By R. Glenn Hubbard, John F. Cogan, Daniel P. Kessler

Health care in the United States has made remarkable advances during the past forty years. Yet our health care system also has several well-known problems: high costs, significant numbers of people without insurance, and glaring gaps in quality and efficiency—and the Patient Protection and Affordable Care Act of 2010 is not the answer. This second edition of Healthy, Wealthy, and Wise details a better approach, offering fundamental reform alternatives centering on tax changes, insurance market changes, and redesigning Medicare and Medicaid.

The book proposes five specific reforms to improve the ability of markets to create a lower-cost, higher-quality health care system that is responsive to the needs of individuals, including increasing individual involvement, deregulating insurance markets and redesigning Medicare and Medicaid, improving availability and quality of information, enhancing competition, and reforming the malpractice system. The authors show that, by promoting cost-conscious behavior and competition in both private markets and government programs such as Medicare and Medicaid, we can slow the rate of growth of health care costs, expand access to high-quality health care, and slow down runaway spending.

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REVIEWS:

"Healthy, Wealthy, and Wise clearly explains what we must do to transform health and health care in America. The authors’ proposals will undoubtedly improve the quality of health care, insure more Americans, and save billions of dollars. Every policymaker in government and every decision maker in the corporations that pay for so much of America’s health care should read this important book-and then act on its recommendations." – Newt Gingrich, former Speaker of the House of Representatives and founder of the Center for Health Transformation

"This thoughtful and comprehensive set of proposals for addressing the failings of health-care markets, and the careful analysis of their likely impacts on spending, the uninsured, and the federal budget should be required reading by all participants in the health-care policy debate. These proposals provide a map of the roads that must be traveled to make our health-care markets work more efficiently and equitably, and forestall greater government intervention." – Robert D. Reischauer, president of the Urban Institute

"It is well known that the tax code distorts the way our health-care markets work and encourages wasteful spending. Healthy, Wealthy, and Wise does an exemplary job of making a frontal attack on this problem. It proposes fundamental reforms to the tax code that the authors argue, persuasively, will lead people to make better choices about their health- care spending. The result would cut spending and promote greater competition based on price and quality." – Mark V. Pauly, Bendheim Professor; professor of Health Care Systems, Business and Public Policy, Insurance and Risk Management, and Economics, Wharton School of Business, University of Pennsylvania 

R. Glenn Hubbard, Michael F. Koehn, Stanley I. Ornstein, Marc Van Audenrode, and Jimmy Royer

Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth, are sure to be more critical in the future.

Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become a contentious issue in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors.

This ground-breaking book not only conceptualizes a new economic model of the mutual fund industry, but also uses this model to test for price competition between investment advisers, evaluating the assertion that market forces fail to protect investors' returns from excessive fees.

Highly experienced authors track the growth of the industry over the past twenty-five years and present arguments and evidence both for and against theories of adviser malfeasance. The authors review the regulatory history of mutual fund fees and summarize leading case decisions addressing excessive fees.

Revealing the extent to which the governance structure of mutual funds truly impacts fund performance, this book provides the best understanding of today's mutual fund industry and is a vital tool for investors, money managers, fund directors, securities lawyers, economists, and anyone concerned with the regulation of mutual funds.

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REVIEWS:

"The Mutual Fund Industry is extremely well written and clear, and the authors are the first to present solid empirical results to address price competition in the mutual fund industry. The outcomes of these empirical tests are striking and important not only for mutual fund investors but also for courts, government antitrust policy, and rating agencies." — Joop Huij, Erasmus University, Rotterdam

"The Mutual Fund Industry is a very valuable contribution to the continuing and contentious debate over the competitiveness of the mutual funds industry. The authors make a strong case that this market is highly competitive and provide both analytical and empirical grounds for their conclusions." — William J. Baumol, Berkley Center for Entrepreneurial Studies

"The Mutual Fund Industry is a choice collection that shouldn't be missed for anyone using their money wisely." — Midwest Book Review

"The Mutual Fund Industry investigates the frequent claim that investment advisers set monopoly prices for their services to retail mutual funds. In scope and detail, it is an excellent economic analysis. This book should be of interest to public policymakers, securities lawyers, and economists." — Clement G. Krouse, University of California, Santa Barbara

By R. Glenn Hubbard and Peter Navarro

In this book, a top Republican and Democratic economist explain why Obama’s economic policies are failing…and offer a commonsense blueprint for re-igniting long-term growth and prosperity for all Americans. They show how to overhaul the tax system, increase business investment, slash government spending, control entitlements, and even rebuild American manufacturing.

