Economics Books

Book SynopsisIs the United States falling behind in the global race for scientific and engineering talent? Are US employers facing shortages of the skilled workers that they need to compete in a globalized world? This book offers careful examinations of the existing evidence and of its use by those involved in these debates.Trade Review"Falling Behind? makes a convincing case."--Andrew Hacker, New York Review of Books "[Teitelbaum's] discussion usefully pulls together previous work by him and others that shows that the existing funding model and practices of universities have uncoupled the supply of new scientists from the need for new scientists, particularly in the life sciences... Falling Behind? also illuminates a bigger picture: Scientists must recognize that the solution to low grant acceptance rates and poor job prospects for new scientists is not increased public funding for research."--Adam B. Jaffe, Science "[A]n outstanding and important new book... Falling Behind? ... brings desperately needed clarity and context to a crucial issue: the nation's much-ballyhooed but essentially fictitious 'shortage' of scientific talent. Drawing on Teitelbaum's decades of experience with labor and migration issues ... the book applies subtle analysis and encyclopedic knowledge to the task of understanding the dynamics of the scientific labor market... Every politician, policymaker, advocate, and ordinary citizen who wants to understand the reality and the genuine challenges currently facing American research and researchers ... should read and absorb what Teitelbaum terms as his book's 'core findings'... Fascinating and revealing nuggets stud the book, displaying the depth and originality of Teitelbaum's research... A review of this length can offer only a taste of the insight, information, and astute judgment that Teitelbaum brings to bear on the history, structure, prospects, and very real current problems of the U.S. scientific enterprise... [T]he book's precise exposition and granular detail make it valuable even for those who already are well versed. For the much larger number of people who are concerned about American science but unfamiliar with the dynamics and history of the scientific labor market, this book will be revelatory ... Teitelbaum's book should transform this important national conversation."--Beryl Lieff Benderly, Science Careers "Well-researched ... Teitelbaum begins Falling Behind by examining the many hyperbolic claims of the current so-called science, technology, engineering, and mathematics (STEM) crisis. He expertly dissects these assertions and clearly demonstrates the weak assumptions and sloppy reasoning underlying each... Especially useful is the light Teitelbaum shines on the many financial and political incentives that motivate industry, academia and government to proclaim an engineering and science crisis... A very useful addition to the science and engineering crisis literature."--Robert N. Charette, IEEE Spectrum "A rewarding read."--Alex Usher, Higher Education Strategy Associates "Teitelbaum shows how the U.S. government's science and technology policy has been marked by groundless scares, nonsensical rhetoric, interest-group politics, stop-and-go instability, and misaligned incentives. He does this in a well-documented, restrained, academic way, which gives much weight to his stringent criticisms."--Pierre Lemieux, Regulation Magazine "Readers with interests in science policy, careers or funding will find this book fascinating, although often disquieting. Teitelbaum's analyses of historical alarm/boom/bust cycles and (in particular) the NIH budget-doubling brouhaha are illuminating, and he has a knack for anticipating potential criticisms."--Margaret Harris, Physics World "The book provides an interesting history of US science and engineering workforce studies and actions, and sensible recommendations and principles given the ever-changing workforce."--Deborah Stine, Chemistry World "Despite policy differences that readers may have with Teitelbaum, the concerns he raises about booms and busts in the scientific workforce (due in large part to failures of public policy) should command broad interest."--Daniel Kuehn, Cato JournalTable of ContentsAcknowledgments vii Introduction 1 Chapter 1 Recent Alarms 7 Chapter 2 No Shortage of Shortages 25 Chapter 3 Beliefs, Interests, Effects 70 Chapter 4 The Influence of Employer and Other Interest Groups 87 Chapter 5 What Is the Market Really Like? Supply, Demand, Shortage, Surplus--and Disequilibria 118 Chapter 6 The Distinctive U.S. Academic Production Process 155 Chapter 7 International Comparisons: Glass Half-Full, Glass Half-Empty? 172 Chapter 8 Making Things Work Better 189 Appendix A Controversy about the Meaning of Sputnik 217 Appendix B Evolution of the National Institutes of Health 219 Appendix C "A Nation at Risk" and the Sandia Critique 221 Notes 225 Index 255

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Book SynopsisBegins with a look at the ideas of Mancur Olson and George Williams, who shifted the question of why cooperation happens from an emphasis on group benefits to individual costs. This book then explores how these ideas have influenced our thinking about cooperation, coordination, and collective action.Trade Review"The study of cooperation is a multifield behemoth, and Meeting at Grand Central admirably covers considerable ground. Importantly, it does this in an accessible way, by describing select theories and concepts with clear and vivid examples. Seeing the current fragmented state of scholarship on cooperation as a coordination problem, and thus a problem of common knowledge, the authors also devote considerable time to developing a common set of definitions and concepts."--Daniel J. Hruschka, Current Anthropology "Better understanding how cooperation emerges from the behavior of interacting individuals represents a crucial endeavor that can only benefit from a multifaceted approach... I am hence confident that ... readers, independent of their disciplinary background, will not only enjoy the reading, but also find it useful for their work and research."--Giangiacomo Bravo, International Journal of the Commons "[T]he major strength of the book clearly lies in its ability to stimulate curiosity for further research... [R]eaders who like to read scientific content in an easily accessible way and become inspired to read more will not be disappointed."--Julia Schindler, Journal of Artificial Societies and Social Simulation "Cronk and Leech have provided a solid platform for taking the analysis of social cooperation and coordination in a variety of directions."--Richard E. Wagner, Review of Austrian Economics "The sheer breadth of cases addressed in this book makes it an exhilarating read... Cronk and Leech provide a wonderfully comprehensive reference for those interested in co-operation, accessible and engaging enough for an upper-level undergraduate course on the subject. It sets the groundwork to think carefully about how we should model the world, opening the door for future research to develop prescriptive as well as descriptive models, allowing social scientists the ability to rigorously confront this diverse space of problems."--William J. Berger, Journal of Politics "Meeting at Grand Central would make a great text for an advanced undergraduate or graduate course on cooperation in anthropology, economics, sociology, or political science. There is something for everybody in this challenging and enlightening read."--James L. Boone, Journal of Anthropological ResearchTable of ContentsPreface ix Chapter 1 Cooperation, Coordination, and Collective Action 1 * Box 1.1 Experimental Economic Games 15 Chapter 2 Adaptation: A Special and Onerous Concept 18 Chapter 3 The Logic of Logic, and Beyond 47 * Box 3.1 * Types of Groups 49 * Box 3.2 * Types of Goods 53 Chapter 4 Cooperation and the Individual 72 * Box 4.1 * The Reciprocity Bandwagon 75 * Box 4.2 * The Prisoner's Dilemma Game 79 Chapter 5 Cooperation and Organizations 101 Chapter 6 Meeting at Penn Station: Coordination Problems and Cooperation 124 * Box 6.1 * Coordination Games 150 Chapter 7 Cooperation Emergent 151 Chapter 8 Meeting at Grand Central 169 Notes 189 References 207 Index 23

