New Books In Economics

Taisu Zhang ties together cultural history, legal history, and institutional economics in The Laws and Economics of Confucianism: Kinship and Property in Pre-Industrial China and England (Cambridge University Press, 2017) and offers a novel argument as to why Chinese and English pre-industrial economic development went down different paths. Late Imperial and Republican China (1860-1949) was dominated of Neo-Confucian social hierarchies, under which advanced age and generational seniority were the primary determinants of sociopolitical status. This allowed many poor but senior individuals to possess status and political authority highly disproportionate to their wealth. In comparison, in the more individualistic early modern England (1500-1700) landed wealth was a fairly strict prerequisite for high status and authority. This essentially excluded low-income individuals from secular positions of prestige and leadership. Zhang argues that this social difference had major consequences for property institutions an

In the last few weeks, minimum wage workers in 18 states saw their wages go up; in Maine a full dollar increase. Why states have taken the lead on raising the minimum wage is the topic of the new book from Christopher Witko and William Franko, The New Economic Populism: How States Respond to Economic Inequality (Oxford University Press, 2017). Witko is associate professor of political science at the University of South Carolina; Franko is assistant professor of political science at West Virginia University. In the book, they argue, despite rising inequality, the federal government has been unable to muster the will to address the problem. Instead, we are seeing many states actively addressing economic inequality, often through direct democracy. Franko and Witko show that the states that address inequality are not necessarily those with the greatest levels of inequality, but instead are those states where citizens are aware and concerned with growing inequality. They examine how various factors have shaped sta

For her new book Uneasy Street: The Anxieties of Affluence (Princeton University Press, 2017), Rachel Sherman conducted in-depth interviews with fifty wealthy New Yorkers—including hedge fund financiers, corporate lawyers, professors, artists, and stay at home mothers—to try to understand their lifestyle choices as consumers in society and their perception of privilege. In the media and popular imagination, the wealthy are often presented as self-serving people who single-mindedly accrue and display social advantages for themselves and their children. Sherman’s findings destroy this stereotype. Instead, she found that the wealthy believed in diversity and meritocracy. They were often reluctant to talk about their wealth and were conflicted about their position in a class-based society. The rich wanted to see themselves as hard working people who give back and raise children with good values. They longed to be considered morally worthy and generally depicted themselves as productive and prude

In Freedom From Work: Embracing Financial Self-Help in the United States and Argentina (Stanford University Press, 2017), Daniel Fridman explores what it means to be an economic subject in what different people call the new economy, the post-industrial economy, or neoliberal capitalism. Fridman begins his investigation by looking into a best-selling book in what he calls financial self-help, an ascendant genre of self-help that tries to teach its readers how they should think about the economy today and what their goals and ethics ought to be as actors in that new economy. Using ethnographic and interview methods, Fridman gets to know the people who practice the advice of these books, participating in their various seminars and fascinating financially-focused board-game meet-ups. Fridman unpacks the core ideas that animate this world and shows that, far from being an isolated ideology, the worldview posited by financial self-help can teach us a lot about how people are remaking themselves as economic actors

Like many cities, Cleveland has gone through periods of decline and renewal, yet the process there has followed a process where these periods were not always obvious and often failed because of a lack of cohesiveness among civic leaders, both public and private. In his new book Believing in Cleveland: Managing Decline in ‘The Best Location in the Nation’ (Temple University Press, 2017), J. Mark Souther, a professor of history at Cleveland State University, reviews the city’s attempts to revitalize from post-World War II into the 1970s. He shows that many of the plans developed had issues that almost doomed them to failure before they were even completed. Mark’s book is a great study of a Rust Belt city and its attempts to believe in itself.Learn more about your ad choices. Visit megaphone.fm/adchoices

In this interview, Carlo D’Ippoliti and Andrea Bernardi interview Franklin Obeng-Odoom who teaches urban economics and political economy in the School of Built Environment at the University of Technology, Sydney. In 2016, Dr Obeng-Odoom won the Patrick Welch Prize awarded by the Association for Social Economics. He also won the EAEPE-Kapp Prize 2017 for “Marketising the commons in Africa: the case of Ghana” Review of Social Economy 74 (4), 390-419. He has recently published Reconstructing Urban Economics: Towards a Political Economy of the Built Environment (Zed Books, 2016) The shift of world populations into cities and the increasing concentration of activities in urban areas have generated new debates about cities as well as rejuvenating old debates, turning them into global concerns. The economics of cities and regions has, therefore, attained a particularly important status in the twenty-first century. Yet many writers on urban economic issues have never formally studied the subject. Ma

