New Books In Economics

In a work that spans the twentieth century, Nancy Tomes questions the popular--and largely unexamined--idea that in order to get good health care, people must learn to shop for it. Remaking the American Patient: How Madison Avenue and Modern Medicine Turned Patients into Consumers (University of North Carolina Press, 2016) explores the consequences of the consumer economy and American medicine having come of age at exactly the same time. Tracing the robust development of advertising, marketing, and public relations within the medical profession and the vast realm we now think of as "health care," Tomes considers what it means to be a "good" patient. As she shows, this history of the coevolution of medicine and consumer culture tells us much about our current predicament over health care in the United States. Understanding where the shopping model came from, why it was so long resisted in medicine, and why it finally triumphed in the late twentieth century helps explain why, despite striking changes that seem

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the

Whether you are a commuter weighing options of taking the bus vs walking to get you to work on time or a military general leading troops into war, risk is something we deal with every day. Even the most cautious of us can’t opt out—the question is always which risks to take to maximize our results. But how do we know which path is correct? Enter Allison Schrager. Schrager is not a typical economist. Like others, she has spent her career assessing risk, but instead of crunching numbers or sitting at a desk, she chose to venture out. Now, she travels to unexpected places to uncover how financial principles can be used to navigate hazards and prevent danger. In her new book An Economist Walks Into A Brothel And Other Unexpected Places to Understand Risk (Portfolio, 2019), Schrager puts together a five-pronged approach for understanding and assessing risk. First, she helps define what risk and reward mean for individuals. Then, taking into account irrationality and uncertainty, Schrager helps readers master their

Robert McNamara is best remembered today for his momentous term as Secretary of Defense in the 1960s. Often overlooked because of this is his even longer tenure as president of the World Bank, one that reflected both the strengths and flaws of McNamara’s leadership. In Robert McNamara’s Other War: The World Bank and International Development (University of Pennsylvania Press, 2017), Patrick Sharma situates McNamara’s tenure within the context of the changes taking place both in international development and in the broader global economy. Sharma describes how in the two decades prior to McNamara’s selection to run it the World Bank was a relatively small institution focused mainly on financing infrastructure projects in the developing world. McNamara brought to the agency a determination to do more, dramatically expanding the number of staff employed and redirecting the focus of the organization towards fighting global poverty. While Sharma details the Bank’s success in expanding its access to financial resour

Are market cities better than people cities? Does the satisfaction that residents take in their city vary from market city to people city? In Market Cities, People Cities: The Shape of Our Urban Future (NYU Press, 2018), Dr. Michael Oluf Emerson and Dr. Kevin T. Smiley identify the kinds of cities people want to live in and the façades strategically placed by city administrators to draw a specific crowd. Emerson and Smiley characterize cities as being somewhere along a spectrum with market city as one extreme and people city as the other extreme. Market cities are inclined to focus on wealth, employment, individualism, and economic opportunity. People cities are more egalitarian, with government investment in infrastructure and an active civil society.In this interview, Dr. Smiley discusses the implications urban design and policy have on environment and on the experience of people who inhabit these two types of cities. He shares that the approach in which a city takes to mitigate and respond to environmental

Guilds were prominent in medieval and early modern Europe, but their economic role has seldom been studied. In The European Guilds: An Economic Analysis (Princeton University Press, 2019), Sheilagh Ogilvie offers a wide-ranging examination of what guilds did and how they affected pre-modern economies. As Ogilvie explains, guilds were particularized institutions which created and enforced privileges for their members while denying them to outsiders. This authority was granted to them by rulers and governments, and depended on their intricate relationship with the public authorities. Their privileges entitled guilds to determine who could participate in a profession, the quality of the items their members produced, and the technological innovations their members could adopt. Ogilvie looks at all aspects of guild activities to show their wide-ranging impact on the economies of their time, and the ways they pursued their members’ interests even when it stifled growth for the rest of society. Learn more about your

In the information age, knowledge is power. Hence, facilitating the access to knowledge to wider publics empowers citizens and makes societies more democratic. How can publishers and authors contribute to this process? This podcast addresses this issue. We interview Professor Austin Choi-Fitzpatrick, whose book, The Good Drone: How Social Movements Democratize Surveillance (forthcoming with MIT Press) is undergoing a Massive Online Peer-Review (MOPR) process, where everyone can make comments on his manuscript. Additionally, his book will be Open Access (OA) since the date of publication. We discuss with him how do MOPR and OA work, how he managed to combine both of them and how these initiatives can contribute to the democratization of knowledge. You can participate in the MOPR process of The Good Drone through this link: https://thegooddrone.pubpub.org/ Felipe G. Santos is a PhD candidate at the Central European University. His research is focused on how activists care for each other and how care practices w

