issues:" a Review (2003, October 21) Retrieved July 05, 2020, from https://www.academon.com/book-review/the-economics-of-public-issues-a-review-36819/
""The Economics of Public Issues:" a Review" 21 October 2003. Web. 05 July. 2020. <https://www.academon.com/book-review/the-economics-of-public-issues-a-review-36819/>