In Seeds of Destruction, former Bush chief White House economist R. Glenn Hubbard and well-known CNBC commentator Peter Navarro explain why current economic policy is a catastrophic failure. Then, they offer a comprehensive, bipartisan blueprint for reversing the decline of America's currency, manufacturing base, and standard of living - setting the stage for the epic policy debates that will precede the 2010 elections. Hubbard and Navarro begin with a "checklist" of what it takes to be a prosperous, democratic nation - and show why Obama's policies (some of Bush's also) fail on every level. They explain why the activist Federal Reserve and Obama fiscal stimulus policies are doing far more harm than good... why we must restore the U.S. manufacturing base, whatever China says about it... how to transform tax policy into an engine of growth and innovation... how to apply the "tough love" needed to save Social Security, Medicare, and Medicaid... why America must resign the job of world policeman... how market-based solutions can finally deliver real energy independence... how to reform our antique financial regulatory system without imposing heavy-handed rules that cause even more trouble.

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REVIEWS:

“Hubbard and Navarro provide a cogent analysis of America’s dangerous economic decline as well as a carefully thought out plan for recovery based on a manufacturing renaissance.” – Clyde Prestowitz, Founder and President of the Economic Strategy Institute, and author of The Betrayal of American Prosperity and Three Billion New Capitalists

“A well-argued–and exceedingly timely–call to action for the White House and Congress to end partisan political bickering and move the American economy back to sound principles like free markets, entrepreneurship, and a renewed manufacturing base that will restore our nation’s greatness. Hubbard and Navarro focus a bipartisan perspective on practical policy reform.” – Larry M. Wortzel, Ph.D., Commissioner and former Chairman of the U.S.—China Economic and Security Review Commission

“It is time for a clean sheet of paper that creates the ultimate focus on creating real jobs and driving the success of our private sector by significantly improving our global competitiveness and not further eroding it. Kudos to Glenn Hubbard and Peter Navarro for doing just that!” – Dan DiMicco, Chairman, President, and CEO, Nucor Corporation

“Seeds of Destruction is everything that Washington policymaking is not: sober, lucid, reasoned, timely, bipartisan, and constructive. The United States is on a path to greater danger and diminished aspirations. Hubbard and Navarro illuminate the path to fulfilling this generation’s obligation to leave behind a nation with greater freedom and prosperity than it inherited.” – Douglas Holtz-Eakin, President of the American Action Forum, and former Director of the Congressional Budget Office (2003—2005)

“Glenn Hubbard and Peter Navarro combine their unique experiences in government and politics with their crystal-clear economic insights to produce a lively and compelling account of the origins of the financial crisis and the problems now plaguing the American economy. The book convincingly explains how government policy planted the seeds of destruction and how a change in government policy can root them out and plant the seeds of prosperity. Their diagnoses and remedies should be read, studied carefully, and applied.” – John B. Taylor, Mary and Robert Raymond Professor of Economics at Stanford University, and former Undersecretary of the Treasury for International Finance

“A thoughtful and politically provocative diagnosis of America’s economic ills.” – Kenneth S. Rogoff, coauthor of This Time is Different, and Thomas D. Cabot Professor of Public Policy, Harvard University

“This book is a ‘must-read’ for all persons who are concerned about our economic future. It shows the disastrous folly of our current economic policies and, more important, it lays out the proper policies to achieve a sound and prosperous economic future.” – John Cogan, Leonard and Shirley Ely Fellow, Hoover Institution, and Professor of Public Policy Program, Stanford University; former Deputy Director of the Office of Management and Budget, Reagan administration

"This is a compact blockbuster of a book that gives six reasons why the U.S. economy has sunk so far and offers ten initiatives that the authors believe will lift us back up. It spares neither political camp and it appeals to both camps to take actions that will repair the damage they have caused over the past decade." – Edmund Phelps, McVickar Professor of Political Economy, Columbia University, and 2006 winner of the Nobel Prize in Economic Science

By R. Glenn Hubbard and William Duggan

Over the past twenty years more citizens in China and India have raised themselves out of poverty than anywhere else at any time in history. They accomplished this through the local business sector—the leading source of prosperity for all rich countries. In most of Africa and other poor regions the business sector is weak, but foreign aid continues to fund government and NGOs. Switching aid to the local business sector in order to cultivate a middle class is the oldest, surest, and only way to eliminate poverty in poor countries.