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Book SynopsisThis book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, RomaTrade Review"The 1970 Phelps volume has been extremely influential in macroeconomics. Three of its contributors went on to win Nobel prizes for work detailed in the book, and it inspired many others who contributed to the small equilibrium models that became the workhorses of macroeconomics. Yet virtually all of these models use the assumption of rational expectations. In this new volume, Phelps and Roman Frydman assemble a new group of scholars to critique the work based on rational expectations. Phelps and Frydman argue that rational expectations destroyed one of the key premises of the original book—that independent expectations are critical for understanding macroeconomic phenomena. The contributors to this follow-up volume make a convincing case for the failure of several models with rational expectations, and present thought-provoking alternatives. Their efforts to build macroeconomic models without the rational expectations hypothesis might have the impact in their areas of research that the original volume had."—Christopher Pissarides, Nobel Laureate in Economics"Microeconomic Foundations of Employment and Inflation Theory, edited by Edmund Phelps forty years ago, established the concept of 'micro foundations' as an essential macroeconomics idea. Later, 'rational expectations' was added as the second pillar of the current standard macro model. Recent events have challenged the validity of that model. This new Phelps volume, coedited with Roman Frydman, challenges and offers alternatives to the second pillar while retaining the first. It is a must-read for anyone interested in modern economic thought and its implications for policy."—Dale Mortsensen, Nobel Laureate in Economics"A great volume."—Peter Howitt, Brown University"This book brings together an exceptional group of economic theorists who discuss future avenues that the economics profession can take to replace the paradigm of rational expectations. The task is challenging and the outcome of the project still uncertain, but all the chapters are very interesting."—Fabrizio Coricelli, Paris School of EconomicsTable of ContentsWhich Way Forward for Macroeconomics and Policy Analysis? 1 Roman Frydman and Edmund S. Phelps PART ONE Back to the Foundations 1Expectational Coordination Failures and Market Volatility 49 Roger Guesnerie 2Learning as a Rational Foundation for Macroeconomics and Finance 68 George W. Evans and Seppo Honkapohja 3Keynes on Knowledge, Expectations, and Rationality 112 Sheila Dow 4The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory 130 Roman Frydman and Michael D. Goldberg PART TWO Autonomous Expectations in Long Swings in Asset Prices 5Heterogeneous Gain Learning and Long Swings in Asset Prices 169 Blake LeBaron 6Opening Models of Asset Prices and Risk to Nonroutine Change 207 Roman Frydman and Michael D. Goldberg PART THREE Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory 7Animal Spirits, Persistent Unemployment, and the Belief Function 251 Roger E. A. Farmer 8Indeterminacies in Wage and Asset Price Expectations 277 Edmund S. Phelps 9The Long Swings of Employment, Investment, and Asset Prices 301 Gylfi Zoega 10Imperfect Knowledge, Asset Price Swings, and Structural Slumps 328 Katarina Juselius 11Stabilization Policies and Economic Growth 351 Philippe Aghion and Enisse Kharroubi PART FOURPolicymaking after "Rational Expectations" 12Swings and the Rules-Discretion Balance 373 John B. Taylor 13Principled Policymaking in an Uncertain World 389 Michael Woodford Contributors 415 Index 421

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Book SynopsisAmericans are taught to believe that upward mobility is possible for anyone who is willing to work hard, regardless of their social status, yet it is often those from affluent backgrounds who land the best jobs. Pedigree takes readers behind the closed doors of top-tier investment banks, consulting firms, and law firms to reveal the truth about whoTrade ReviewWinner of the 2016 Max Weber Book Award, Organizations, Occupations, and Work Section of the American Sociological Association Winner of the 2016 Mary Douglas Prize for Best Book, Sociology of Culture Section of the American Sociological Association Co-Winner of the 2016 Distinguished Book Award, Sociology of Law Section of the American Sociological Association Co-Winner of the 2016 Silver Medal in Career (Job Search, Career Advancement), Axiom Business Book Awards One of Choice's Outstanding Academic Titles for 2015 "Pedigree: How Elite Students Get Elite Jobs is an academic book with the requisite references to gender theory and Marxist concepts of inequality. But read it carefully and it becomes something far more useful--a guide on how to join the global elite."--Economist "[Rivera's] richly described account is mesmerising--and horrifying."--Gillian Tett, Financial Times "[Pedigree] provides an insider look at how top-notch places hire, and explores how their processes serve those with the most privileged and affluent backgrounds."--Bouree Lam, The Atlantic "Sociologist Rivera has written an exceptionally useful study of how hiring for elite starting jobs is actually done in the US. This insider study shows how the top investment banks, law firms, and consulting companies hire only from a double handful of leading universities, law schools, and business schools... This significant sociological study will also likely be read as a how-to manual."--ChoiceTable of ContentsAcknowledgments xi 1 Entering the Elite 1 2 The Playing Field 29 3 The Pitch 55 4 The Paper 83 5 Setting the Stage for Interviews 113 6 Beginning the Interview: Finding a Fit 135 7 Continuing the Interview: The Candidate's Story 147 8 Concluding the Interview: The Final Acts 183 9 Talking It Out: Deliberating Merit 211 10 Social Reconstruction 253 11 Conclusion 267 Appendix A Who Is Elite? 287 Appendix B Methodological Details 291 Appendix C List of Interviews 307 Notes 315 References 347 Index 365

