New Books in Economics

Today I talked to Zarak Khan and Laurel Newman about their book Building Behavioral Science in an Organization (Action Design Press, 2021).As an academic discipline, behavioral science is as the book’s introduction states, an umbrella term that includes social psychology, behavioral economics, and sociology among other fields. As applied in business and government, for instance, behavioral science is often a matter of creating small “nudges” in designing changes to human behavior in hopes of achieving buy-in rather than resistance from those who are wedded to the status quo. Khan and Newman, who co-edited and contributed to this book, are candid about the challenges involved. They are also faithfully committed as professionals to achieving real innovations and transformational advances whenever feasible. In particular, this episode focuses on a pair of behavioral science applications: in HR and in promoting innovation.Zarak Khan is a Senior Behavioral Researcher at Duke University’s Center for Advanced Hindsight, as well as a Behavioral Science Fellow at the University of Pennsylvania and a board member of Action Design Network. Lauren Newman is a behavioral scientist at Edward Jones, and a former psychology professor at Fontbonne University.Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Lingo. To check out his related “Dan Hill’s EQ Spotlight” 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

There is no political power without control of the archive, if not of memory. Effective democratization can always be measured by this essential criterion: the participation in and the access to the archive, its constitution, and its interpretation.– epigraph in The Long Land War by Jo Guldi (2021)Every political order contains within it tensions, contradictions, and vulnerabilities that at a certain point become too difficult to maintain.– The Rise and Fall of the Neoliberal Order by Gary Gerstle (2022)In the Economica Centenary Coarse Lecture delivered virtually to the London School of Economics in 2021 Thomas Piketty lightheartedly remarked on his English as part of a larger point about how linguistic limitations can reduce our access to important information and data worldwide. And like the epigraph above opening a book about the global struggle for occupancy rights, Piketty was noting just how dependent scholars are on the kind of primary sources to which they can use and access. Coming from one of our era’s preeminent scholars of political economy it was more than just a self-deprecating lead-in for his 2020 Capital and Ideology, a book that enlarged the focus of his famous 2014 Capital in the 21st Century by expanding the geopolitical reach of its analysis of the structure of inequality with its emphasis on political and ideological forces as key causative factors rather than purely economic and technological ones. As he mentions in this interview, his latest book concisely refines his arguments.Coming in at a short 277 pages the professor’s A Brief History of Equality, translated by Steven Randall (The Belknap Press of Harvard University Press, 2022) will come as a bit of relief for readers acquainted with his much lengthier earlier works. Piketty offers up this comparative history of inequalities among social classes in human societies – or, as he points out: a brief history of equality acknowledging the long-term trend toward greater social, economic and political equality. The book opens with ‘the movement toward equality’ and ‘the slow deconcentration of power and property’ before reminding readers of our ‘heritage of slavery and colonialism’ and then broaching ‘the question of reparations’. You will hear Professor Piketty share his thoughts on why this question is key for reconciling societal divisions and what reparations could represent in terms of social justice.As he points out, both in this interview and in the book, ‘everything remains to be invented’ which is offered in the same optimistic spirit with which he argues that the struggle for increasing levels of equality requires ‘collective learning’. The crisp progression of ideas in the ten chapters of his narrative leads to its concluding implications that the need for increasing equality at the global level is not only a moral imperative but also an economic one. Not everyone will agree with the professor’s vision or his interpretations but few will question his authority or transparency in such deliberations. The professor’s research and data can be studied through his homepage, and the World Inequality Database.Thomas Piketty is a professor at the Paris School of Economics, Director of Studies at The School of Advanced Studies in Social Sciences, and Co-Director of the World Inequality Lab and Database.Keith Krueger lectures in the SILC Business School at Shanghai University. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