Our guest today is Kartik Hosanagar, the author of A Human’s Guide to Machine Intelligence: How Algorithms Are Shaping Our Lives and How We Can Stay in Control(Viking, 2019). This is one of those rare books that I think everyone can read and I think everyone should read. In fact, knowledge of algorithms can in some sense be considered to be the literacy of the 21st century, and the author has written a book which can greatly held advance this type of literacy. If you want to become 21st-century literate, you should read this instructive and immensely enjoyable book.Learn more about your ad choices. Visit megaphone.fm/adchoices

If you are reading this, you have probably run into the "Chicago" model at some point or another, in terms of public policy, orthodox modern finance, macro or micro economics, or any other arena where theoretical abstractions about human behavior (generally but not exclusively about or derived from economics) have been turned into specific and often highly rigid and mechanistic policy guidelines. That's the Chicago model.  In Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism(Princeton University Press, 2018), David Colander and Craig Freedman track the transition from the great Classical economists, who went to great lengths to make clear that their abstractions had little direct relevance to policy or would-be policy, to the 20th-century giants at the University of Chicago (Friedman, Stigler, Director), who found themselves responding to aggressive claims from other economists engaged in policy and politics, as well the broader context of ideological challenges to the free market

Leif Wenar the Chair of Philosophy and Law at Kings College London. He is the author of the 2016 book Blood Oil: Tyrants, Violence, and the Rules that Run the World. This book has led to the publication, in 2018, of a companion volume, Beyond Blood Oil: Philosophy, Policy, and the Future. The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The Crossroads of Globalization. A Latin American View (World Scientific Publishing Co. 2019) explores the complex interaction of several forces shaping the current world economic situation. Alfredo Toro Hardy analyzes the leadership of China and the economic strength of Asia, transnational companies, and international organizations like the IMF as forces in favor of globalization, while populism, and the Fourth Industrial Revolution are part of the anti-globalization trend.  By giving a worldwide context, the author situates Latin America as a region that is facing several challenges in order do be part of a phenomenon that is developing with uncertain outcomes. Toro Hardy also provides some of the paths the region could follow in the near future. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are joined by Danyel Reiche, Associate Professor of Comparative Politics at the American University of Beirut, and the author of Success and Failure of Countries at the Olympic Games (Routedge, 2016)In Success and Failure, Reiche provides a playbook for National Committees that want to win more medals. Reiche’s fascinating work moves beyond the macro level analysis of international sports success to offer concrete policy initiatives for the 21st century. Previous studies have shown that GDP, population size, and even political or cultural ideologies can grant some countries athletic advantages – for example geography plays a large role in determining the winners at the Winter Games – but Reiche illustrates that these factors are not the only ones that matter. Why is Germany so successful at the luge while snowy Sweden seems to unsuccessful. The key to winning medals, Reiche’s WISE formula suggests, lay in (W) investing in female athletes, (I) institutionalization of a nation’s sports management, (S)

There’s lot of talk these days, at least in some circles on the left, of a Universal Basic Income. There’s also talk in many of the same circles of a jobs guarantee. Join us as we speak with Steven Attewell, author of People Must Live by Work: Direct Job Creation in America, from FDR to Reagan (University of Pennsylvania Press, 2018). He tells us the history of direct job creation by government in the U.S. and the lessons to be learned from the successes and failures of such efforts throughout the 20th century. It's a fascinating, surprising, and essential history.Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A Peoples History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017).Learn more about your ad choices. Visit m

Who gets in to top professions? In The Class Ceiling: Why it pays to be privileged (Policy Press, 2019), Drs Sam Friedman, an associate professor of sociology at LSE, and Daniel Laurison, an assistant professor of sociology at Swarthmore College, explore the dominance of social elites in top professions. The book draws on theories of social mobility and the work of Pierre Bourdieu to explain how top professions are highly exclusive, with under representations of women, ethnic minorities, and those from working class backgrounds. Moreover, even when individuals from these demographics do enter top jobs such as law, medicine, and accountancy, along with media occupations and acting, they suffer gaps in pay because of their class, race, and gender. The intersection of these demographics is crucial to the analysis, and the book uses detailed qualitative research to explain this 'class ceiling', showing how economic, cultural, and social capital play out to account for how inequality is replicated in the workplace

