New Books in Economics

The COVID-19 pandemic has unleashed a firehose of information (much of it wrong) and an avalanche of opinions (many of them ill-founded). Most of us are so distracted by the everyday awfulness that we don't see the broader issues in play. In this "hastily written" guide to the pandemic economy penned during self-isolation after a flight from Australia, economist Joshua Gans steps back from the short-term chaos to take a clear and systematic look at how economic choices are being made in response to COVID-19. Economics in the Age of COVID-19 (MIT Press , 2020) shows that containing the virus and pausing the economy—without letting businesses fail and people lose their jobs—are the necessary first steps. He outlines the phases of the pandemic economy - containment to reset to recovery and enhancement - and warns against thinking in terms of a “tradeoff” between public health and economic health. Once the virus is contained, we will need to innovate come together to protect ourselves from future pandemics.Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How is the retail sector going to be best able to survive the Amazon juggernaut?I address this question with B. Joseph Pine II and James H. Gilmore in a discussion of their book The Experience Economy: Competing for Customer Time, Attention, and Money (Harvard Business Review Press, 2020).Pine and Gilmore are the cofounders of Strategic Horizons, LLP. Besides their other books and activities, Pine is a Lecturer at Columbia University and Gilmore teaches at Case Western Reserve University.Topics covered in this episode include:--What have been the relevant emotions in play as the economy has evolved across the four stage of commodities, goods, services, and now experiences and transformations alike.--How is achieving “customer satisfaction” too limiting, and what’s the emotional storyline that, first, Walt Disney and now business leaders worldwide must embrace to survive and thrive.--How does the emotional labor of employees being “on stage” as part of an experience square with workers’ and customers’ desire for authenticity.For a transcript of this episode, click here.Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. To check out his “Faces of the Week” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Brian Greene is a Professor of Mathematics and Physics at Columbia University in the City of New York, where he is the Director of the Institute for Strings, Cosmology, and Astroparticle Physics, and co-founder and chair of the World Science Festival. He is well known for his TV mini-series about string theory and the nature of reality, including the Elegant Universe, which tied in with his best-selling 2000 book of the same name. In this episode, we talk about his latest popular book Until the End of Time: Mind, Matter, and Our Search for Meaning in an Evolving Universe (Random House, 2020)Until the End of Time gives the reader a theory of everything, both in the sense of a “state of the academic union”, covering cosmology and evolution, consciousness and computation, and art and religion, and in the sense of showing us a way to apprehend the often existentially challenging subject matter. Greene uses evocative autobiographical vignettes in the book to personalize his famously lucid and accessible explanations, and we discuss these episodes further in the interview. Greene also reiterates his arguments for embedding a form of spiritual reverie within the multiple naturalistic descriptions of reality that different areas of human knowledge have so far produced.John Weston is a University Teacher of English in the Language Centre at Aalto University, Finland. His research focuses on academic communication. He can be reached at john.weston@aalto.fi and @johnwphd. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

You mean big business is good, contributes to our general welfare, and is not generally guilty--with notable exceptions--of all of the charges made against it? That's the argument libertarian economist Tyler Cowen makes in his book Big Business: A Love Letter to an American Anti-Hero (St. Martins, 2019) Most NBN listeners will raise an eyebrow to that claim, but most of those same NBN listeners are up for a good back-and-forth on the virtues and demerits of our market system. And to that end, being familiar with Cowen's arguments--made in this book and his many other publications and platforms--is very useful. The shift in the reputational balance between government and big business as a result of the Covid-19 crisis is another reason to consider Cowen's argument.