Are iPhones or homes bankrupting Americans? Joe Cohen‘s new book, Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class (Praeger, 2017), presents data and discussion on the financial status of American households. The book considers whether capitalism or government policies are to blame. Cohen considers the historical changes that have taken place in America, including the post WWII economy, globalization, and technological advances. Rather than focus on individual spending, Cohen argues that we need to take a structural approach and also do some cross-country comparison to truly understand the financial reality of American households. This book also provides interesting discussion around how we even measure financial well-being and hardship, for instance the distinction between officially poor according to federal government limits versus relative poverty. Overall, using clear examples and data illustrations, Cohen presents a comprehensive and historical overview of

Emily C. Nacol has written a fascinating interrogation of the idea of risk, the concept of vulnerability, and the evolution of probabilistic thinking as conceived of and explored by four of the preeminent British thinkers of the seventeenth and eighteenth centuries. Nacol’s book, An Age of Risk: Politics and Economy in Early Modern Britain (Princeton University Press, 2016) examines the political, economic, and epistemological works of Thomas Hobbes, John Locke, David Hume, and Adam Smith. Each thinker’s ideas are explored in regard to the way they consider risk, which itself was a fairly new concept and had grown out of maritime concerns. An Age of Risk traces the concept itself within political thinking, and why it grows into an important dimension of the works by these theorists. Nacol explains that Hobbes, Locke, Hume, and Smith thought differently about risk and, as a result, structured their theories in distinct ways. She examines how Hobbes and Locke are generally concerned with minimizing

Every young generation inspires a host of comparisons—usually negative ones—with older generations. Whether preceding a criticism or punctuating one, “kids these days” is a common utterance. Perhaps because of the ubiquity of the internet and their heavy presence on it, Millennials have been the most parsed and monitored generation as its members are still in the process of coming of age in history. Stereotypes abound in the media and popular culture: Millennials are lazy, entitled, narcissistic, and immature. Synthesizing an array of social science research that has been conducted not just on this cohort but on the society they find themselves struggling to navigate, writer Malcolm Harris in Kids These Days: Human Capital and the Making of Millennials (Little, Brown and Company, 2017) aims to get readers to question these stereotypes and myths and instead think about how Millennials are trying to survive within today’s shifting social structures and conditions. More than any oth

Alice Echols is a professor of history and the Barbra Streisand Chair of Contemporary Gender Studies at the University of Southern California. In her book Shortfall: Family Secrets, Financial Collapse and a Hidden History of American Banking (New Press, 2017) Echols offers a narrative and social history of American capitalism in the years of and preceding the Great Depression by focusing not on Wall Street but on Main Street and the men who ran hundreds of small-town building and loan associations across the nation. Situated in Colorado Springs she reconstructs the life of her shrewd and ambitious grandfather Walter Davis, who emerged from virtually nowhere to become a small town finance man running the City Savings Building and Loan Association. He gained and betrayed the trust of hundreds of depositors who invested their life savings to secure the American dream of homeownership and financial security. They found their lives destroyed by an unregulated industry and Davis’s dishonest practices. Shortfa

In his new book, The Broken Decade: Prosperity, Depression and Recovery in New Zealand, 1928-39 (Otago University Press, 2016), historian Malcolm McKinnon, adjunct associate professor at Victoria University, explores the critical decade of the 1930s in New Zealand’s history and national memory. Utilizing archival records, statistics, and artistic representations, McKinnon details the efforts of New Zealand’s government and people to cope with the unprecedented conditions.Learn more about your ad choices. Visit megaphone.fm/adchoices

I was joined by Eli Cook from Israel to talk about his amazing new book The Pricing of Progress: Economic Indicators and the Capitalization of American Life (Harvard University Press, 2017). While economists and politicians are busy discussing alternative measures of progress, Eli Cook traces the long history that brought us to use the GDP as a measure of growth, success, power, wellbeing. This is not only the history of technical metrics, this is the history of ideas and of a dominant paradigm. According to the author the invention of GDP was the final step not only in the pricing of progress but also the capitalization of American life. How did Americans come to quantify their society’s progress and well-being in units of money? In today’s GDP-run world, prices are the standard measure of not only our goods and commodities but our environment, our communities, our nation, even our self-worth.The Pricing of Progress traces the long history of how and why we moderns adopted the monetizing values a

Tommie Shelby is Caldwell Titcomb Professor of African and African-American Studies, and Professor of Philosophy at Harvard University. His research focuses on political equality and problems of economic, social, and criminal justice. His most recent book is Dark Ghettos: Injustice, Dissent, and Reform, which is published by Harvard University Press.  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

