New Books In Economics

Today I talked to Roger Blackwell about his new book Objective Prosperity: How Behavioral Economics Can Improve Outcomes for You, Your Business, and Your Nation (Rothstein Publishing, 2022) Contrary to conventional wisdom, about 90% of billionaires are self-made as opposed to people who inherited their wealth. Why did they succeed? That’s the question this book explores at both the individual and at the countrywide level. Values and skills revolving around knowledge, a strong work ethic, delayed gratification, and more, provide much of the answer, as does access to mentors. Or to put it another way, as today’s guest alludes to – you could do worse than follow the advice of Wendy’s founder, Dave Thomas: Work hard, and be nice. Income inequality, immigration, college debt forgiveness are among the topics covered in this wide-ranging conversation with Roger, who has been an exemplary educator across the globe. Roger Blackwell is the author of 40 previous books, and a retired professor from The Ohio State Univers

For some, automation will usher in a labor-free utopia; for others, it signals a disastrous age-to-come. Yet whether seen as dream or nightmare, automation, argues Munn, is ultimately a fable that rests on a set of triple fictions. There is the myth of full autonomy, claiming that machines will take over production and supplant humans. But far from being self-acting, technical solutions are piecemeal; their support and maintenance reveals the immense human labor behind "autonomous" processes. There is the myth of universal automation, with technologies framed as a desituated force sweeping the globe. But this fiction ignores the social, cultural, and geographical forces that shape technologies at a local level. And, there is the myth of automating everyone, the generic figure of "the human" at the heart of automation claims. But labor is socially stratified and so automation's fallout will be highly uneven, falling heavier on some (immigrants, people of color, women) than others.  In Automation Is a Myth (Sta

There is a complex relationship between climate change and food systems. Food supply chains – in particular food transportation – result in global greenhouse gas emissions, and these emissions are known to be a driving force underlying climate change. But it also works the other way. Joining Dr Natali Pearson on SSEAC Stories, Dr Arunima Malik discusses the wide-ranging impacts of climate change and extreme weather events on global regional food systems and supply chains, identifying potential cascading repercussions including job and income loss as well as a loss in nutrient availability and diet quality. About Arunima Malik: Dr Arunima Malik is an academic in the Integrated Sustainability Analysis (ISA) group at the School of Physics, and in the Discipline of Accounting, Business School of the University of Sydney. Her research focusses on big-data modelling to quantify sustainability impacts at local, national and global scales. Arunima’s research is interdisciplinary, and focuses on the appraisal of socia

Critics of globalisation come in many forms from environmentalists to trade unionists and many others in between. In the midst of all the controversy less attention has been paid to how big a phenomenon globalisation actually is and how it compares to another trend – regionalism. In this podcast Owen Bennett Jones discusses The Globalisation Myth: Why Regions Matter (Yale University Press, 2022) with its author, Shannon K. O Neil.  Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What's going on in private markets? As interest rates have gone up, public markets have been marked down much more severely than assets in the private market. Will the chickens come home to roost? And, if so, when?  Gary Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 to September 2009. Stern, a native of Wisconsin, joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, Stern was a partner in a New York-based economic consulting firm. Stern's prior experience includes seven years at the Federal Reserve Bank of New York. Stern serves on the board of directors of FINRA, The Dolan Company, The Depository Trust and Clearing Corporation, Ambac Assurance Corporation, and the Council for Economic Education (CEE), where he served for a time as acting President and Chief Executive Officer. Stern is co-author of Too Big to Fail: The Hazards of Bank Bailouts, published

This is the story of organ transplantation, told from the organ’s point of view. Organs for transplantations come from two sources: living or post-mortem organ donations. These sources set different routes of movement from one body to another. Postmortem organ donations are mainly sourced and allocated by state agencies, while living organ donations are the result of informal relations between donor and recipient. Each route traverses different social institutions, determines discrete interaction between donor and recipient, and is charged with moral meanings that can be competing and contrasting. The political economy of organs for transplants is the gamut of these routes and their interconnections, and this book explains what such a political economy looks like: its features and contours, its negotiation of the roles of the state, market and the family in procuring organs for transplantations, and its ultimate moral justifications. Drawing on Boas’ personal experiences of waiting, searching and obtaining or

