Lok Sang Ho – författare

Happiness is a private matter and individual pursuit; however, public policy does have an important role and can contribute much through various enabling means. This volume discusses the determinants of happiness and presents case studies of how public policy can help promote happiness.

As a book on public policy, this book is unique in addressing explicitly the role of human nature. Only with a good understanding of human nature can policy makers address their foremost needs and anticipate how people may respond to specific designs in policy. This way policy makers can avoid "unintended consequences." The book also provides a new perspective on the meaning of public interest, which is based on intellectual roots dating back to J.S.Mill and more recently Harsanyi and Rawls. Traditionally, economists have referred to either the Hicksian criterion or the Kaldorian criterion as the yardstick to whether a policy is welfare enhancing, not realizing that both of these criteria fail abjectly in producing a convincing test for welfare improvement. This is because ex post, typically some people will gain and some people will lose from any policy. The author argues for an alternative, ex ante welfare increase criterion that is based on how people would assess a policy if they were completely impartial and totally ignored their personal interests. It applies the principles to key policy concerns such as health policy, tort law reform, education and cultural policy, and pension reform.The healthcare reform proposals in the book illustrate the application of the principles. The author proposes a basic protection plan under which standard basic healthcare services are priced the same whether they are provided by public or private caregivers—at levels that can contain both demand side and supply side moral hazard. Annual eligible healthcare expenses are capped to alleviate worries. A "Lifetime Healthcare Supplement" that includes an element of risk sharing adds to patients’ choice and protection without compromising fiscal sustainability.

This book is written with an acute awareness of the need for new insight to ensure (1) universal protection in basic healthcare; (2) providing choice; (3) efficient production and consumption of healthcare services; (4) financial sustainability of the healthcare system. Defining the public interest as the welfare of the "representative individual" with no vested interest who imagines himself to have equal chance of being anyone in society, this book explores alternative ways of finance and delivery, the optimal interface between the public healthcare sector and the private healthcare sector, and that between public insurance and private insurance. The book includes a theoretical but non-technical section that distinguishes between the stock of health and functional health, proposes a utility maximizing/behavioural framework to explain behaviour and the role of health policy and investigates the nature of risk and alternative insurance mechanisms. The book illustrates with a number of country studies, covering a large range of healthcare systems from the American and the European systems to various Asian systems as well as those of Australia and New Zealand. The survey of country experiences reinforces the theoretical conclusions about the role of the public healthcare sector and social insurance and that of the private market. The book highlights the importance of and the workability of "pricing right" and "capping right": pricing standard or basic healthcare services at the right price can contain both demand-side and supply-side moral hazard and lead to more efficient production and consumption of healthcare services; capping annual eligible healthcare expenses will provide effective protection against financial risks. The proposal of lifetime healthcare supplement offers greater choice. Private caregivers and insurers supplement the public healthcare system by offering more choices and premium services, as well as additional protection.

As a book on public policy, this book is unique in addressing explicitly the role of human nature. Only with a good understanding of human nature can policy makers address their foremost needs and anticipate how people may respond to specific designs in policy. This way policy makers can avoid "unintended consequences." The book also provides a new perspective on the meaning of public interest, which is based on intellectual roots dating back to J.S.Mill and more recently Harsanyi and Rawls. Traditionally, economists have referred to either the Hicksian criterion or the Kaldorian criterion as the yardstick to whether a policy is welfare enhancing, not realizing that both of these criteria fail abjectly in producing a convincing test for welfare improvement. This is because ex post, typically some people will gain and some people will lose from any policy. The author argues for an alternative, ex ante welfare increase criterion that is based on how people would assess a policy if they were completely impartial and totally ignored their personal interests. It applies the principles to key policy concerns such as health policy, tort law reform, education and cultural policy, and pension reform.The healthcare reform proposals in the book illustrate the application of the principles. The author proposes a basic protection plan under which standard basic healthcare services are priced the same whether they are provided by public or private caregivers—at levels that can contain both demand side and supply side moral hazard. Annual eligible healthcare expenses are capped to alleviate worries. A "Lifetime Healthcare Supplement" that includes an element of risk sharing adds to patients’ choice and protection without compromising fiscal sustainability.