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 your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I spoke with Dr Simon Bowmaker, Professor of Economics at New York University, Stern School of Business. He has recently published When the President Calls: Conversations with Economic Policymakers (MIT Press, 2019).His book is a very original and timely contribution on the relationship between US presidents and their economic advisers. The book, 674 pages, is divided into nine sections (one for each president from Nixon to Trump) and 35 chapters (one for each economic adviser of those nine presidents). The book covers 50 years of US history, 1969 to 2019 and is enriched by amazing pictures of the advisers ‘in action’ with their presidents.What is it like to sit in the Oval Office and discuss policy with the president? To know that the decisions made will affect hundreds of millions of people? To know that the wrong advice could be calamitous? These 35 officials worked in the executive branch in a variety of capacities but all had direct access to the policymaking process and can offer insights about the difficult tradeoffs made on economic policy.The interviews shed new light, for example, on the thinking behind the Reagan tax cuts, the economic factors that cost George H. W. Bush a second term, the constraints facing policymakers during the financial crisis of 2008, the differences in work styles between Bill Clinton and Barack Obama, and the Trump administration's early budget process.We started our conversation talking about the origin of the book and its development. Simon explained how he managed to reach such an impressive number of interviewees. We then discussed the background of the advisers, their relationship with ‘their’ presidents and how they managed to receive their ‘call’. I have asked him if he thinks that in the 50 years covered by the book, the relationship between presidents and advisers has evolved in some direction. He offered a very interesting answer about the alternative sources that today politicians can use to make their own minds.When the President Calls offers a unique, behind-the-scenes perspective on US economic policymaking. This is a great new book, original, well written, enjoyable. Many readers would find it interesting and helpful: to begin with, economists, historians, and politicians.Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in China. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In China, roughly 60% of GDP and 80% of employment comes from the private sector – yet half of private entrepreneurs report that they faced expropriation of property by local governments. Yue Hou’s rich, detailed, and ambitious book documents how private entrepreneurs protect their property from expropriation by running for office – and using their public roles to advance their private economic interest. Entrepreneurs who hold local legislative seats can leverage their political status to deter predatory behavior by lower-level bureaucrats who fear retribution or punishment from the legislator’s political network. Joining local legislatures allows private owners to creatively build a system of selective – yet effective – property rights in the short (and maybe medium) term.Hou’s research combines quantitative and qualitative methods including interviews with entrepreneurs, legislators, and audit experiments – in a political environment in which people are often risk-averse and politically sensitive. The book lays out the logic of selective property rights within authoritarian regimes, explores what entrepreneurs do once they hold legislative office, and how effective this strategy is for securing property rights (spoiler, it is effective).The podcast concludes with Hou’s describing how private entrepreneurs have provided crisis relief for COVID-19 in China.Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Howard Friedman's new book Ultimate Price: The Value We Place on Life (University of California Press, 2020) should be required reading for anyone sitting down to watch the evening news. The Covid-19 crisis is, unfortunately, a new broad-based instance in the valuation of human life. And I do mean value: in terms of cash dollars. Ultimate Price covers the ways that companies, courts, nations, and individuals have come to put a price tag on individual existence. While the book was written prior to the current situation, it provides an excellent starting point to understand what we are observing as governments, companies, healthcare providers, and individuals make life-and-death decisions.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 your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Slavery and the University: Histories and Legacies (University of Georgia Press, 2019), edited by Leslie M. Harris, James T. Campbell, and Alfred L. Brophy, is the first edited collection of scholarly essays devoted solely to the histories and legacies of this subject on North American campuses and in their Atlantic contexts. Gathering together contributions from scholars, activists, and administrators, the volume combines two broad bodies of work: (1) historically based interdisciplinary research on the presence of slavery at higher education institutions in terms of the development of proslavery and antislavery thought and the use of slave labor; and (2) analysis on the ways in which the legacies of slavery in institutions of higher education continued in the post–Civil War era to the present day.The collection features broadly themed essays on issues of religion, economy, and the regional slave trade of the Caribbean. It also includes case studies of slavery’s influence on specific institutions, such as Princeton University, Harvard University, Oberlin College, Emory University, and the University of Alabama. Though the roots of Slavery and the University stem from a 2011 conference at Emory University, the collection extends outward to incorporate recent findings. As such, it offers a roadmap to one of the most exciting developments in the field of U.S. slavery studies and to ways of thinking about racial diversity in the history and current practices of higher education.Today I spoke with Leslie Harris about the book. Dr. Harris is a professor of history at Northwestern University. She is the coeditor, with Ira Berlin, of Slavery in New York and the coeditor, with Daina Ramey Berry, of Slavery and Freedom in Savannah (Georgia).Adam McNeil is a History PhD student at Rutgers University-New Brunswick. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

