New Books In Economics

Kerri Arsenault grew up in the rural working-class town of Mexico, Maine. For over 100 years the community orbited around a paper mill that employs most townspeople, including three generations of Arsenault’s own family. Years after she moved away, Arsenault realized the price she paid for her seemingly secure childhood. The mill, while providing livelihoods for nearly everyone, also contributed to the destruction of the environment and the decline of the town’s economic, physical, and emotional health in a slow-moving catastrophe, earning the area the nickname “Cancer Valley.” Mill Town: Reckoning with What Remains (St. Martin's Press, 2020) is an personal investigation, where Arsenault sifts through historical archives and scientific reports, talks to family and neighbors, and examines her own childhood to illuminate the rise and collapse of the working class, the hazards of loving and leaving home, and the ambiguous nature of toxics and disease. Mill Town is a moral wake-up call that asks, Whose lives are

Rulers, Religion, and Riches: Why the West Got Rich and the Middle East Did Not (Cambridge UP, 2020) addresses one of the big questions in economics and economic history: why did the modern economy emerge in northwestern Europe at some point in the 17th or 18th century but not in the Middle East? After all, for centuries following the spread of Islam, the Middle East was far ahead of Europe – on both technological and economic terms. Jared Rubin argues that the religion itself is not to blame; the importance of religious legitimacy in Middle Eastern politics was the primary factor. In much of the Muslim world, religious authorities were given an important seat at the political bargaining table, which they used to block important advancements such as the printing press and usury. In Europe, however, the Church played a weaker role in legitimizing rule, especially where Protestantism spread (indeed, the Reformation was successful due to the spread of printing, which was blocked in the Middle East). It was preci

Ravi Palat’s The Making of an Indian Ocean World-Economy, 1250–1650: Princes, Paddy fields, and Bazaars (Palgrave, 2015) counters eurocentric notions of long-term historical change by drawing upon the histories of societies based on wet-rice cultivation to chart an alternate pattern of social evolution and state formation. It traces inter-state linkages and the growth of commercialization without capitalism in the Indian Ocean World. Dr. Ravi Palat is professor of sociology at SUNY Binghamton. His research interests include world-systems analysis, historical sociology, political economy, and the sociology of food. Currently working on cuisine as an element of state formation and the cultivation of a national culture; on the Americas in the making of early modern world-economies in Asia; on the parallel transformations of China and India since the mid-1800s; and on a critique of contemporary area studies. Earlier work centered on the political economy of east and southeast Asia in the context of contemporary t

What does it take to both fit in and yet also prosper and grow as a person in the workplace? In today's interview, I discuss this question and others with noted psychologist Arthur B. Markman. Markman is a professor of Psychology and Marketing at the University of Texas at Austin, where he also runs the university’s Human Dimensions of Organizations program. Besides his books, Art writes blogs for Psychology Today and Fast Company, and has a radio show/podcast called Two Guys on Your Head. Topics covered in this episode include: The emotions that often get exhibited in relation to each of the Big 5 traits of Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism – as well as how a “dream team” working on a special project will embody a variety of those traits. What it means to be a boss who punishes negligence instead of failure. What are the kinds of signals you should be alert to in a job interview in order to get a grasp on what kind of corporate culture you might be stepping into. Da

First published in 1992 before the creation of the euro, Paul De Grauwe’s Economics of Monetary Union (Oxford University Press, 2020) has become a standard text for undergraduates seeking to understand this remarkable but “fragile” project. Updated every two years and now in its 13th edition, the book can hardly keep up with economic and policy developments in the 19-nation Euro Area. But De Grauwe, who is still teaching at the London School of Economics after retiring from the Katholieke Universiteit Leuven, can always be relied upon to plug the gaps with policy ideas. In the latest of these, he made the case for the European Central Bank to monetize governments’ pandemic-related deficits. Paul De Grauwe is the John Paulson Chair in European Political Economy at the LSE’s European Institute. Tim G. Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within. In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. In The Left Case Against the EU (Polity, 2018), he contends that the EU's response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts. Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism. Lapavitsas's powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the deba

What are best-practices for alleviating stress in the workplace? Today I talked to Cary Cooper about his new book The Apology Impulse: How the Business World Ruined Sorry and Why We Can’t Stop Saying It (Kogan Page, 2020). Cooper explains why managers should say “Sorry, I Wasn’t Feeling." Cooper is the author/editor of over 250 books, and the president of the British Academy of Management. An advisor to the World Health Organization and the EU, he’s received both a knighthood and the CBE award from the Queen of England for “extraordinary contributions” to society. Topics covered in this episode include: The difference between operational and cultural failures, and why CEOs find it easier to apologize for the latter by pretending the problem has to do with the former. The percentage of workers who feel bullied by a boss at work on a constant basis, and Cooper’s estimation of the percentage of bosses who won’t be able to benefit from EQ-training and, therefore, should be given roles that don’t involve managin