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Book SynopsisWorldly Philosopher chronicles the times and writings of Albert O. Hirschman, one of the twentieth century's most original and provocative thinkers. In this gripping biography, Jeremy Adelman tells the story of a man shaped by modern horrors and hopes, a worldly intellectual who fought for and wrote in defense of the values of tolerance and change.Trade ReviewWinner of the 2014 Joseph J. Spengler Best Book Prize, History of Economics Society One of Bloomberg/Businessweek Best Books of 2013, selected by Ollie Rehn One of Financial Times (Alphachat)'s Econ Books of the Year for 2013 One of The Guardian Best Books of 2013, chosen by Malcolm Gladwell Honorable Mention for the 2013 PROSE Award in Biography & Autobiography, Association of American Publishers "[A] biography worthy of the man. Adelman brilliantly and beautifully brings Hirschman to life, giving us an unforgettable portrait of one of the twentieth century's most extraordinary intellectuals... [M]agnificent."--Malcolm Gladwell, New Yorker "[A] hugely engaging ... epic."--Justin Fox, New York Times Book Review "[An] astonishing and moving biography... Hirschman's work is more than interesting enough to justify a book (or two, or ten), but Adelman's achievement is to demonstrate, in novelistic detail, that he also lived an astounding life, full of narrow paths and ridiculously improbable twists and turns."--Cass Sunstein, New York Review of Books "[A] massive, erudite biography."--Roger Lowenstein, Wall Street Journal "[T]he winner [Enlightened Economist prize this year] is Jeremy Adelman's The Worldly Philosopher, a biography of Albert Hirschman. Hirschman's life story is extraordinary, and his early years make for a gripping tale. What I particularly enjoyed, though, was the portrait of an economist whose economics had a context in the realities of the countries Hirschman studied, their history and politics and culture, and in his wide reading in philosophy and other subjects... A worthy winner--congratulations to Professor Adelman!"--Diane Coyle, Enlightened Economist "This is the book I have looked forward to most all year and so far it does not disappoint."--Tyler Cowen, Marginal Revolution "Adelman's engrossing biography illustrates how Hirschman's global background, natural linguistic ability, education, and worldly experiences shaped his thoughts and enabled his thinking 'outside the box' to arrive at original and often provocative ideas... Hirschman's story will appeal to many general readers, but especially to economists."--Library Journal "Worldly Philosopher will be the definitive work on Hirschman for some time... If you liked Edmund de Waal's The Hare with Amber Eyes, you will find Adelman's story of Hirschman's early life riveting--a book-club quality read... Worldly Philosopher is a prodigious piece of research, lovingly told and immensely worthwhile for the new light it sheds on the odyssey of a writer whose small ideas add up to major insights."--Robert Kuttner, American Prospect "Adelman's biography does a thorough job in shedding light not just on the academic and intellectual prowess of the great thinker, but also in informing the reader about the man whose life away from the intellectual world exhibited the same milieu of refreshing variety."--Prashanth Perumal, Mint "[T]he only official biography of one of our generation's most extraordinary thinkers."--City Book Review "Jeremy Adelman's outstanding biography ... should receive serious attention from prize committees when the best non-fiction works of 2013 are chosen... As Adelman makes eloquently clear, Hirschman ... was a great deal more than an economist or social scientist."--Stuart Mitchner, Princeton Magazine "[I]t is thanks only to this remarkable biography by Jeremy Adelman ... that we now have the first comprehensive view of the man and his work. Adelman writes with affection and respect and chronicles Hirschman's life through painstaking archival work, extensive interviews, and the examination of personal and professional papers. He brings the work alive by exploring the origins of Hirschman's achievements in the twists and turns of his life--a life, Adelman notes, that 'was a personal history of the twentieth century.'... [T]hanks to Adelman's magisterial biography, we can see how Hirschman's social science was informed and strengthened by his deeply moral and principled politics."--Seyla Benhabib, Democracy "Economics, philosophy, and more than 700 pages--oh my! That's one way to view Adelman's brilliant biography of economist-philosopher Albert O. Hirschman (1915-2012). But like Hirschman himself, who took a skewed and often inventive look at nearly everything, there are many ways to describe and delight in this book... Adelman sensitively draws out this enlightening and heartening life, sketching in, along the way, the characters surrounding Hirschman. His wife, Sarah, was part of Hirschman's odyssey, and Adelman portrays her as not only capable but a smart, brave, discerning, and interesting person. Hirschman's primary field was economics, but he eschewed formulaic solutions to human problems, choosing instead aphoristic thinking and petites idees, as 'small things could provide big insights' (and throughout, wordsmith Adelman perceptively and astutely serves wordsmith Hirschman). Nearly every page of this book inspires thought or admiration or fear for the outcome or exultation at the revelations... A bright world of thought and viable enterprise opens before readers--including, perhaps especially, noneconomists--and it should not be missed."--Eloise Kinney, Booklist "Examining the life of a great intellectual living in extraordinary times, Jeremy Adelman has produced a special kind of biography... Adelman beautifully captures Hirschman's intellectual temperament, not only by describing it but also by crafting a book that recapitulates it. Worldly Philosopher is a book of rhymes, in which Hirschman's writing recalls his personal experience, early and late projects betray enduring habits of mind, and Adelman's own judgment and style bear traces of his subject's... Adelman's proximity to Hirschman allows him to interpret a public record that is extensive but opaque, and the resulting book is a sympathetic, internal account of a life complex enough to profit from such treatment. For anyone who knows one part of Hirschman's life, the book opens entire worlds. For anyone who has pored over his cryptic papers, Adelman's mastery of them is revelatory. Worldly Philosopher not only explains Hirschman from the inside out, it gives the reader a taste of his style as a writer: his eye for beauty, love of literature, and sheer range... Worldly Philosopher is, as promised, a sweeping history of the world, and a highly personal one."--Amy C. Offner, Public Books "Adelman provides a masterful biography of one of the most remarkable economists of the 20th century, Albert O. Hirschman. Any one of Hirschman's many lives would provide ample fodder for an interesting book... [Worldly Philosopher] is obviously a labor of love, in which Adelman painstakingly reconstructs Hirschman's private and intellectual life."--Choice "Worldly Philosopher is a major contribution to our understanding of the history of twentieth-century social science, and a sympathetic tribute to a man who struggled against personal adversity and who strove to improve the opportunities of ordinary people to live successfully in the face of massive adversity."--Bryan S. Turner, Sociological Review "This is a wonderful book about a superb political economist. Adelman invested many years in this admiring biography, which allows readers to fully appreciate the diversity of Albert Hirschman's many contributions to economic scholarship... Hirschman possessed a unique ability to shift from the particular to the general and projected an implicit optimism about humanity's prospects."--Albert Fishlow, Foreign Affairs "Adelman's richly detailed and highly readable biography provides a valuable introduction to the life and work of a scholar who was unmoved by the proclivity of economists and other social scientists to draw sweeping conclusions from simplified assumptions."--Michael McPherson, Journal of Economic Literature "This is the first major account of Hirschman's remarkable life, and a tale of the twentieth century as seen through the story of an astute and passionate observer. Adelman's riveting narrative traces how Hirschman's personal experiences shaped his unique intellectual perspective, and how his enduring legacy is one of hope, open-mindedness, and practical idealism."--World Book Industry "In Worldly Philosopher, Jeremy Adelman offers a brilliant--and brilliantly detailed--portrait of Hirschman, making a convincing case for his place among the giants of twentieth-century social science. After reading Adelman's biography, one is hard pressed to come up with a social scientist who led a richer, fuller, or more meaningful life."--Peter A. Coclanis, HAHR "This is a good book from many different stand points... Many readers will find Worldly Philosopher to be longer than it needs to be, although they would presumably give conflicting opinions about what ought to have been cut, depending on whether they were interested in the book mainly as a summary of Hirschman's ideas, as the life story of a fascinating person, or as a discussion of changing tendencies in modern intellectual, political, and economic life. The book is all of these things and well worth reading for any of them."--Woodruff D. Smith, American Historical Review "Jeremy Adelman has written a wonderful book, one worthy of its subject and that is high praise... Adelman demonstrates the importance of situating an author sociologically as well as historically in his times, of understanding the practical experience--including the experience of research--that gave rise to his ideas, and more generally grasping the relationship between his work and the rest of his life... The beauty of this book is that Albert Hirschman comes alive as a man and an author."--Craig Calhoun, Contemporary Sociology "Worldly Philosopher is an outstanding literary achievement that provides insight into the life of one of the twentieth century's most important social scientists. Jeremy Adelman tells his story in an entertaining and compelling style. In conjunction with The Essential Hirschman, it should go some way toward ensuring that Hirschman's ideas continue to be discussed throughout the twenty-first century."--Adrian Walsh, Australian Book Review "Adelman's lengthy life of Hirschman is intrinsically interesting to anyone concerned with the twentieth century in Europe and the Americas."--Robert W. Frizzell, Yearbook of German Studies "This beautifully written biography of German-born economist Albert O. Hirschman is well worth reading for its insights into a man who experienced the political events that gave birth to today's world, saw the flawed ideologies that got us to where we are now, and saw how to identify and avoid those ideologies that might lead us astray in the future."--William J. Bernstein, Financial Analyst Journal "Worldly Philosopher is beautifully written and is well worth reading as the biography of a man who experienced, as fully as anyone could, the political events that gave birth to today's world and who saw, as clearly as anyone could, the flawed ideologies that got us to where we are now--and, most critically, saw how to identify and avoid those ideologies that might lead us astray in the future."--William J. Bernstein, Enterprising Investor "[A] magnificent investigation and an essential contribution to global research, written in most enjoyable prose ... innovative and unsurpassed."--Annie Cohen-Solal, Times Higher Education "[A] magnificent biography."--Lourdes Sola, European Review of International Studies "Adelman has written an outstanding book whose depth, breadth, and insight mirrors Hirschman's own."--Daniel Bessner, Chicago Journals "Albert Hirschman's many fans will enjoy this absorbing biography of his life and work."--Roger Sandilands, Journal of the History of Economic Thought "[A] magnificent exposition."--Joseph Mali, European LegacyTable of ContentsAcknowledgments xi Introduction Mots Justes 1 1 The Garden 16 2 Berlin Is Burning 52 3 Proving Hamlet Wrong 85 4 The Hour of Courage 119 5 Crossings 153 6 Of Guns and Butter 187 7 The Last Battle 219 8 The Anthill 252 9 The Biography of a File 284 10 Colombia Years 295 11 Following My Truth 325 12 The Empirical Lantern 353 13 Sing the Epic 382 14 The God Who Helped 415 15 The Cold Monster 455 16 Man, the Stage 489 17 Body Parts 525 18 Disappointment 531 19 Social Science for Our Grandchildren 567 20 Reliving the Present 599 Conclusion Marc Chagall's Kiss 639 Afterword Sailing into the Wind 653 Notes 659 Bibliographic Essay 699 Index 709