It seems easier for us today to imagine the thoroughgoing deterioration of the earth and of nature than the breakdown of late capitalism; perhaps that is due to some weakness in our imaginations - Fredric Jameson, The Seeds of TimeThomas Piketty, the French economist, was dubbed the modern Marx by The Economist in the wake of his bestselling Capital in the 21st Century, which presented historical data reaching back to the eighteenth century and focused on the dynamics of the distribution of wealth and income and the destabilizing force represented by: r > g – that is, the private rate of return on capital over time can be much higher than the rate of growth of income and output. Readers noted however, in addition to pointing out this ‘central contradiction of capitalism’ Professor Piketty was also clear that the purpose of social science is not to produce mathematical certainties that substitute for inclusive democratic debate. More importantly, he made the case for the progressive taxation of capital, and among many other things for going back to using the term ‘political economy’ for the field of economics – all of which did not render his analysis Marxist, although admittedly, the label made for more catchy magazine column titles in 2014.Six years in the making Piketty has extended the hopeful reach of his analysis by including a much larger global sampling of historical data – not just Western market economies this time, and by expanding the focus to include the political and ideological in his comparative analysis of capital accumulation and ‘inequality regimes’. The professor does so with the same underlying optimism and realistic eye on promoting the social learning process in which we all find ourselves as individuals within various cultures and societies. Enter his expanded interdisciplinary contribution to comparative political economy – Capital and Ideology (Harvard University Press, 2020) – essential reading.Thomas Piketty is a professor at the Paris School of Economics, and a Director of The School of Advanced Studies in Social Sciences.Keith Krueger lectures at the SHU-UTS Business School in Shanghai. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In early 2019, freshman representative Alexandria Ocasio Cortez and Senator Ed Markey proposed a bold new piece of legislation, now very well known as the Green New Deal. Intended as a means of combating climate change, it stunned a number of people due to its enormous ambition, including massive overhauls of our energy systems, as well as providing housing and healthcare for everyone. Naturally a piece of legislation this large raised a number of questions, which is what my guests today are here to discuss. I recently had the pleasure of talking with Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen and Thea Riofrancos, the authors of ​A Planet to Win: Why We Need a Green New Deal​ (Verso, 2019). The book is short and accessible, written for everyone interested in understanding this vital piece of legislation, so if you are like me and you don’t understand the fine details of climate economics, you can still pick this up and gain a sense of what is to be done. The book also features a short forward by Naomi Klein, who has been tracking the relationship between economic and climate politics for some time.Kate Aronoff (@KateAronoff) is a fellow at the Type Media Center and a Contributing Writer at the ​Intercept​. She is the co-editor of ​We Own the Future​ and author of ​The New Denialism​. Her writing has appeared in the ​Guardian​, ​Rolling Stone​, ​Harper’s​, ​In These Times​, and ​Dissent​Alyssa Battistoni (@alybatt) is a postdoctoral fellow at Harvard University and an editor at Jacobin.​ Her writing has appeared the ​Guardian,​ ​n+1​, ​The Nation​, ​Jacobin,​ ​In These Times​, Dissent​, and the ​Chronicle of Higher Education.​Daniel Aldana Cohen (@aldatweets) is an assistant professor of sociolgy at the University of Pennsylvania, where he directs the Socio-Spatial Climate Collaborative. His writing has appeared in the ​Guardian​, ​Nature,​ ​The Nation​, ​Jacobin​, ​Public Books​, ​Dissent​, and ​NACLA.​Thea Riofrancos (@triofrancos) is an assistant professor of political science at Providence College, and is the author of ​Resource Radicals.​ Her writing has appeared in the ​Guardian​, ​n+1​, Jacobin,​ the ​Los Angeles Review of Books​, ​Dissent,​ and ​In These Times​. She serves on the steering committee of DSA’s Ecosocialist Working Group. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics