New Books In Economics

Paradox is a sophisticated kind of magic trick. A magician's purpose is to create the appearance of impossibility, to pull a rabbit from an empty hat. Yet paradox doesn't require tangibles, like rabbits or hats. Paradox works in the abstract, with words and concepts and symbols, to create the illusion of contradiction. There are no contradictions in reality, but there can appear to be. In Sleight of Mind: 75 Ingenious Paradoxes in Mathematics, Physics, and Philosophy (MIT Press, 2020), Matt Cook and a few collaborators dive deeply into more than 75 paradoxes in mathematics, physics, philosophy, and the social sciences. As each paradox is discussed and resolved, Cook helps readers discover the meaning of knowledge and the proper formation of concepts―and how reason can dispel the illusion of contradiction. The journey begins with “a most ingenious paradox” from Gilbert and Sullivan's Pirates of Penzance. Readers will then travel from Ancient Greece to cutting-edge laboratories, encounter infinity and its diffe

From the unending quest to turn metal into gold to the major discoveries that reveal how the universe works, experiments have always been a critical part of the hard sciences. In recent decades social scientists have started to catch up and the results are shifting the way we do nearly everything. Randomized control trials, called RCT’s, have a logic so simple that anyone can understand how they work and even run them themselves. It’s simple. You come up with an idea to get something to happen. You take a group of subjects and randomly split it in half. You try your idea on one group and leave the other group alone. The difference in outcomes will tell you if your idea works or not. In Randomistas: How Radical Researchers Are Changing Our World (Yale University Press, 2018), Andrew Leigh demonstrated the impact that social scientists are making with this powerful tool. From opportunity experiments to changing your socks, researchers are putting old ideas to the test and finding out what works and what doesn’t

Ahmet T. Kuru’s new book Islam, Authoritarianism and Underdevelopment, A Global and Historical Comparison (Cambridge University Press, 2019) is a ground-breaking history and analysis of the evolution of the state in Muslim countries. Thoroughly researched and accessibly written, Kuru’s work traces the template of the modern-day state in many Muslim-majority countries to fundamental political, social and economic changes in the 11th century. That was when Islamic scholars who until then had by and large refused to surrender their independence to the state were co-opted by Muslim rulers. It was a time when the merchant class lost its economic clout as the Muslim world moved from a mercantile to a feudal economy. Religious and other scholars were often themselves merchants or funded by merchants. The transition coincided with the rise of the military state legitimized by religious scholars who had little choice but to go into its employ. They helped the state develop a forced Sunni Muslim orthodoxy based on text

I spoke with Dr. Amr Khafagy about his recent book The Economics of Financial Cooperatives (Routledge, 2019). Amr is Research Assistant at the Countryside and Community Research Institute of the University of Gloucestershire. Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones. Amr's current main research interests include rural finance and agricultural productivity, financial markets and distribution, incom

Megan Tobias Neely and Ken Hou-Lin's new book Divested: Inequality in the Age of Finance (Oxford University Press, 2020) explores the rise of finance in American life over the last forty years and its implications for American workers, families, and economies. The authors argue that finance has transformed from a servant to the economy to its master - from a means of creating a prosperous society to an end in itself. The consequences of this shift are profound: the authors identify the many ways finance is implicated in the yawning growth in inequality in the US and how a financialized society redistributes resources from working people to owners, executives, and financial professionals. Using historical analysis, quantitative and qualitative data, the book offers a clear, comprehensive, and compelling account of one of the most important economic developments of our time. Patrick Sheenan is a graduate student in the Department of Sociology at the University of Texas, Austin. Learn more about your ad choices.

Richard Pomfret’s The Central Asian Economies in the Twenty-First Century (Princeton University Press, 2019) looks at the economies of the five former Soviet Republics of Kazkahstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, considering the different trajectories of each of the countries. The book provides an overview of the experience of these economies in the 1990s, before looking specifically at each of the independent countries. The book’s final chapters look at problems of regional cooperation and global trade, as well as the influence and impact of major world powers (China, Russia, the EU, and the United States) on Central Asia. This book is useful reading for scholars, diplomats, policy-makers, and anyone else with an active interest in international politics and economy. Nicholas Seay is a PhD candidate at The Ohio State University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/econom