Economists and other social scientists are used to working with data that comes nicely organized into a table with a series of variable names across the top and a list of observations or datapoints down the right hand side. Data also naturally falls into this format when it comes from surveys we run. But the vast amounts of data generated by businesses and by all our online activities are usually organized in different ways. In corporate settings that first step of getting the right data and putting it into a table where it can be analyzed can be as important and challenging as the subsequent analyses. SQL (Structured Query Language) has been the standard language for accessing information in databases since the 1980s. In this episode I interview Renee Teate, also known as “Data Science Renee” on Twitter, about her new book, SQL for Data Scientists: A Beginner’s Guide for Building Datasets for Analysis (Wiley, 2022). I learned about Renee from her popular blog and podcast, “Becoming a Data Scientist,” in whic

A groundbreaking examination of austerity’s dark intellectual origins. For more than a century, governments facing financial crisis have resorted to the economic policies of austerity—cuts to wages, fiscal spending, and public benefits—as a path to solvency. While these policies have been successful in appeasing creditors, they’ve had devastating effects on social and economic welfare in countries all over the world. Today, as austerity remains a favored policy among troubled states, an important question remains: What if solvency was never really the goal?  In The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism (University of Chicago Press, 2022), political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital—and indeed capitalism—in times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in th

Many of the creative industries look like an hourglass. On the one side, you have creators; on the other, the rest of us. In the middle, Rebecca Giblin and Cory Doctorow say there's often a 'chokepoint.' Corporate behemoths -- be they streaming apps, publishers, tech giants, or others -- put on the squeeze, exploiting their market power to extract rents, push down wages, and push up costs. But Cory and Rebecca have solutions to break the stranglehold, and in this episode of Darts and Letters Cory helps Jay explore various chokepoints, from concert tickets to audiobooks, and how we can open up the industries and get workers paid. SUPPORT THE SHOW You can support the show for free by following or subscribing on Spotify, Apple Podcasts, or whichever app you use. This is the best way to help us out and it costs nothing so we’d really appreciate you clicking that button. If you want to do a little more we would love it if you chip in. You can find us on patreon.com/dartsandletters. Patrons get content early, and o

For decades, a few numbers came to define Chinese politics--until those numbers did not count what mattered and what they counted did not measure up.  Seeking Truth and Hiding Facts: Information, Ideology, and Authoritarianism in China (Oxford UP, 2022) argues that the Chinese government adopted a system of limited, quantified vision in order to survive the disasters unleashed by Mao Zedong's ideological leadership. Political scientist Jeremy Wallace explains how that system worked and analyzes how the problems that accumulated in its blind spots led Xi Jinping to take drastic action. Xi's neopolitical turn--aggressive anti-corruption campaigns, reassertion of party authority, and personalization of power--is an attempt fix the problems of the prior system, as well as a hedge against an inability to do so. The book argues that while of course dictators stay in power through coercion and cooptation, they also do so by convincing their populations and themselves of their right to rule. Quantification is one too

Today, states' ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon--the outcome of a pivotal shift in the social composition of financial markets. Investigating the financiers involved in lending capital to sovereigns over the past two centuries, Bruneau identifies profound changes in their identities, goals, and forms of knowledge.  In States and the Masters of Capital (Columbia University Press, 2022), he shows how an old world made up of merchant banking families pursuing both profit and status gradually gave way to a new one dominated by large companies, such as joint stock banks and credit rating agencies, exclusively pursuing profit. Lacking the web of personal ties to sovereigns across the world that their established rivals possessed, these financial institutions began relying on a different form of knowledge created to describe and compare s

If you read the business pages of most newspapers, they are filled with stories about the sort of companies that people do business with – airlines, retail outlets, football clubs and the like. There tend to be far fewer stories about the arms industry - unless it’s about some scandal – generally bribes or sales to governments with poor human rights records. So today we are discussing the future of the arms industry with Pieter D. Wezeman who researches these matters at the leading institute in this area, the Stockholm International Peace Research Institute or SIPRI. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why some of Asia’s authoritarian regimes have democratized as they have grown richer—and why others haven’t Over the past century, Asia has been transformed by rapid economic growth, industrialization, and urbanization—a spectacular record of development that has turned one of the world’s poorest regions into one of its richest. Yet Asia’s record of democratization has been much more uneven, despite the global correlation between development and democracy. Why have some Asian countries become more democratic as they have grown richer, while others—most notably China—haven’t?  In From Development to Democracy: The Transformations of Modern Asia (Princeton University Press, 2022),' Dan Slater and Joseph Wong offer a sweeping and original answer to this crucial question. Slater and Wong demonstrate that Asia defies the conventional expectation that authoritarian regimes concede democratization only as a last resort, during times of weakness. Instead, Asian dictators have pursued democratic reforms as a proactive