From the host of NPR's Planet Money, the deeply-investigated story of how one visionary, dogged investor changed American finance forever.Before Bill Gross was known among investors as the Bond King, he was a gambler. In 1966, a fresh college grad, he went to Vegas armed with his net worth ($200) and a knack for counting cards. $10,000 and countless casino bans later, he was hooked: so he enrolled in business school.The Bond King: How One Man Made a Market, Built an Empire, and Lost It All (Flatiron Books, 2021) is the story of how that whiz kid made American finance his casino. Over the course of decades, Bill Gross turned the sleepy bond market into a destabilized game of high risk, high reward; founded Pimco, one of today's most powerful, secretive, and cutthroat investment firms; helped to reshape our financial system in the aftermath of the Great Recession--to his own advantage; and gained legions of admirers, and enemies, along the way. Like every American antihero, his ambition would also be his undoing.To understand the winners and losers of today's money game, journalist Mary Childs argues, is to understand the bond market--and to understand the bond market is to understand the Bond King.John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Breaking Things at Work: The Luddites are Right About Why You Hate Your Job (Verso, 2021), Gavin Mueller provides a bracing and wide-ranging study of the fractious relationship between workers and technology under capitalism. Mueller traces the thought and actions of ordinary people past and present – including hackers, dockers, musicians and the titular textile workers - who have recognised that technological ‘progress’ too often comes at the expense of their autonomy and dignity. The book pushes back against visions of machine-driven utopia that have continually re-emerged on both the right and the left, arguing instead that resistance to technology is a key site of struggle throughout modernity, and that a Marxist neo-Luddism is crucial to understanding, and changing, the world today.Gummo Clare is a PhD researcher in the School of Media and Communications, University of Leeds. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

An excerpt from Kim’s conversation with Elaine Freedgood on commodity fetishism that didn’t make it into the original episode.Elaine references Louis Althusser and Slavoj Žižek on ideology;Fredric Jameson, The Political Unconscious: Narrative as a Socially Symbolic Act. Cornell UP: 1981; and Claude Levi Strauss’s work on Caduveo body painting (which seems to have been published in the surrealist magazine VVV in 1942 and is very hard to find on the internet — see Luciana Martins ‘Resemblances to archaeological finds’: Guido Boggiani, Claude Lévi-Strauss and Caduveo body painting” Journal of Latin American Cultural Studies, 2014. DOI:10.1080/13569325.2017.1309317.) Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I talked to Morris Altman about his book Worker Satisfaction and Economic Performance (Routledge, 2021).What sometimes gets overlooked is that Adam Smith not only became the “father of capitalism” by writing The Wealth of Nations; he also wrote The Theory of Moral Sentiments. Empathy matters, and this week’s guest Morris Altman argues that sustainable capitalism practices fairness. Too often the basic, economic needs of rank-and-file workers are being overlooked in a global economic where the wealthy are calling the shots. From anti-immigrant rhetoric to events in Ukraine, this is a timely episode that puts the purported move from shareholder capitalism to stakeholder capitalism under the lens for skeptical examination. Want more engaged workers? Make them more truly empowered, and the beneficiaries of reciprocity whereby their input is acted on and rewarded alike.Morris Altman is the Dean of the University of Dundee’s School of Business. He’s published over 130 referred papers and 17 books. He’s also held academic posts at the University of Saskatchewan, Victoria University, Newcastle University, and at Hebrew University, Stanford, Cornell and Duke.Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Lingo. To check out his related “Dan Hill’s EQ Spotlight” 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