A bold fusion of ethics and smart business, The Aid Trap shows how the same energy, goodwill, and money that we devote to charity can help local business thrive. R. Glenn Hubbard and William Duggan, two leading scholars in business and finance, demonstrate that by diverting a major share of charitable aid into the local business sector of poor countries, citizens can take the lead in the growth of their own economies. Although the aid system supports noble goals, a local well-digging company cannot compete with a foreign charity that digs wells for free. By investing in that local company a sustainable system of development can take root.

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REVIEWS:

"Anyone who wants to end poverty should take seriously the powerful and provocative arguments of The Aid Trap. Even if R. Glenn Hubbard and William Duggan don't convince you to embrace their new Marshall Plan, you will come away with a deeper appreciation for the limits of charity, the dangers of top-down planning, and the importance of creating a vibrant and open business sector." — J. Gregory Dees, Center for the Advancement of Social Entrepreneurship, Duke University's Fuqua School of Business

"R. Glenn Hubbard and William Duggan make a persuasive case that international aid flows have been grossly misdirected. In trying to do good, those in the developed world may actually have ended up doing substantial harm to the developing world. Hubbard and Duggan instead argue that aid flows should be redirected towards encouraging business and entrepreneurship. This is a timely and readable book about how to solve one of the most challenging problems of our time." — Raghuram G. Rajan, The University of Chicago Booth School of Business

"The authors' willingness to confront conventional wisdom and examine and energetically attack the problem are refreshing and necessary." — Publishers Weekly

"The Aid Trap is not about the failure of conventional aid but provides the outline of a solution that can work if taken seriously. It is that rare prescriptive book, and the world must pay attention." — Muhammad Yunus, winner of the Nobel Peace Prize

"Glenn Hubbard and William Duggan's considered analysis of The Aid Trap adds a new and important dimension to the on-going development debate. This book, grounded in logic and supported by evidence, presents reasonable and sustainable steps that will move Africa forward." — Dambisa Moyo, author of Dead Aid: Why Aid In Not Working and How There Is a Better Way for Africa

"A few years ago, we in Mauritius set out to make it easier for our own people and foreign companies to do business in our country. The result has been far more prosperity for our people. Other countries want to learn from our experience. I am pleased to see that there is now a book that can help. The Aid Trap makes a strong case and offers concrete steps for countries not to rely exclusively on the aid world and join the business world instead. I hope this book has a wide impact on the minds, hearts, and actions of national leaders, multinational and local businesses, aid agencies, and concerned citizens around the world." — Honorable Navinchandra Ramgoolam, Prime Minister of Mauritius

"Offers a different and logical, if emotionally counter-intuitive, approach to foreign aid." — Sarah Lynch, Forbes

"The authors point to the burgeoning economies of China and India as evidence that thriving businesses are the key to ending poverty." — Chronicle of Philanthropy

"The Aid Trap articulates a constructive set of ideas about how to reform foreign aid." — Economist

"The Aid Trap does a good job of both highlighting problems with the current aid structure and prescribing solutions." — Reuben Abraham, Alliance Magazine

"The Aid Trap the well-entrenched myth that development aid willerase global poverty." — d-sector.org

"[The Aid Trap] offers a refreshing perspective on the current effort to end world poverty." — Bennett Grill, African Affairs

"The Aid Trap is a concise, beautifully written, stimulating, profound, and up-to-date reminder to all of us who are deeply concerned as to just why our traditional aid programs continue to fail us." — Joseph Keckeissen, Journal of Markets & Morality

"I can't think of anyone better qualified than R. Glenn Hubbard and William Duggan to analyze what they perceptively call the 'feudal system of aid' and to suggest ways to break free. They persuasively argue that thriving private businesses are the best hope for the world's poor and have taken a practical approach to allow business to thrive." — William Easterly, author of The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good