How does the world of book reviews work? In Inside the Critics’ Circle: Book Reviewing in Uncertain Times (Princeton University Press, 2020), Phillipa Chong, assistant professor in sociology at McMaster University, provides a unique sociological analysis of how critics confront the different types of uncertainty associated with their practice. The book explores how reviewers get matched to books, the ethics and etiquette of negative reviews and ‘punching up’, along with professional identities and the future of criticism. The book is packed with interview material, coupled with accessible and easy to follow theoretical interventions, creating a text that will be of interest to social sciences, humanities, and general readers alike. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Psychologists have long understood that social environments profoundly shape our behavior, sometimes for the better, often for the worse. But social influence is a two-way street―our environments are themselves products of our behavior. Under the Influence explains how to unlock the latent power of social context. It reveals how our environments encourage smoking, bullying, tax cheating, sexual predation, problem drinking, and wasteful energy use. We are building bigger houses, driving heavier cars, and engaging in a host of other activities that threaten the planet―mainly because that's what friends and neighbors do. In the wake of the hottest years on record, only robust measures to curb greenhouse gases promise relief from more frequent and intense storms, droughts, flooding, wildfires, and famines. In Under the Influence: Putting Peer Pressure to Work (Princeton UP, 2020), Robert H. Frank describes how the strongest predictor of our willingness to support climate-friendly policies, install solar panels, o

Psychologists have long understood that social environments profoundly shape our behavior, sometimes for the better, often for the worse. But social influence is a two-way street―our environments are themselves products of our behavior. Under the Influence explains how to unlock the latent power of social context. It reveals how our environments encourage smoking, bullying, tax cheating, sexual predation, problem drinking, and wasteful energy use. We are building bigger houses, driving heavier cars, and engaging in a host of other activities that threaten the planet―mainly because that's what friends and neighbors do. In the wake of the hottest years on record, only robust measures to curb greenhouse gases promise relief from more frequent and intense storms, droughts, flooding, wildfires, and famines. In Under the Influence: Putting Peer Pressure to Work (Princeton UP, 2020), Robert H. Frank describes how the strongest predictor of our willingness to support climate-friendly policies, install solar panels, o

In her new book Broke: Hardship and Resilience in a City of Broken Promise (St. Martin's Press, 2019), Jodie Adams Kirshner tells the story of the people of Detroit before, during, and after its bankruptcy, offering lessons about urban governance, post-industrial economics, development, and the usefulness of bankruptcy itself as a tool to aid U.S. cities. Join us to hear the fascinating, infuriating, and heartbreaking stories of Detroiters struggling to build better lives for themselves and their neighborhoods. 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 Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a pre

The passage of the 1831 Truck Act was intended to end throughout the United Kingdom the practice of paying employees in truck, or goods, rather than in money. As Christopher Frank reveals in Workers, Unions and Payments in Kind: The Fight for Real Wages in Britain, 1820-1914 (Routledge, 2019), though, this merely redefined a struggle that continued through the Victorian era into the early 20th century. As Frank demonstrates, employers soon developed ways to work around the ban in the law, which proved difficult to enforce. While as early as the 1850s governments considered new legislation to clamp down further on truck, efforts to do so ran into both laissez-faire and paternalistic arguments that together successfully frustrated passage of new measures. It was only with the increasing influence of the New Model Unions and the growing enfranchisement of workers from the 1860s onward that the issue became more of an electoral priority. While this pressure led to new legislation in 1887 and again in 1896 that im

R. Scott Huffard Jr. is the author of Engines of Redemption: Railroads and the Reconstruction of Capitalism in the New South, published by the University of North Carolina Press in 2019. Engines of Redemption is a fascinating history of capitalism in the South, which tells the story of how railroads revitalized the region following the Civil War. Huffard examines the myriad of was that railroads were used to secure political and economic growth and power in the South throughout the Reconstruction era. Railroads, however, were not always seen as a blessing, and Huffard pays close attention to how the rapid southern growth of the locomotive was accompanied by rising anxieties, from race to disease. R. Scott Huffard Jr. is Assistant Professor of History at Lees-McRae College. Derek Litvak is a Ph.D. student in the department of history at the University of Maryland. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast

If you’re a grad student facing the ugly reality of finding a tenure-track job, you could easily be forgiven for thinking about a career change. However, if you’ve spent the last several years working on a PhD, or if you’re a faculty member whose career has basically consisted of higher ed, switching isn’t so easy. PhD holders are mostly trained to work as professors, and making easy connections to other careers is no mean feat. Because the people you know were generally trained to do the same sorts of things, an easy source of advice might not be there for you. Thankfully, for anybody who wishes there was a guidebook that would just break all of this down, that book has now been written. Going Alt-Ac: A Guide to Alternative Academic Careers (Stylus Publishing, 2020) by Kathryn E. Linder, Kevin Kelly, and Thomas J. Tobin offers practical advice and step-by-step instructions on how to decide if you want to leave behind academia and how to start searching for a new career. If a lot of career advice is too vague