In No Standard Oil: Managing Abundant Petroleum in a Warming World (Oxford University Press, 2021), Deborah Gordon shows that no two oils or gases are environmentally alike. Each has a distinct, quantifiable climate impact. While all oils and gases pollute, some are much worse for the climate than others. In clear, accessible language, Gordon explains the results of the Oil Climate Index Plus Gas (OCI+), an innovative, open-source model that estimates global oil and gas emissions. Gordon identifies the oils and gases from every region of the globe–– along with the specific production, processing, and refining activities–– that are the most harmful to the planet, and proposes innovative solutions to reduce their climate footprints.Global climate stabilization cannot afford to wait for oil and gas to run out. No Standard Oil shows how we can take immediate, practical steps to cut greenhouse gas emissions in the crucial oil and gas sector while making sustainable progress in transitioning to a carbon-free energy future.Deborah Gordon is a senior principal in the Climate Intelligence Program at RMI where she leads the Oil and Gas Solutions Initiative. Gordon also serves as a senior fellow at the Watson Institute for International and Public Affairs at Brown University and the principal investigator for the Oil Climate Project.Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why do corporations fund cultural organisations and events? In Black Culture, Inc: How ethnic community support pays for corporate America Patricia Banks, Professor of Sociology at Mount Holyoke College, explores the role of corporate funding in shaping cultural life, from historical examples of tobacco advertising and media, through to contemporary social media businesses’ presence at music festivals. The book draws on a wealth of examples and scholarship on Black culture in America, alongside analysis of diversity policy and practices. Most crucially, the book introduces the idea of ‘diversity capital’, showing the costs of corporate influence on culture, as well as the ambivalence and enthusiasm of cultural producers and audiences. Moving beyond simple explanations and analysis of race, corporate funding, and culture, the book is essential reading across the arts, humanities and social sciences, as well as for anyone interested in the arts today.Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Kim talks with Elaine Freedgood about Karl Marx’s concept of commodity fetishism.The concept comes from:Karl Marx, Capital Vol. 1, translated by Samuel Moore and Edward Aveling, edited by Frederick Engels, 1887, available on marxists.orgOther texts mentioned:-Peter Stallybrass, “Marx’s Coat” in Border Fetishisms: Material Objects in Unstable Spaces, edited by Patricia Spyer, Routledge, 1998.-Rosalind Morris and Daniel Leonard, The Returns of Fetishism: Charles de Brosses and the Afterlives of an Idea. University of Chicago Press, 2017.In the longer version of our conversation we talked about:-Tamara Ketabgian, The Lives of Machines: The Industrial Imaginary in Victorian Literature and Culture. University of Michigan Press, 2011.-Frederick Engels, The Condition of the Working-Class in England in 1844. Translated by ---Florence Kelley Wischnewetzky. London: George Allen and Unwin Ltd., 1852. Internet Archive.-And Elaine’s book, The Ideas in Things: Fugitive Meaning in the Victorian Novel. University of Chicago Press, 2006.Elaine is super cool. She studies Victorian Literature and teaches in the English Department at NYU.Image borrowed from archive.org. If this image is under copyright, please inform us and we will remove it promptly. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Few would disagree that inclusion is both the right thing to do and good for business. Then why are we so terrible at it? If we believe in the morality and the profitability of including people of diverse and underestimated backgrounds in the workplace, why don’t we do it? Because, explains Ruchika Tulshyan in this eye-opening book, we don’t realize that inclusion takes awareness, intention, and regular practice. Inclusion doesn’t just happen; we have to work at it. Tulshyan presents inclusion best practices, showing how leaders and organizations can meaningfully promote inclusion and diversity. Tulshyan centers the workplace experience of women of color, who are subject to both gender and racial bias. It is at the intersection of gender and race, she shows, that we discover the kind of inclusion policies that benefit all. Tulshyan debunks the idea of the “level playing field” and explains how leaders and organizations can use their privilege for good by identifying and exposing bias, knowing that they typically have less to lose in speaking up than a woman of color does. She explains why “leaning in” doesn’t work—and dismantling structural bias does; warns against hiring for “culture fit,” arguing for “culture add” instead; and emphasizes the importance of psychological safety in the workplace—you need to know that your organization has your back. With Inclusion on Purpose: An Intersectional Approach to Creating a Culture of Belonging at Work (MIT Press, 2022), Tulshyan shows us how we can make progress toward inclusion and diversity—and we must start now.Sine Yaganoglu trained as a neuroscientist and bioengineer (PhD, ETH Zurich). She currently works in innovation management and diagnostics. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics