1) First runner-up 2) Not quite tops 3) Out of the middle drawer 4) What some people settle for 
Refers to what is the optimal policy when the true optimum (the first best) is unavailable due to constraints on policy choice. The Theory of Second Best says that a policy that would be optimal without such constraints (such as a zero tariff in a small country) may not be second-best optimal if other policies are constrained. See Lipsey and Lanca...
[adj] - next to the best 2. [adv] - in second place
adjective next to the best; `his second-best bed`