Victor Fuchs, author of Who Shall Live?, cuts through the hand wringing and the "pop" panaceas for America's current social crises in a brilliant analysis of the way we live. The facts are familiar. A doubled rate of divorce. A birth rate cut nearly in half while the percentage of illegitimate births nearly tripled. The young face dismal job prospects, and many of the old are totally dependent on the federal government.

Fuchs's economic approach shows us that the societal upheaval of American life is not created by fiat but rather emerges as millions of men and women make...