This book is written with an acute awareness of the need for new insight to ensure (1) universal protection in basic healthcare; (2) providing choice; (3) efficient production and consumption of healthcare services; (4) financial sustainability of the healthcare system. Defining the public interest as the welfare of the "representative individual" with no vested interest who imagines himself to have equal chance of being anyone in society, this book explores alternative ways of finance and delivery, the optimal interface between the public healthcare sector and the private healthcare sector, and that between public insurance and private insurance. The book includes a theoretical but non-technical section that distinguishes between the stock of health and functional health, proposes a utility maximizing/behavioural framework to explain behaviour and the role of health policy and investigates the nature of risk and alternative insurance mechanisms. The book illustrates with a number of country studies, covering a large range of healthcare systems from the American and the European systems to various Asian systems as well as those of Australia and New Zealand. The survey of country experiences reinforces the theoretical conclusions about the role of the public healthcare sector and social insurance and that of the private market. The book highlights the importance of and the workability of "pricing right" and "capping right": pricing standard or basic healthcare services at the right price can contain both demand-side and supply-side moral hazard and lead to more efficient production and consumption of healthcare services; capping annual eligible healthcare expenses will provide effective protection against financial risks. The proposal of lifetime healthcare supplement offers greater choice. Private caregivers and insurers supplement the public healthcare system by offering more choices and premium services, as well as additional protection.

Much attention has been given to the economics of everyday life, which typically applies economic principles to the analysis of the different choices that people face under different situations. Yet there are hardly any books on the economics of life—an economics that takes the finite lifespan as the starting point and that looks at how one can maximize the subjective value from life given the constraint of the limited lifespan. In this volume, Lok Sang Ho suggests that the lack of progress in happiness among developed countries despite significant economic growth is due to a deficit of "mental goods", rather than a lack of material goods. The author stresses the role of culture and mental habits in determining the efficacy of gaining mental goods which includes love, a sense of security and autonomy, contentment, self-esteem, self-acceptance, and freedom from anxiety. Drawing on empirical research, the book explores how to invest, work, and consume from a whole life perspective, arguing that every action - consumption, investment, or work - should enhance the total quality of life. This overriding concern about life itself is known as love.The Psychology and Economics of Happiness uses the analytical framework of economists on a subject studied by positive psychologists, drawing both from empirical evidence and from psychological literature. It will be of interest to researchers and academics interested in economic and positive psychology, as well as those from related fields keen to learn more about living fuller, happier lives.

This text was written with policy makers, concerned citizens, and students of public policy in mind. Striving to avoid technical language, the author introduces a new paradigm that starts from the commonality of human nature and the assumption that public policy should be impartial. Rather than playing the interests of one group versus those of another, he argues that public policy should aim at enhancing the "ex ante" welfare for everyone if everyone did not know the position or the identity one would assume. Usi ng this conceptual device of the representative individual, the analysis readily leads to policy implications that are both reasonable and concrete in diverse areas ranging from health care and crime and punishment to macroeconomic and financial market stability. The book concludes with a chapter summarizing the various principles of public policy practice that will meet the challenges of the new millennium.These principles should be of interest to academics in social sciences who are studying public policy, political economy, international financial systems, and capital markets, and also to practitioners, including public policy makers, consultants, advisers, administrators, and public service trade unions.

This book applies the analytical framework used by economists to investigate how one can make the most out of one’s life, thus achieving happiness and fulfilment.Building upon the author’s earlier work, this book blends the classic theories and empirical evidence of positive psychology with economic concepts of choice, capital, information costs, and household production. It includes topics including happiness at work, corporate culture, and sustainable development, which are at the forefront of this interdisciplinary field. Every chapter is accompanied by a summary of key points, as well as reflective questions for students.This book will interest researchers and students in happiness economics and positive psychology, and anyone keen to learn more about living fuller, happier lives.