Recent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. In Beyond Debt: Islamic Experiments in Global Finance (University of Chicago Press, 2018), anthropologist Daromir Rudnyckyj illustrates how the Malaysian state, led by the central bank, is seeking to make the country’s capital Kuala Lumpur the central node of global financial activity conducted in accordance with Islam. Beyond Debt tracks efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance.Daromir Rudnyckyj is Associate Professor of anthropology at the University of Victoria.Hillary Kaell co-hosts NBIR and is Associate Professor of Religion at Concordia University in Montreal, Canada.Learn more about your ad choices. Visit megaphone.fm/adchoices

I spoke with Professor Rodrigo Zeidan of New York University, Shanghai. He has just published Economics of Global Business (MIT Press, 2018), a great book with innovative real-world macroeconomic analyses of timely policy issues, with case studies and examples from more than fifty countries. The book is particularly suitable for use as an introduction to macroeconomics for business students. If you are looking for something accessible that covers also the most contemporary topics (inequality, climate change, migration, sustainability, austerity, financial crisis…), go and buy it.It is a beautiful book written having in mind students with no previous education in economics. It is original in its style, in the selection of themes and in the approach to policy making. The book is divided into two parts and 15 chapters. The preface starts with an amazing personal story of his infancy.After presenting analytical foundations, modeling tools, and theoretical perspectives, Economics of Global Business goes a step fur

Lumbering late Tsarist Russia and international finance? Is there anything there?  The Bolsheviks and finance? How can there be anything there?   It turns out that the answer to both questions is yes.  In Dr. Hassan Malik's meticulously researched new book, Bankers and Bolsheviks: International Finance and the Russian Revolution (Princeton University Press, 2018), the Tsarist government's relationship to foreign investors, mostly French bondholders, becomes a lens to judge the efficacy of Sergei Witte, Russia's reformist finance minister and, briefly, prime minister, in the early 20th century.  The same approach is applied on the eve of World War I where the state of international investment in Russia provides a perspective on the existing debate as to whether Russia was on the road to recovery or revolution when World War I broke out. During the war and in 1917, Western bankers generally seem indifferent to the risks that are emerging from Russia. Indeed, an American bank, the forerunner

At a time when trade between China and the outside world is rarely out of the news, it remains important to remember that in centuries past global commerce moved in directions very different from those which dominate the present. This was especially evident during the nineteenth and twentieth centuries when Western countries and Japan employed a mix of coercive and collaborative mechanisms to foist their wares and business priorities on China, dominating the country’s trade and customs.Anne Reinhardt’s new book Navigating Semi-Colonialism: Shipping, Sovereignty, and Nation-Building in China, 1860–1937 (Harvard University Asia Center, 2018) focuses on these very dynamics and specifically the place of steam shipping as ‘a means of interrogating China’s experience of Euro-American and Japanese colonialism’ (p.2). Reinhardt's book reveals how trade in China’s coastal and inland waters, and the very vessels via which this was conducted, were sites where myriad grander processes crystallized in physical space. From

Alessandro Arduino and Xue Gong’s Securing the Belt and Road, Risk Assessment, Private Security and Special Insurances Along the New Wave of Chinese Outbound Investments (Red Globe Press, 2018) significantly contributes to an understanding not only of China’s ambitious infrastructure and energy driven Belt and Road Initiative, but also the increasing challenges it poses for China itself.  The multiple security issues the initiative poses, including political instability, religious and ethnic tensions, fragile legal environments, criminality, environmental degradation and social strains, has sparked the rise of a Chinese private security industry with what the authors call Chinese characteristics. Populated primarily by former People’s Liberation Army and police officers, the industry is on a steep learning curve that makes it dependent on Western and Russian expertise. It also has to come to grips with the fact that China’s mushrooming overseas investment threatens to drag the People’s Republic into

You mean accounting has a history?  Yes, it does, and it should matter to you, because the accounting profession, and the audit function that it serves, affects all the companies in your 401(k) program.  Remember WorldCom, remember Enron? Every time a large holding of yours writes off the goodwill from a failed acquisition--there are too many examples to recite here--you've just had an accounting moment. In The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly (Berrett-Koehler Publishers, 2018), Ian D. Gow and Stuart Kells describe the history of the auditing profession and how it has come to be concentrated in four global entities. They assess the current challenges the industry faces and where it could head to address those challenges. People in finance, business owners, and anyone with a 401(k) should find this book of interest.Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most r