The neoliberal consensus, once thought to be undefeatable, seems to have been broken both in the wake of the fiscal crisis of 2008, as well as a series of surprise movements and elections throughout the world in the last several years. But many scholars argue that it remains alive and well, just in a changed, mutated form. This is the theme that motivates the recent anthology Mutant Neoliberalism: Market Rule and Political Rupture (Fordham University Press, 2020). The book features ten essay by a cast of writers covering the ways in which neoliberalism is mutating to stay alive in a changing environment. William Callison is a visiting assistant professor of Government and Law at Lafayette College. Zachary Manfredi is an Equal Justice Works Fellow at the Asylum Seeker Advocacy Project. Stephen Dozeman is a freelance writer. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Is planning for America anathema to the pursuit of life, liberty and happiness? Is it true, as thinkers such as Friedrich Von Hayek, Milton Friedman, and Ayn Rand have claimed, that planning leads to dictatorship, that the state is economically inefficient, and that prosperity is owed primarily to the workings of a free market? To answer these questions Ian Wray’s book goes in search of an America shaped by government, plans and bureaucrats, not by businesses, bankers and shareholders. He demonstrates that government plans did not damage American wealth. On the contrary, they built it, and in the most profound ways. In three parts, No Little Plans: How Government Built America’s Wealth and Infrastructure (Routledge, 2019) is an intellectual roller coaster. Part I takes the reader downhill, examining the rise and fall of rational planning, and looks at the converging bands of planning critics, led on the right by the Chicago School of Economics, on the left by the rise of conservation and the ‘counterculture’,

Safi Bahcall's Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries (St. Martin's Press, 2019) reveals a surprising new way of thinking about the mysteries of group behavior that challenges everything we thought we knew about nurturing radical breakthroughs. Bahcall, a physicist and entrepreneur, shows why teams, companies, or any group with a mission will suddenly change from embracing new ideas to rejecting them, just as flowing water will suddenly change into brittle ice. Mountains of print have been written about culture. Loonshots identifies the small shifts in structure that control this transition, the same way that temperature controls the change from water to ice. Using examples that range from the spread of fires in forests to the hunt for terrorists online, and stories of thieves and geniuses and kings, Bahcall shows how a new kind of science can help us become the initiators, rather than the victims, of innovative surprise. Over the past decade, research

How should we understand inequality? In A Sense of Inequality (Roman and Littlefield, 2020), Wendy Bottero, a Reader in Sociology at the University of Manchester offers a detailed and challenging new approach to how we conceive of, how we study, and how we might challenge, social inequality. The book contends we need a new approach to the everyday subjective experience of inequality, appreciating people’s constrained resistance to often highly unequal social situations. Whilst never downplaying the reality of inequality, the book challenges social theories that ignore everyday practices in explanations of the persistence of inequality. Empirically detailed, with extensive global examples, as well as theoretically rich, the book is essential reading across the social sciences. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Climate change impacts-more heat, drought, extreme rainfall, and stronger storms-have already harmed communities around the globe. Even if the world could cut its carbon emissions to zero tomorrow, further significant global climate change is now inevitable. Although we cannot tell with certainty how much average global temperatures will rise, we do know that the warming we have experienced to date has caused significant losses, and that the failure to prepare for the consequences of further warming may prove to be staggering. Building a Resilient Tomorrow: How to Prepare for the Coming Climate Disruption (Oxford University Press, 2019), edited by Alice C. Hill and Leonardo Martinez-Diaz, does not dwell on overhyped descriptions of apocalyptic climate scenarios, nor does it travel down well-trodden paths surrounding the politics of reducing carbon emissions. Instead, it starts with two central facts: climate impacts will continue to occur, and we can make changes now to mitigate their effects. While squarely

Award winning activist and researcher Raj Patel has teamed up with innovative environmental historian and historical geographer Jason W. Moore to produce an accessible book which provides historical explanations for the world ecological crises and the global crisis in capitalism. Using the framework of "cheapness," A History of the World in Seven Cheap Things: A Guide to Capitalism, Nature, and the Future of the Planet (University of California Press, 2017) takes the reader through the long history of the search for lower production costs, extending from European colonial conquests in the fifteenth century up to present agroindustrial systems. This quest for cheapness originated with European colonists' desire to separate Society—themselves—from Nature—everything else. All forms of "Nature" were categorized by colonist and capitalists so that they could be efficiently used for production. Human beings were often included in this contrived category of Nature. Colonized people, the indigenous, women, and brown

As the upcoming 2020 U.S. election finally brings questions of economic justice center stage, this episode discusses the powerful short open-source book The Power of Debt: Identity and Collective Action in the Age of Finance (Institute on Inequality and Democracy, 2019). The book was published by the Institute on Inequality and Democracy in 2019 and coauthored by Prof. Hannah Appel of UCLA, Sa Whitley, a Ph.D. candidate in Gender Studies at UCLA, and Caitlin Kline, advisor to the Securities and Exchange Commission on derivatives enforcement issues. The book focuses on the urgent problem of staggering economic inequality through the lens of mass indebtedness. After assessing the grim situation - stagnating wages, historic levels of household debt, and the impossibility of accessing the means of life without debt - the authors ask whether we can organize against the injustices of debt as debtors as we once did against oppressive workplaces as workers. What goes into producing a politically salient identity cate