We study the electric dipole polarizability α D in 208 Pb based on the predictions of a large and representative set of relativistic and nonrelativistic nuclear mean-field models. We adopt the droplet model as a guide to better understand the correlations between α D and other isovector observables. Insights from the droplet model suggest that the product of α D and the nuclear symmetry energy at saturation density J is much better correlated with the neutron skin thickness r np of 208 Pb than the polarizability alone. Correlations of α D J with r np and with the symmetry energy slope parameter L suggest that α D J is a strong isovector indicator. Hence, we explore the possibility of constraining the isovector sector of the nuclear energy density functional by comparing our theoretical predictions against measurements of both α D and the parity-violating asymmetry in 208 Pb. We find that the recent experimental determination of α D in 208 Pb in combination with the range for the symmetry energy at saturation density J = [31 ± (2) est] MeV suggests r np (208 Pb) = 0 . 165 ± (0 . 009) expt ± (0 . 013) theor ± (0.021) est fm and L = 43 ± (6) expt ± (8) theor ± (12) est MeV