Legal and political theories are not descriptions of brute facts. Nor are they merely postulated ideals or aspirations. Theories reflect and are reflected in our social relationships … Moral and political values thus cannot and should not be discussed in isolation from the institutions and social histories that shaped them. – N.E. Simmonds cited in Raymond Wacks, Understanding Jurisprudence (2005) Considering the law as a social phenomenon intrinsic to political economy is key to engaging the work in this new volume of scholarly articles edited by Professor Poul Kjaer – The Law of Political Economy: Transformation in the Function of Law (Cambridge University Press, 2020). The book is relevant on many levels to the events unfolding around us including unresolved issues between the private and the public realms (e.g., think banking and government in relation to the Global Financial Crisis of 2008). Current manifestations (post-book publication) include the ruling of the German Constitutional Court in May, which

Why is the corporate fallback being “analytical” (as opposed to nurturing creativity)? Today I talked to Nir Bashan about his new book The Creator Mindset: 92 Tools to Unlock the Secrets to Innovation, Growth, and Sustainability (McGraw-Hill, 2020) Bashan is a creativity expert who has spent the past two decades devising a formula for sustained creativity. Besides his blue-chip corporate clients, Bashan has also worked on album, movies and advertisements for people like Rod Stewart and Woody Harrelson, won a Clio and been nominated for an Emmy. This is his first book. Topics covered in this episode include: Creativity’s three unlikely personal traits (hint: courage is one of them). Why self-doubt and complacency are both threats to successful innovation, and how to overcome each in turn. Design obstacles Bashan has witnessed, plus five more from my book Emotionomics. Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his “Faces of the Wee

Robert Sroufe and Steven Melnyk's Developing Sustainable Supply Chains to Drive Value (Business Expert Press) provides a multi-perspective approach to sustainability and value chains to allow understanding from a variety of disciplines and professional backgrounds. Some of the key features of this book include: Short vignettes of important trends along with relevant management issues; Evidence-based management examples from leading multinational companies, small, and medium enterprises spanning supply chains; References to appropriate tools, emerging technology, and practices; Chapter action items for the reader to take a deeper look at integration opportunities involving sustainability and supply chain management; An action-learning approach to applying concepts and tools so readers from any functional perspective can implement and manage sustainability projects including; Guidelines on how to move forward with your first supply chain sustainability initiative. Robert Sroufe is Ph.D., Operations, Michigan St

In early twentieth-century China, Chen Diexian (1879–1940) was a maverick entrepreneur—at once a prolific man of letters and captain of industry, a magazine editor and cosmetics magnate. He tinkered with chemistry in his private studio, used local cuttlefish to source magnesium carbonate, and published manufacturing tips in how-to columns. In a rapidly changing society, Chen copied foreign technologies and translated manufacturing processes from abroad to produce adaptations of global commodities that bested foreign brands. Engaging in the worlds of journalism, industry, and commerce, he drew on literati practices associated with late-imperial elites but deployed them in novel ways within a culture of educated tinkering that generated industrial innovation. Through the lens of Chen’s career, Eugenia Lean explores how unlikely individuals devised unconventional, homegrown approaches to industry and science in early twentieth-century China. She contends that Chen’s activities exemplify “vernacular industrialism

Dismal spending on government health services is often considered a necessary consequence of a low per-capita GDP, but are poor patients in poor countries really fated to be denied the fruits of modern medicine? In many countries, officials speak of proper health care as a luxury, and convincing politicians to ensure citizens have access to quality health services is a constant struggle. Yet, in many of the poorest nations, health care has long received a tiny share of public spending. Colonial and postcolonial governments alike have used political, rhetorical, and even martial campaigns to rebuff demands by patients and health professionals for improved medical provision, even when more funds were available. No More to Spend: Neglect and the Construction of Scarcity in Malawi's History of Health Care (Oxford University Press, 2020) challenges the inevitability of inadequate social services in twentieth-century Africa, focusing on the political history of Malawi. Using the stories of doctors, patients, and p

Warning: Economics. In this episode, we begin with Eisler’s testimony before the skeptical Senators of the Committee on Banking and Currency in Washington, D.C. on January 20, 1934, in which he proposed that the nation adopt a dual currency system to control inflation and end the Great Depression. I (a non-economist) talk about what this means with noted economist Miles Kimball, who has recently brought renewed attention to Eisler’s plan in his own work. We also learn about Eisler’s theory of who actually wrote what we call the Gospel of John, talk with Steven Wasserstrom about Eisler’s brief involvement with Carl Jung and the Eranos Conference, and interpret a “dream poem” that Eisler recorded at his mother’s house in 1936. Guests: Guests: Miles Kimball (The University of Colorado-Boulder), Steven Wasserstrom (Reed College). Voice of Robert Eisler: Caleb Crawford Additional voices: Brian Evans Music: “Shibbolet Baseda,” recorded by Elyakum Shapirra and His Israeli Orchestra. Funding provided by the Ohio Univ

