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The Reagan administration has again proposed in 1984 to limit the tax exemption on health‐insurance premiums. Objectives of the proposal are to curtail rising health costs by reducing insurance coverage—and hence medical‐care use—and to raise revenues to offset the large federal deficit. The change would have little effect on either dimension. Most likely, consumer response would reduce dental, drug, and eyeglass insurance, but would leave coverage for hospital and doctor care—the most bothersome health‐cost sectors—essentially unaffected. Larger tax changes which are structured differently possibly could reduce health costs dramatically and raise up to $27 billion a year in new tax revenues.

Cost-effectiveness analysis (CEA) plays an important role in health policy debates, helping to shape resource allocation and pricing decisions. Yet many economists also recognise that the current framework can offer misleading and incomplete results. Current CEA methods imply that health improvements are equally valuable to those in good health and poor health, which fails to recognise the increased value of health improvements for those with severe illness or disability. This book introduces the generalised risk-adjusted cost-effectiveness (GRACE) model as a more accurate method for determining the value of medical treatments and technologies.

By reviewing different voting systems, their original intents, and their deficits, 'Making Better Choices' argues for a systems engineering approach to making better collective choices in society. Written by an economist and an engineer, this groundbreaking work draws from insights in sociology, linguistics, law, political science, philosophy, psychology, economics, and systems design. In an era of relentless rating, this book offers a fresh vision for engineering better democracies by enabling diverse choices.