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Book SynopsisHow can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In this book, the author - the first non-Westerner to be chief economist of the World Bank - focuses on what developing nations can do to help themselves.Trade Review"Lin, the chief economist and senior vice president for the World Bank from 2008 to 2012, tackles prevailing shibboleths in this provocative and challenging work... While there is no easy answer to these problems, Lin's reminder that such development is not a 'zero-sum game' suggests that his thoughtful study should resonate among international audiences."--Publishers Weekly "[A] brilliant survey of economic thought on the subject, from Adam Smith through Solow-Swan to Michael Spence's Growth Commission. Thousands of authoritative-sounding economic history essays will be written on the back of it by students smart enough to read it before their professors do... [A]s an accessible summary of how the World Bank ... thinks about development these days, The Quest for Prosperity is hard to beat. It will quickly find its way on to the course reading lists for development economics master's programmes."--Howard Davies, Times Higher Education "Justin Lin, the Chinese economist who was, until recently, chief economist of the World Bank, has written a book that is as remarkable as it is ambitious: its aim is to show the route to economic development. This is ambitious, because it has been the holy grail of economics since its inception. It is remarkable, because he largely succeeds. One does not have to accept everything Lin argues to recognise that he has made an invaluable contribution... Moreover, the book is also excellently written. A book on a subject of the highest importance, which is intelligent, original, practical and thought-provoking, deserves indeed to be read."--Martin Wolf, Financial Times "In this book, Justin Yifu Lin, the World Bank's first non-western chief economist, offers a fascinating overview of development thinking since the Second World War."--Lisa Moyle, Financial World "Here, Lin, a former chief economist and senior vice president of the World Bank, explains here in detail the model he created there for developing economies to achieve success and sustainability... The book is well organized and thus it is easy for readers to find information discussed throughout the book as a whole. Lin's use of history and popular culture metaphors make complex economic concepts more accessible to lay readers, especially in his analysis of global economics."--Library Journal "The most valuable new book I've read this year is Justin Yifu Lin's The Quest for Prosperity... Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. It's a serious undertaking: Lin isn't trying to be another pop economics sensation. But The Quest for Prosperity is lightly written and accessible. It weaves in pertinent stories and observations, drawing especially from his travels with the World Bank. He leavens the economics skillfully."--Clive Crook, Bloomberg News "Lin ... makes a case for what he calls a 'new structuralist' approach to economic development. Drawing on the experience of many countries, especially China, he argues for an active role for government in fostering development, not only through the traditional provision of infrastructure and the enforcement of rules but also in identifying and supporting industries that contribute to growth... Lin presents a thought-provoking argument."--Foreign Affairs "The book is peppered with deep insights from economic thought, practical wisdom, and personal experience, and is easily accessible to policy makers, business leaders, and undergraduates studying development economics."--Choice "[T]his is indeed a stimulating volume, clearly indicating the author's extraordinary command of the development literature and his equally extraordinary level of motivation in making his case."--Gustav Ranis, Journal of Economic Literature "The Quest for Prosperity is a quintessential economics book drafted within the paradigm of Western epistemology."--Bulent Temel, Journal of Economic GeographyTable of ContentsPrologue ix An Intriguing Offer x Strange Childhood Memories from Africa xi 1 New Challenges and New Solutions 1 The Bane of Excess Capacity 3 The Apparent Mystery of Economic Success 5 Taking Einstein's Joke Seriously: A New Structural Economics 8 2 A Battle of Narratives and Changing Paradigms 13 Giving Meaning to One's Life 14 The Evolution of Growth 17 Deciphering the Mystery of Poverty and Wealth 20 Robert Lucas and the Drycleaner's Daughter 26 Explaining Convergence and Divergence 29 Development Thinking: A Tale of Progress, Waves, Fads, and Fashion 33 The Frustrating Search for New Answers 42 The Need for New Strategic Thinking 45 3 Economic Development: Lessons from Failures 49 Viability as the Hidden Ingredient to Economic Success 52 The Political Economy of Dreams and Ignorance 61 "Do Not Look Where You Fell but Where You Slipped" 67 Not Throwing the Baby Out with the Bathwater 71 4 Lessons from Successful Catch-up Countries 76 Squaring the Circle: The Contribution of The Growth Report 78 Recognizing That Some Countries May Have Found the Holy Grail 85 Modern Economic Growth: The Secret of Advanced Countries 97 5 A Framework for Rethinking Development: A New Structural Economics 102 Why Burundi Is Not Switzerland 104 Understanding Economic Development: A Conceptual Framework 108 The Optimal Speed and Sequencing of Prosperity 112 Putting New Wine in New Bottles 117 6 What Would Be Done Differently under the New Structural Economics? 121 Fiscal Policy: Free Airplanes, Railroads, and Bridges? 123 Money to Impoverish--or Money to Enrich 127 Surviving Wealth: Public Revenue Management in Resource-Rich Countries 130 Financial Development: Those Bankers We Love to Hate 136 The Need for Poor Countries to Choose Their Type of Foreign Capital 139 Sorting Out the Paradoxes of Trade Policy 141 Deciphering the Mysteries of Human Development 143 7 Putting the New Structural Economics into Practice: Two Tracks and Six Steps 147 To Identify or Not to Identify: That Is the Question 149 How to Identify Industries with Latent Comparative Advantages: A Few Principles 154 A Practical Guide for Sequencing Structural Transformation 158 8 The Peculiar Identities and Trajectories of Transition Economies 179 Imaginary Confessions in Heaven: The Politics of Reforms 181 Back to Earth: The Economics of Multiple Distortions 190 Options for Economic Reform: Big Bang or Gradualism? 195 Thriving Transitions: Lessons from China, Slovenia, and a Few Other Countries 201 9 Fostering Structural Change at Higher Levels of Development 209 Fighting Off the Middle-Income Curse 214 Keeping Pace with the Times 221 GIF Principles and Continued Structural Transformation 224 Understanding the Economics of Wealth and Greatness 229 10 A Recipe for Economic Prosperity 234 Understanding the True Nature and Causes of Economic Development 237 Industrial Policy in Action 242 Being Too Cautious: The Greatest Risk of All 246 Glossary 251 Notes 259 References 287 Index 309