An explosive, deeply reported exposé of McKinsey & Company, When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm (Doubleday, 2022) by Walt Bogdanich and Michael Forsythe (Doubleday, 2022) highlights the often drastic impact of the most prestigious consulting company in the world. McKinsey's vaunted statement of values asserts that its role is to make the world a better place, but what does it actually do? Often McKinsey's advice boils down to major cost-cutting, including layoffs and maintenance reductions, to drive up short-term profits, thereby boosting a company's stock price and the wealth of its executives who hire it, at the expense of workers and safety measures. McKinsey also collects millions of dollars advising government agencies. Bogdanich and Forsythe have penetrated the veil of secrecy surrounding McKinsey by conducting hundreds of interviews, obtaining thousands of revelatory documents, and following the money. When McKinsey Comes to Town is a landmark

Long-haul truckers are the backbone of the American economy, transporting goods under grueling conditions and immense economic pressure. Truckers have long valued the day-to-day independence of their work, sharing a strong occupational identity rooted in a tradition of autonomy. Yet these workers increasingly find themselves under many watchful eyes. Data Driven: Truckers, Technology, and the New Workplace Surveillance (Princeton UP, 2022) examines how digital surveillance is upending life and work on the open road, and raises crucial questions about the role of data collection in broader systems of social control. Karen Levy takes readers inside a world few ever see, painting a bracing portrait of one of the last great American frontiers. Federal regulations now require truckers to buy and install digital monitors that capture data about their locations and behaviors. Intended to address the pervasive problem of trucker fatigue by regulating the number of hours driven each day, these devices support addition

We are all citizens of the Biomedical Empire, though few of us know it, and even fewer understand the extent of its power. In this book, Barbara Katz Rothman clarifies that critiques of biopower and the "medical industrial complex" have not gone far enough, and asserts that the medical industry is nothing short of an imperial power. Factors as fundamental as one's citizenship and sex identity—drivers of our access to basic goods and services—rely on approval and legitimation by biomedicine. Moreover, a vast and powerful global market has risen up around the empire, making it one of the largest economic forces in the world.  In The Biomedical Empire: Lessons Learned from the COVID Pandemic (Stanford UP, 2021), Katz Rothman shows that biomedicine has the key elements of an imperial power: economic leverage, the faith of its citizens, and governmental rule. She investigates the Western colonial underpinnings of the empire and its rapid intrusion into everyday life, focusing on the realms of birth and death. This

Hello, world! This is the Global Media & Communication podcast series. In this episode, our host Florence Madenga discusses the book Left to Our Own Devices Coping with Insecure Work in a Digital Age (2022) by Dr. Julia Ticona. You’ll hear about: Dr. Ticona’s intellectual trajectory and how her first monograph has been transformed from a dissertation project into a book What audience the book is intended for and what critical scholarship means for the author The design of the research project and the processes and ethics of conducting research about the gig economy How the ongoing pandemic has changed or altered the way Dr. Ticona thinks about this book The core arguments and take-away points from the book around keywords such as “digital inequality,” “precarity,” “platform economy,” and “digital hustle” The global implications of a study on low-wage gig economy workers in the American labor market The question of agency in workers’ everyday life and how people survive in the global platform economy T

What exactly can artificial intelligence do? It’s an issue some of the professions are grappling with – on the face of it, law is an area that rests on fine human judgment – but in fact many of tasks it involves can be performed by AI and if that is true for law then presumably it is also true for many other areas too. Daniel Susskind of Oxford University discusses his book The Future of the Professions: How Technology Will Transform the World of Human Experts (Oxford UP, 2022), Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In The Federal Reserve: A New History (University of Chicago Press, 2022), Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares periods in which the Fed stabilized the economy and periods in which it destabilized the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession. The Federal Reserve: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century. Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University. Caleb Zakarin is the Assistant Editor of the New

It didn't always take thirty years to pay off the cost of a bachelor's degree.  In Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt (Harvard UP, 2021), Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable. The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from th