This book applies the analytical framework used by economists to investigate how one can make the most out of one’s life, thus achieving happiness and fulfilment.Building upon the author’s earlier work, this book blends the classic theories and empirical evidence of positive psychology with economic concepts of choice, capital, information costs, and household production. It includes topics including happiness at work, corporate culture, and sustainable development, which are at the forefront of this interdisciplinary field. Every chapter is accompanied by a summary of key points, as well as reflective questions for students.This book will interest researchers and students in happiness economics and positive psychology, and anyone keen to learn more about living fuller, happier lives.

Much attention has been given to the economics of everyday life, which typically applies economic principles to the analysis of the different choices that people face under different situations. Yet there are hardly any books on the economics of life—an economics that takes the finite lifespan as the starting point and that looks at how one can maximize the subjective value from life given the constraint of the limited lifespan. In this volume, Lok Sang Ho suggests that the lack of progress in happiness among developed countries despite significant economic growth is due to a deficit of "mental goods", rather than a lack of material goods. The author stresses the role of culture and mental habits in determining the efficacy of gaining mental goods which includes love, a sense of security and autonomy, contentment, self-esteem, self-acceptance, and freedom from anxiety. Drawing on empirical research, the book explores how to invest, work, and consume from a whole life perspective, arguing that every action - consumption, investment, or work - should enhance the total quality of life. This overriding concern about life itself is known as love.The Psychology and Economics of Happiness uses the analytical framework of economists on a subject studied by positive psychologists, drawing both from empirical evidence and from psychological literature. It will be of interest to researchers and academics interested in economic and positive psychology, as well as those from related fields keen to learn more about living fuller, happier lives.

The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. This text offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer alternative perspectives, which have been stimulated by the events in the foreign exchange market. They should provide a useful reference for anyone interested in the development of exchange rate regimes.

The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.

Principles of Public Policy Practice was written with policy makers, concerned citizens, and students of public policy in mind. Striving to avoid technical language, the author introduces a new paradigm that starts from the commonality of human nature and the assumption that public policy should be impartial. Rather than playing the interests of one group versus those of another, he argues convincingly that public policy should aim at enhancing the ex ante welfare for everyone if everyone did not know the position or the identity one would assume. Using this conceptual device of the representative individual, the analysis readily leads to policy implications that are both reasonable and concrete in diverse areas ranging from health care, crime and punishment to macroeconomic and financial market stability. The book concludes with a chapter summarizing the various principles of public policy practice that will meet the challenges of the new millennium. These principles, certainly of interest to academics in social sciences who are studying public policy, political economy, international financial systems, and capital markets, should appeal equally to practitioners, including public policy makers, consultants, advisers, administrators, and public service trade unions.

This book documents the search for a workable model of democracy in Asia. It begins with two conceptual chapters that explore the role of electoral democracy as a governance mechanism in the light of other governance mechanisms, then reviews the various forms of Asian democracy, including those that many may consider to be in name rather than in substance, that have been practiced to date, and indicates where these models may have failed or succeeded. Underpinned by extensive case studies, valuable insights into governance and democracy in Asia –- arguably one of the most fascinating and dynamic regions in the world –- are provided.The contributors chart the historical development of democracy (or democratic aspirations) within their respective countries/territories, and analyse both the positive and the negative influences on democratization. They assess whether the particular form of democracy (or lack of, as the case may be) that has developed brings benefit or harm to the people living in the countries and why. The extent to which policy-making has been able to produce benefits for the population, regardless of the degree of democratic development, is then addressed. Finally, the book evaluates whether lessons can be learnt from Asia’s experiences with democracy for other areas of the world.Concluding that sound governance mechanisms, in particular the rule of law, – is the key to effective democratic systems, this book will strongly appeal to those with an interest in democracy, comparative politics, political economy and Asian studies and will be a timely reference or text in courses related to these areas.

This book is a valuable contribution to the literature on education reform." - Professor Colin J. Marsh, Curtin University, Perth, Western AustraliaThis book investigates and analyses critical issues in education reform and discusses possible pitfalls in the current global drive to promote excellence.