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Book SynopsisThe world's leading economies are facing not just one but many crises. The financial meltdown may not be over, climate change threatens major global disruption, economic inequality has reached extremes not seen for a century, and government and business are widely distrusted. At the same time, many people regret the consumerism and social corrosionTrade ReviewOne of The Globalist's Top Books of 2012 "In The Economics of Enough, Ms. Coyle adds a knowledgeable and earnest voice to the discussion about how to face these global challenges... Ms. Coyle has written a thoughtful, sprawling work. I was impressed with both the magnitude of the subject matter and her keen grasp of it... Ms. Coyle has made an important contribution to the debate on the nature of global capitalism."--Nancy F. Koehn, New York Times "If widely read, [The Economics of Enough] could be the twenty-first century's basic action manual. Like the best political philosophers, Coyle does not merely present the gritty reality of politics (or political economy, in this case), but gives us a roadmap out of our collective swamp... [T]he book is a small wonder."--Joel Campbell, International Affairs "If Diane Coyle had written The Economics of Enough a year or so earlier, a British political party would probably have laid claim to its message during the general election campaign. Coyle's work manages to tie up fiscal policy, inequality and the environment with reflection on civil society... Coyle makes a particularly effective assault on the view, often espoused by environmentalists, that economic growth ought not to be a policy goal. While she calls for other objectives--and the use of a greater range of economic indicators--she backs output growth as an objective... [A] solid guide to the challenges that face governments in the coming years."--Christopher Cook, Financial Times "[Coyle's] insistence that the crisis is essentially one of trust and governance is important--and increasingly relevant as we watch our leaders failing to tame our reckless financial overlords."--Fred Pearce, Independent "Coyle's book is ... a very welcome supplement to the current dearth of smart, broad, readable economic literature now available... Coyle's book demonstrates her to be a political economist of the old school, concerned with economics as a truly social science rather than an abstract mass of numbers. As such, her work merits a much broader audience than it is likely to find in our contemporary political climate."--Matthew Kaul, Englewood Review of Books "Are we bankrupt? Are countries like the US and the UK in as much fiscal trouble as Ireland or Greece? The bond markets say no: they've been quite content to lend to the UK and the US as though they were low-risk propositions, and perhaps they are right. But even if bond holders look safe enough, citizens may not be. Diane Coyle, author of a new book, The Economics of Enough, argues that we need to go beyond traditional measures of debt in thinking about future obligations."--Tim Harford, Financial Times "Designed for readers well versed in economics, this book offers an in-depth economic analysis that often supports arguments with philosophical and sociological theories."--Caroline Geck, Library Journal "A grim view of the economic future and suggestions on how to sway the outcome, one penny at a time. In this highly informed analysis, British economist Coyle (The Soulful Science: What Economists Really Do and Why It Matters, 2007, etc.) posits as a given that 'more money makes people happier because it means they can buy more.' ... There's much to digest here, so the author's tendency to repeat herself turns out to be helpful. Tough trekking but well worth the journey for this top-rank economist's view from the summit."--Kirkus Reviews "There is much good sense in The Economics of Enough, and Coyle writes efficiently and clearly."--Howard Davies, Times Higher Education "There is much good thinking and plenty of good ideas in [T]he Economics of Enough. For many readers, the book will be a revelation in just how far we have moved from economics as a 'dismal science.' For the business reader, Coyle opens up a range of broader perspectives that will on the one hand challenge the neo-classical economic purist and, on the other, will encourage those who want their children to have more than a dismal future, to do something about it."--Roger Steare, Management Today "[A] compelling call to action... [T]his is a powerful, thought-provoking and timely contribution to the debate on the evolving shape of society."--Dimitri Zenghelis, Nature Climate Change "From the somewhat playful Sex, Drugs, and Economics, to the more descriptive and objective The Soulful Science, economist and superb writer (too often mutually exclusive categories) Coyle presents her more general assessment in The Economics of Enough. Blending economics with politics and philosophy, she uses the recent financial crisis as an opportunity to discuss a number of grander themes with the goal of a better and sustainable future, which is to be aided and abetted by a better-informed citizenry led not by an invisible hand but by the fist of more enlightened government."--Choice "The Economics of Enough is a thoughtful and reflective piece addressing the interplay between governments and markets in a 'post-financial crisis' world... The book serves as a good foil for deeper discussions of the implications and results of the attempt to govern complex systems--both political and economic--fraught with their inevitable webs of adverse selection, moral hazard, and self-interest."--Bradley K Hobbs, EH.NetTable of ContentsOverview 1 PART ONE: CHALLENGES CHAPTER ONE: Happiness 21 CHAPTER TWO: Nature 55 CHAPTER THREE: Posterity 85 CHAPTER FOUR: Fairness 114 CHAPTER FIVE: Trust 145 PART TWO: OBSTACLES CHAPTER SIX: Measurement 181 CHAPTER SEVEN: Values 209 CHAPTER EIGHT: Institutions 239 PART THREE: MANIFESTO CHAPTER NINE: The Manifesto of Enough 267 Acknowledgments 299 Notes 301 References 313 Illustration Credits 327 Index 329

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Book SynopsisIn the year 1000, the economy of the Middle East was at least as advanced as that of Europe. But by 1800, the region had fallen dramatically behind--in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the MTrade Review"Professor Kuran's book offers the best explanation yet for why the Middle East has lagged. After poring over ancient business records, Professor Kuran persuasively argues that what held the Middle East back wasn't Islam as such, or colonialism, but rather various secondary Islamic legal practices that are no longer relevant today."--Nicholas D. Kristof, New York Times "This is a book to be not just tasted but chewed and digested. Instead of facile claims that Islam is the solution or Islam is the problem, readers get a detailed history of economic institutions in the Middle East as compared to those in the West. Kuran shows that the Islamic law and practices underlying Middle Eastern commerce worked well for a long time and were much more flexible than usually assumed... Clearly presented quantitative data and illuminating anecdotes add up to a fine feast."--L. Carl Brown, Foreign Affairs "Mr. Kuran's arguments have broad implications for the debate about how to foster economic development. He demonstrates that the West's long ascendancy was rooted in its ability to develop institutions that combined labour and capital in imaginative new ways."--Economist "The Long Divergence offers a pathbreaking analysis of why the flourishing premodern economies of the Islamic world fell into relative decline as Western Europe rose. And it explores the issue of whether conservative Islam is compatible with modern economic institutions. You'll be surprised by many of his conclusions."--Peter Passell, Milken Institute Review "[The Long Divergence] explains a large part of why the Middle East and Turkey fell behind the West and law and economics has a lot to do with it. Various laws in Islamic societies were not conducive to large-scale economic structures, at precisely the time when such structures were becoming profitable and indeed essential as drivers of economic growth. This is not a book of handwaving but rather he nails the detail, whether it is on inheritance law, contracts, forming corporations, or any number of other topics."--Tyler Cowen, Marginal Revolution "In an interesting new book called The Long Divergence, Timur Kuran of Duke argues that Islam's economic restrictions, rather than its cultural conservatism or isolationism, stunted development in countries where it was the dominant religion."--Massimo Calabresi, Time.com's Swampland blog "Kuran's thesis is contentious; but it does provide us with an incentive to reformulate Islamic law. It is an excellent starting-point for a debate long overdue."--Ziauddin Sardar, Independent "[G]round-breaking... In this wide-ranging study, Kuran explores other possible factors which favored the non-Muslim business ethos over the Islamic one, but as a true scholar he rehearses other possible explanations."--Arnold Ages, Chicago Jewish Star "A ground-breaking book... Kuran argues Islamic law primarily failed to develop the concept of a corporation: an economic and legal construct, separated from family and tribal loyalty, designed to encourage investment and profit sharing."--Chris Berg, Sydney Morning Herald "Timur Kuran is an avid reader of Islamic economic and legal history and an immensely well informed scholar. This latest work not only combines his earlier arguments but also provides some new perspectives."--Murat Cizakca, EH.Net "[A]n invaluable contribution to the debate."--Choice "[T]his is a most informative book and may make contemporary Muslims wonder whether a forthcoming second codification of Islamic law should heed some of the warnings of the author."--Murat Cizakca, MESA Bulletin "Kuran deserves to be lauded for providing a narrative for how certain Middle Eastern institutions negatively affected economic outcomes. This book represents an advance in our understanding of the functioning of commercial institutions in the Middle East and of their dynamic consequences... Kuran has provided an important scholarly resource for both academics and those interested in the economic and political development of the region more broadly."--Eric Chaney, Development and Change "By eschewing simple explanations and challenging scholars to look at such heated topics as the Capitulations in a new light, Long Divergence offers a new window on an old dogma. In a time when there is a trend to blame much of the Middle East's problems on Western meddling, it is important that scholarship swims slightly against the current in shedding new light on questions of modernity and the reasons behind economic stagnation in the Muslim world."--Seth Frantzman, Digest of Middle East Studies "The Long Divergence is an excellent book that should be of great appeal to scholars interested in the Middle East and its history, economic historians interested in the general question of why some regions failed to modernize, and social scientists interested in the historical and institutional roots of comparative underdevelopment."--Metin Cosgel, Journal of Economic History "In this beautifully crafted book, Timur Kuran provides a remarkably rich analysis of how Islamic law impeded economic progress in the Middle East and North Africa. Kuran's views are fresh and powerful, and they are subtle."--Jack A. Goldstone, Perspectives on Politics "The Long Divergence is a bold and stimulating book, based on a prodigious amount of research in world economic history. It is the first work of its kind to wrestle with the big question about the Middle East's economic path... Though it may stir up controversy among those who may not take well to his critique of Islam, this landmark study will find a broad readership to debate its provocative conclusions."--Ghislaine Lydon, Global History "[This book] is a major achievement that should be read by everyone with an interest in the region, as well as by scholars in economic history and institutional economics."--Mark Koyama, Public ChoiceTable of ContentsPreface ix PART I Introduction Chapter 1: The Puzzle of the Middle East's Economic Underdevelopment 3 Chapter 2: Analyzing the Economic Role of Islam 25 PART II Organizational Stagnation Chapter 3: Commercial Life under Islamic Rule 45 Chapter 4: The Persistent Simplicity of Islamic Partnerships 63 Chapter 5: Drawbacks of the Islamic Inheritance System 78 Chapter 6: The Absence of the Corporation in Islamic Law 97 Chapter 7: Barriers to the Emergence of a Middle Eastern Business Corporation 117 Chapter 8: Credit Markets without Banks 143 PART III The Makings of Underdevelopment Chapter 9: The Islamization of Non-Muslim Economic Life 169 Chapter 10: The Ascent of the Middle East's Religious Minorities 189 Chapter 11: Origins and Fiscal Impact of the Capitulations 209 Chapter 12: Foreign Privileges as Facilitators of Impersonal Exchange 228 Chapter 13: The Absence of Middle Eastern Consuls 254 PART IV Conclusions Chapter 14: Did Islam Inhibit Economic Development? 279 Notes 303 References 349 Index 393