Why do some countries pass legislation regulating carbon or protecting the environment while others do not? In his new book Carbon Captured: How Business and Labor Control Climate Politics (MIT Press, 2020), Matto Mildenberger (Assistant Professor of Political Science, University of California, Santa Barbara) uses a comparative analysis of Norway, Australia, and the United States to explain differences in climate policy-making . Mildenberger concludes that despite variation in policy preferences and governmental systems, business and labor interests have infiltrated the policy-making process to prevent governments from combating climate change with legislation. Mildenberger argues that carbon polluters capture governments through “double representation” because carbon polluters are represented regardless of what political coalition holds power. On the left, polluters are represented by labor unions who fear that increased regulations mean a decrease in jobs. On the right, polluters are represented by corporat

Integration has been a key theme across the general management, organizational behavior, supply chain management, strategy, information systems and the environmental management literature for decades. Sustainability continues to be, at the “top of the agenda” in the C-suite. Despite this, specialists in academia and organizations lack the peripheral vision to understand the power of a more integrated approach that will empower functional groups to become best-in-class without forcing trade-offs that pull down other groups connected to overall operations. Integrated Management is the key driver of innovation and profitability in progressive companies. It reduces risks while pursuing new opportunities, and the checks and balances for prudent management are baked in the strategy for modern go-to-market synergy and growth. What can be done, then, by individuals, functions, organizations, value chains, and even whole cities to integrate and align sustainability? In his book Integrated Management: How Sustainabilit

How do you value something? It seems simple enough. Since the beginning of commerce thousands of years ago, people have been asserting the value of enterprises. Yet, the math and specific logic of that exercise is only about a century old. For thirty of those years, Tim Koller and his colleagues at McKinsey, the consultancy, have been in the forefront of how to think about value and how to measure it. The first edition of Valuation: Measuring and Managing the Value of Companies (Wiley) came out in 1990; this is the seventh iteration, so Koller has been through numerous ups and downs. His calm and cool reasoning should be required reading for all business managers and investors.  Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about you

How does avoidance of conflict ultimately create more conflict in the workplace? Today I talked to Caroline Stokes, author of Elephants Before Unicorns: Emotionally Intelligent HR Strategies to Save Your Company (Entrepreneur Press, 2019) Stokes is the CEO of FORWARD, and the podcast host of The Emotionally Intelligent Recruiter. She is an award-winning leadership coach and thinker, partnering with global leaders throughout their career and leadership cycle. Topics covered in this episode include: • The emotions that inadvertently inspire the behavior of both push-over and bully bosses, and the likely emotional responses of their direct reports. • How the risk of employee disengagement can get short-circuited before it happens. • What are steps that can ensure a better on-boarding experience for the new employee, including CEO’s (whose turn-over rate is 50% within the first 18 months on the job). Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. To check out his “Faces of the Week” blo

Today I spoke with Professor Peter J. Boettke, co-author of Public Governance and the Classical-Liberal Perspective (Oxford University Press, 2019) with Paul Dragos Aligica and Vlad Tarko. Dr Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA. In our conversation we defined the disciplines of Public Choice and Public Administration and we named the key actors of a very long intellectual debate. We discussed the practical relevance (for policymakers and taxpayers) of this debate in economics and we also addressed contemporary issues such as the management of the Covid-19 crisis and the institutional architecture of police forces in the USA. The book is divided into three parts: Part I: A Distinctive Perspective on Governance: The Building Blocks; Part II: Public Choice and Public Administration: The Confluence; Part III: Framing the Applied Level: Themes, Issue Areas, and Cas

What does it take for a company’s culture to enable ongoing growth? Today I talked to Charlene Li, author of The Disruption Mindset: Why Some Organizations Transform While Others Fail (IdeaPress, 2019). Li is the author of six books, including the New York Times bestseller, Open Leadership, and is also the co-author of Groundswell. She is the Founder and Senior Fellow at Altimeter, a research and consulting firm, as well as a graduate of Harvard College and Harvard Business School. Topics covered in this episode include: Five kinds of employees, and how that that model feeds into the four archetypes of disruptive leaders: steadfast managers, realist optimists, worried skeptics, and agent provocateurs. How mid-size companies can avoid the “permafrost” layer that limits the flexibility of larger companies. How is the challenge of being a disruptive leader different if you’re female or a minority member versus being a white male? Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (http

Keynes was not only an economist but the preeminent anti-authoritarian thinker of the 20th century, one who devoted his life to the belief that art and ideas could conquer war and deprivation. As a moral philosopher, political theorist, and statesman, Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London's Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London's extravagant Covent Garden. Along the way, he reinvented Enlightenment liberalism to meet the harrowing crises of the 20th century and, in the United States, his ideas became both the foundation of a burgeoning economics profession and a flash point in the broader political struggle of the Cold War. Part biography and part intellectual history, Price of Peace: Money, Democracy, and the Life of John Maynard Keynes (Random House,