I was joined by Pasquale Tridico, Professor of Political Economy at Roma Tre University in Italy. His latest book, Inequality in Financial Capitalism, was published by Routledge in 2017. The issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries but not only, and an increasing interest in this topic by researchers, policy makers and political movements. In this book, the author presents figures and insights on several possible causes of inequality but focuses on the role of financial capitalism, characterised by the strong dependency of economies on the financial sector, by the intensification of international trade and capital mobility, and by the flexibilisation of labour markets, the reduction of wage shares and a declining welfare redistribution. A conversation on such a complex topic was also the opportunity to briefly mention collateral issues such as the financial crisis, the failure of th

In The Economization of Life (Duke University Press, 2017), Michelle Murphy pulls apart the late modern concept of “population” to show the lives this concept has produced and continues to produce, and, importantly, the lives it has failed to allow under the banner of postwar development projects. In the post-WWII period of decolonization, experts and state planners in the Global North tested in the real-world the hypotheses of Demographic Transition Theory (industrialization leads to few births which leads to “better” lives). In doing so, they repackaged the racist logic of earlier eugenicist definitions of population in the postwar period by harnessing the concept of population, not to environmental limits, but to economic optimization. Murphy show how this postwar “regime of valuation” played out on the ground through an extended study of population management and family planning projects in Bangladesh. Murphy’s work—which combines a new history of the popula

In 1898, a new metropolis emerged from the consolidation of New York City with East Bronx, Brooklyn, Staten Island and the western part of Queens County. In Greater Gotham: A History of New York City from 1898 to 1919 (Oxford University Press, 2017), Mike Wallace describes the first two decades of this city’s expanded history, a period in which it led and embodied the developments that were taking place nationally. As he explains, consolidation was a trend throughout America during this era. Big business was at the forefront of this, as Wall Street provided the financing necessary for numerous industries to form dominant corporate combinations through mergers and takeovers. The enormous wealth controlled by these titans was prominent throughout the city, both in the new skyscrapers rising to dominate the city’s skyline and in the cultural and educational institutions that flourished with infusions of their capital. Similar mergers took place in many sectors and aspects of city life, from entertain

This interview is a conversation with the author, Marc Lavoie, and his colleague Dany Lang. We discuss Post-Keynesian Economics: New Foundations (Edward Elgar, 2014) and Marc’s contribution to the heterodox-mainstream debate in economics. The book provides an exhaustive account of post-Keynesian economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories. The interview focuses on the introductory chapter, making the conversation accessible also to an audience of non-economists. The book has been awarded the 2017 Myrdal Prize by EAEPE, the European Association for Evolutionary Political Economy, ex aequo with Wolfram Elsner, Torsten Heinrich, Henning Schwardt, The Microeconomics of Complex Economies, Evolutionary,

Volatility. Instability. Insecurity. Precarity. There’s a burgeoning lexicon seeking to capture the grim economic state of more and more Americans. Join us as Jonathan Morduch describes what he and Rachel Schneider discovered when they got 253 households to track their every bit of income and their every expense over the course of a year. The results—showcased in The Financial Diaries: How American Families Cope in a World of Uncertainty (Princeton University Press, 2017)—are sobering, and should cause us to reevaluate what we think we know about poverty and inequality in postindustrial America. 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 People’s 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 Scree

In the twenty first century, violence at work is often described in the context of a lone employee “snapping” and harming coworkers or management. In his new book, Blood, Sweat, and Fear: Violence at Work in the North American Auto Industry, 1960-1980 (University of Illinois Press/UBC Press, 2017), Jeremy Milloy argues that violence in the workplace has a much deeper and more complicated history, and that the stereotype of the quiet loner suddenly deciding to commit violence against their peers conceals much more than it reveals. In short, violence on the job has a history. The shift from violence committed by management against striking workers to individualized violence in the form of shootings and assaults among workers occurred as labor unions lost power and splintered into radical and more mainstream factions. By examining the often hyper-masculine heyday of the mid-twentieth-century auto industry, Milloy makes a strong case for a broader definition of what constitutes violence at work under

In this interview, two of the three authors (Wolfram Elsner and Torsten Heinrich) of The Microeconomics of Complex Economies: Evolutionary, Institutional, Neoclassical, and Complexity Perspectives (Elsevier, 2014) discuss their new book of Microeconomics and position it in the heterodox-orthodox debate. This formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. This interview, as the final chapter on policy perspectives and decisions, explains the value of the toolset as the highly interdependent economy of the 21st century demands a reconsideration of economic theories. The book has been