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Book SynopsisThis book brings together a group of leading economic historians to examine how institutions, innovation, and industrialization have determined the development of nations. Presented in honor of Joel Mokyr--arguably the preeminent economic historian of his generation--these wide-ranging essays address a host of core economic questions. What are theTrade Review"These essays demonstrate the breadth of institutionalist economic history, covering the interaction of institutions, culture, markets, and politics in shaping economic behavior and outcomes."--ChoiceTable of ContentsIntroduction 1 The Enlightened Economist Avner Greif, Lynne Kiesling, & John V. C. Nye (Editors) 1Neither Feast nor Famine 7 England before the Industrial Revolution Cormac O'Grada 2Progress, Useful Knowledge , and the Origins of the Industrial Revolution 33 Joel Mokyr I Institutions 3Coercion and Exchange 71 How Did Markets Evolve? Avner Greif 4Meat Consumption in Nineteenth-Century New York 97 Quantity, Distribution, and Quality, or Notes on the "Antebellum Puzzle" Gergely Baics 5Funding Empire 129 Risk, Diversification, and the Underwriting of Early Modern Sovereign Loans Mauricio Drelichman and Hans-Joachim Voth 6Establishing a New Order 149 The Growth of the State and the Decline of Witch Trials in France Noel D. Johnson, Mark Koyama, and John V. C. Nye II Innovation 7Increasing Market Concentration in British Banking, 1885 to 1925 179 Fabio Braggion, Narly R.D. Dwarkasing, and Lyndon Moore 8The Catapult of Riches 201 The Airplane as a Creative Macroinvention Peter B. Meyer 9England's Eighteenth-Century Demand for High-Quality Workmanship 225 Evidence from Apprenticeship, 1710-1770 Karine van der Beek 10A Growth Agenda for Economic History 245 Rick Szostak III The Industrial Revolution 11Amidst Poverty and Prejudice 277 Black and Irish Civil War Veterans Hoyt Bleakley, Louis Cain, and Joseph Ferrie 12How Britain Lost Its Competitive Edge 307 Competence in the Second Industrial Revolution Ralf R. Meisenzahl 13Regulating Child Labor 337 The European Experience Carolyn Tuttle and Simone A. Wegge 14Decomposing the Wage Gap 379 Within- and Between-Occupation Gender Wage Gaps at a Nineteenth-Century Textile Firm Joyce Burnette 15The Context of English Industrialization 397 Eric Jones Contributors 411 Index 417

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Book SynopsisThe Leaderless Economy reveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what wentTrade ReviewOne of Choice's Outstanding Academic Titles for 2013 "[T]emin and Vines's measured analysis will reward serious readers and economists who can keep up with global theory in motion."--Publishers Weekly "A rigorous analysis of the collapse of the world economy in 2008--and why things don't seem to be getting better... [S]obering."--Kirkus Reviews "[The Leaderless Economy] presents sensible arguments in favour of a rebalanced world economic system."--Tony Barber, Financial Times "In The Leaderless Economy, Temin and Vines demonstrate that Keynes' economic theories remain robust and relevant... [T]heir book provides a clear and compelling analysis of the roots of our global financial crisis and the lessons we can learn from it."--Glenn C. Altschuler, Huffington Post "You can learn a lot by reading [The Leaderless Economy]... The authors are commendably alert throughout to the economic and political complexities involved."--Daniel Akst, Bloomberg News "Temin and Vines ... offer a thoughtful exploration of the situation of the world financial system through detailed analysis and comparisons of the recent international economic crisis with circumstances during the Great Depression... The book is a great resource for those interested in international economics and history. A must read for upper-division undergraduate students, business leaders, and future policy makers, and a pleasure for graduate students, faculty, and general readers."--Choice "In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises."--World Book IndustryTable of ContentsPreface ix ONE The World Economy Is Broken 1 TWO The British Century and the Great Depression 21 THREE Keynes from the Macmillan Committee to Bretton Woods 59 FOUR The American Century and the Global Financial Crisis 107 FIVE Restoring International Balance in Europe 151 SIX Restoring International Balance in the World 205 SEVEN Using Theory to Learn from History 243 Appendix 257 Notes 275 References

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Book SynopsisOrganized crime is spreading like a global virus as mobs take advantage of open borders to establish local franchises at will. That at least is the fear, inspired by stories of Russian mobsters in New York, Chinese triads in London, and Italian mafias throughout the West. As Federico Varese explains in this compelling and daring book, the truth isTrade ReviewWinner of the 2012 Outstanding Publication Award, International Association for the Study of Organized Crime "It is hard not to feel sympathy for some of the Mafiosi Federico Varese describes in his meticulous study of mafia transplantation, as they struggle to make an impact in a foreign country where they don't speak the language and nobody is interested in the protection they have to offer. If Varese is right--and it would be hard to dispute his evidence--most mafia groups seeking new turf eventually either go back home with their tails between their legs or give up being gangsters and take up a less disreputable profession... Varese is one of the most acute students of global organised crime and a gripping storyteller."--Misha Glenny, London Review of Books "[Varese] is careful, painstaking, willing and able to pore through police, local authority and parliamentary files in search of hard facts. Yet he is as reckless as a freelance reporter out to make his name in the global badlands--trekking about the tougher areas of his native Italy, delving into the vicious gangs that emerged after the collapse of the Soviet Union and patiently acquiring on-the-ground knowledge of the Chinese crime world, growing at the same breakneck speed as the economy it both assists and corrupts."--John Lloyd, Financial Times "Few books on organized crime blend academic theory and popular interest as well as this book... [T]his is an excellent study."--Choice "Mafias on the Move offers a compelling and cautionary tale of the unintended consequences of state actions... Varese provides an insightful challenge to the conventional wisdom on the impact of globalization and an essential contribution to the literature on organized crime."--H. Richard Friman, Perspectives on Politics "Mr. Varese's quest leads him from Prohibition-era Manhattan to mid-century Italy to modern-day China... [Mafias on the Move] tells a compelling story that is as much about politics as crime."--Wall Street Journal "Varese has successfully blended a diversity of sources, including archival and government documents from several countries, interviews, journalism, and personal accounts, to establish a convincing and rich set of case studies examining both successful and failed mafia transplantations."--Public Choice "Varese's work should be of [broad] interest to anyone working in political economy... Through colorful and exciting case studies, this book contributes to the study of political economy by explaining the nature and mobility of mafia groups, identifying the importance of informal institutions, and showing how globalization can limit organized crime."--David Skarbek, Public Choice "[C]ompelling narrative... Well written and researched."--Economic Times "Mafias on the Move will undoubtedly confirm Federico Varese's stature as one of the most astute and insightful contemporary participants in the ongoing conversation about the fate of transnational criminal groups in the globalization era."--Venelin I. Ganev, European Journal of Sociology "[I]ntellectually absorbing and beautifully written... This excellent book well merits the high praise from John le Carre, Timothy Frye, and Susan Rose-Ackermann that appears on its cover."--Michael Levi, American Journal of Sociology "[T]his book is intriguing... As with any quality research, Varese's work creates more questions than answers."--Lee Brown, International Social Science Review "[A]ll will certainly appreciate the thought-provoking analysis and the agreeable prose."--Vincenzo Ruggiero, British Journal of CriminologyTable of ContentsAcknowledgments vii Chapter One: Introduction 1 Chapter Two: Mafia Transplantation 13 Chapter Three: The 'Ndrangheta in Piedmont and Veneto 31 Chapter Four: The Russian Mafia in Rome and Budapest 65 Chapter Five: Lessons from the Past: Sicilian Mafiosi in New York City and Rosario, circa 1880-1940 101 Chapter Six: The Future of the Mafias? Foreign Triads in China 146 Chapter Seven: Mafia Origins, Transplantation, and the Paradoxes of Democracy 188 Notes 203 References 237 Index 263

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Book SynopsisCan libertarians care about social justice? In Free Market Fairness, John Tomasi argues that they can and should. Drawing simultaneously on moral insights from defenders of economic liberty such as F. A. Hayek and advocates of social justice such as John Rawls, Tomasi presents a new theory of liberal justice. This theory, free market fairness, is cTrade Review"[Free Market Fairness's] aim is to question opposed modes of thought and find a way between them. Saying that his book was written for 'ideologically uncommitted readers,' Mr. Tomasi invites them and others to join him in exploring the ideas he has outlined. It is an invitation well worth accepting, especially in an election year."--Adam Wolfson, Wall Street Journal "An extremely interesting and important project."--Ethics "[I]mportant"--Andrew KoppelmanNotre Dame Philosophical Reviews "In many respects, [Tomasi] is a classical liberal, but he also retains a strong commitment to the worst off in society. He is a supporter of both free-market capitalism and of safety nets. His goal is to combine economic liberty and social justice. In attempting to transcend the standard positions, he should be commended."--Daniel Ben-Ami, Spiked Review of Books "Tomasi is a useful corrective to both Rawls and Hayek."--Notre Dame Philosophical Reviews "Brilliant... The heart of Tomasi's book entails serious engagement with John Rawls and his liberal theory of justice as fairness."--Ryan T. Anderson, Weekly Standard "Tomasi takes a significant step beyond classical and some types of social democratic liberalism in an attempt to find common ground... Tomasi's 'market democracy' contributes important insight to the continuing political-economic debate."--Choice "One could hardly imagine John Tomasi's Free Market Fairness coming along at a more opportune time. Stump-speech rhetoric seems to have turned its attention (at least nominally) towards the concept of fairness... The proper role of government is up for debate again... Tomasi offers a clear-headed exploration of these and other issues during a moment of noticeable obtuseness and obfuscation in American politics [as] an accident of timing, incidental to his larger project, which is both ambitious and deeply needed."--Robert Herritt, Policy Review "Free Market Fairness is both an excellent book and an important one. What makes a work of philosophy valuable is not that it arrives at all the right conclusions, but that it asks the right questions, makes us think, and causes us to re-examine our assumptions. Free Market Fairness does all of those things. For this reason, it is appropriate to describe the book as seminal."--John Hasnas, Regulation "John Tomasi has written a spirited, accessible book that successfully argues the classical liberal tradition ... of private economic liberty as a necessary and equal partner with social and political liberties in a free and just democratic society. This integrated, constructive approach ... also recognizes the importance of social justice, a high liberal concept that he redefines by employing the principles of classical liberal thought... Tomasi has provided the intellectual and justificatory framework for classical liberal adherents to robustly explore opportunities in a market-democracy research program."--Thomas A. Hemphill, Journal of Markets and Morality "Free Market Fairness is a fine book that merits promotion, a merit raise, a cohort of graduate students, a fine reputation, and all the other benefits of academic life. The book is well written and well researched. The arguments are clearly stated and well defended. Political thinkers of all stripes will benefit from Tomasi's discussion of classical liberalism and libertarianism."--Mark A. Graber, Review of Politics "A landmark publication in political philosophy."--Res Publica "John Tomasi is to be applauded for endeavoring to restore among contemporary philosophy professors an appreciation of the political and moral virtues of classical economic liberalism, highlighting ... its benefits for all citizens, especially the 'less advantaged,' while distinguishing it from the dogmatic, apolitical libertarianism that tends in practice to weaken support for economic (and hence political) freedom."--David Lewis Schaefer, Society "Tomasi has done us all a service by starting, if not by ending, this important conversation."--John Thrasher, Public Choice "Tomasi presents a powerful vision of 'social justice, American style' ... [and] provides a refreshing framework for thinking about the ability of free markets and limited government to preserve the conditions in which justice can be realized, and it is particularly noteworthy for seeking to engage with egalitarian liberals on their own terms... Tomasi's primary goal is to challenge the existing paradigms for thinking about the relationship between markets and justice. At this task, he emphatically succeeds."--Keith Hankins, Journal of Moral Philosophy "[This book] will be greatly helpful to students of political philosophy and political economy, especially for those whose interests lie in economic inequality and economic Justin."--Sojin Shin, Political Studies ReviewTable of ContentsAcknowledgments ix Introduction xi Chapter 1: Classical Liberalism 1 Property and Equality 1 Market Society 6 America 11 Hayek 16 Classical Liberalism 22 Chapter 2: High Liberalism 27 Property or Equality 27 The Decline of Economic Liberty 32 Rawls 37 The Libertarian Moment 46 Liberalismus Sapiens Sapiens 51 Chapter 3: Thinking the Unthinkable 57 The Great Fact: Economic Growth 57 Populism, Probability, and Political Philosophy 60 Economic Liberty and Democratic Legitimacy 68 Endings, and Beginnings, Too 84 Chapter 4: Market Democracy 87 The Conceptual Space 87 Breaking Ice 99 Market Democracy as a Research Program 103 Institutions 106 The Challenges to Market Democracy 118 Chapter 5: Social Justicitis 123 The Distributional Adequacy Condition 123 Hit Parade: Property and the Poor 127 Hayek's Critique 142 Benadryl for Free-Marketeers 151 Chapter 6: Two Concepts of Fairness 162 Warming up to Market Democracy 162 Applying the Theory 172 The Argument Ipse Dixit 177 Justice as Fairness: Status or Agency? 180 Chapter 7: Feasibility, Normativity, and Institutional Guarantees 197 The Twilight of Left Liberalism? 197 Realistic Utopianism 203 Aims and Guarantees 215 Chapter 8: Free Market Fairness 226 The Difference Principle 226 Fair Equality of Opportunity 237 Political Liberty 247 Generational, Environmental, and International Justice 254 Free Market Fairness as a Moral Ideal 264 Conclusion 267 Notes 273 Bibliography 315 Index 333

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Book SynopsisThe author presents an in-depth look at how democratic values have widened the American arts scene, even as it remains elite and cosmopolitan.Trade Review"A critical guide for new directions in the sociology of the arts."---Amanda Koontz, Contemporary Sociology"Entitled tackles a fascinating new dimension, exploring how the definition of art in the United States has broadened over time while remaining unmistakably elite. . . . [A] powerful theory of artistic legitimation that brings us to a much deeper understanding of art in the United States."---Raquel Jimenez, Contexts Magazine"Entitled [is] an authoritative, eye-opening, and astonishingly detailed look at the power struggle over the boundaries of art, as conducted over approximately the last two centuries of American cultural life."---C. Thi Nguyen, Journal of Aesthetics and Art Criticism"The book is full of startling nuggets."---Josephine Livingstone, Times Literary Supplement"[Entitled] traces the almost 200-year-old story of how the objects and performances that educated Americans today consider art came to be 'sacralized' as art. Weaving together historical research with theoretical insights from the sociology of culture, Entitled narrates the transformation in American elite tastes from quasi-European highbrow snobs to omnivorous cosmopolitans"---Sergio Cabrera, Social Forces

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Book SynopsisTrade Review"This one is a bit of a curio for jazz followers, many of whom might be drawn to the book via the Miles Davis name on the cover"---Peter Gamble, Jazz Journal"Art Rebels is a significant achievement. It is careful, considered, reasoned, and eye-opening."---Clayton Childress, Symbolic Interaction"[T]he defamiliarization of art through these reseeings and retellings makes for a mind-changing and instructive experience." * Choice *"By examining the ineffable area linking individualism and commercialism, civic and racial consciousness, Lopes contributes a nuanced and timely account of the unlikely mix of 'tradition and the individual talent'."---Adriana-Cecilia Neagu, American British and Canadian Studies

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Book SynopsisSustained growth depends on innovation, whether it's cutting-edge software from Silicon Valley, an improved assembly line in Sichuan, or a new export market for Swaziland's leather. This title proposes a legal theory of economic growth that details how effective property, contract, and business laws help to unite capital and ideas.Trade Review"Cooter and Schafer apply insights from the field of law and economics to the problem of poverty. They describe how institutions like contracts overcome dilemmas of trust at the heart of economic transactions. Readers interested in understanding the law and economics approach would do well to start with this well-written volume, which develops a model of the legal institutions needed for innovation... [A] significant contribution to the field."--Choice "[C]ompelling."--Michael Strong, Barron's "Rich in institutional detail, wisdom and practical advice."--Alex Tabarrok, Marginal Revolution "The authors, Cooter and Schafer, skilfully avoid economics verbiage and complicated legal terms, providing instead a plethora of anecdotes, appropriate examples and studies."--Lisa Kaaki, Arab News "Solomon's Knot remains an entertaining and comprehensive read. It successfully conveys the main theories of law and economics within the context of promoting innovation as a source of sustained growth. Moreover, it proposes clear and simple policy recommendations for developing countries to adopt in pursuit of greater wealth creation and economic development."--Christel Y. Tham, Journal of International Law and PoliticsTable of ContentsPreface ix Acknowledgments xiii Chapter 1: It's about the Economy 1 Chapter 2: The Economic Future of the World 13 Chapter 3: The Double Trust Dilemma of Development 27 Chapter 4: Make or Take 39 Chapter 5: The Property Principle for Innovation 50 Chapter 6: Keeping What You Make--Property Law 64 Chapter 7: Doing What You Say--Contracts 82 Chapter 8: Giving Credit to Credit--Finance and Banking 101 Chapter 9: Financing Secrets--Corporations 123 Chapter 10: Hold or Fold--Financial Distress 142 Chapter 11: Termites in the Foundation--Corruption 159 Chapter 12:Poverty Is Dangerous--Accidents and Liability 179 Chapter 13: Academic Scribblers and Defunct Economists 193 Chapter 14: How the Many Overcome the Few 211 Chapter 15: Legalize Freedom--Conclusion 223 Notes 229 Bibliography 299 Index 313

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Book SynopsisIn The Globalization of Inequality, distinguished economist and policymaker Francois Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countriTrade ReviewA Financial Times Summer Books 2015 selection One of Financial Times (FT.com) Best Books in Economics 2015, chosen by Martin Wolf "This timely and excellent primer on income inequality both within and among nations deserves to be read by both occupiers and occupants of Wall Street."--Publishers Weekly "Globalization has unleashed powerful forces: some wonderful, some worrying. This book can take you beyond the cliches to an understanding of what is going on and what can be done about it."--Sir Paul Collier, Prospect "Readers wanting a map of the terrain should read Bourguignon. Bourguignon['s] provides an accessible overview."--Martin Wolf, Financial Times "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "Recommended for readers seeking a brief, less technical introduction to economic inequality within and among nations."--Library Journal "Bourguignon carefully wends his way among the definitions of inequality and its multiple, sometimes conflicting measures... This book is written for the layman but is nonetheless intellectually rigorous. It sets out the causes of and some remedies for a problem that urgently needs to be solved if we are to avoid what the book's title warns against, the globalization of inequality."--Brenda Jubin, Seeking Alpha "[Bourguignon's] compact book takes readers through most of the suspected causes and possible cures for what he and many believe is a destructive phenomenon... Now that this French academic's thoughts will be reaching an English-language audience, his translators may have little time to rest. Inequality is nearly everywhere. Certainly the world's politicians will continue to need such bedtime reading."--Tim Ferguson, Forbes.com "Move over, Thomas Piketty. Anyone who has been put off by the French economist's overblown and overly long book on inequality now has a succinct alternative, The Globalization of Inequality. In a mere 189 pages, Francois Bourguignon provides a measured introduction to what is right and what is wrong about current trends in the dispersion of incomes."--Edward Hadas, Reuters BreakingViews "Bourguignon sets out the figures in careful detail, distinguishing between increases in inequality within countries and changes between countries."--Diane Coyle, Enlightened Economist "Bourguignon ... presents a thoughtful and judicious analysis of economic inequality... The book is highly accessible yet also sophisticated, drawing on a large and growing technical and empirical literature on inequality."--Foreign Affairs "Bourguignon has written a succinct, useful guide to the current state of world inequality. With words and data, he draws the useful distinction between within-country inequality and between-country inequality ... in contrast to the authors of most studies of economic problems, who do a solid job laying out the patterns of concern and considering their causes but only hand wave toward solutions, Bourguignon spends significant space considering policy approaches to reducing both forms of inequality."--Choice "The sooner we listen to Bourguignon, Piketty, Atkinson et a l, the better."-- Mark Goldring, Resurgence & Ecologist "A concise and nontechnical masterpiece of exceptional analytical and policy clarity. His professional expertise and policy involvement shine through in every chapter. Although the book is written for concerned global citizens, professional economists and other social scientists can learn much from reading it."--Gary Fields, ILR Review "A riveting read that explores the relationship between inequality and globalisation among nations and within nations."--Tapiwa Chagonda, South African Journal of International Affairs "This long essay gives as convincing a case as any for a fairer society--on grounds of economic efficiency."--Sean O'Grady, The Independent "The Globalization of Inequality has been written for the layman and it remains one of the best books on the subject."--Arab NewsTable of ContentsForeword to the English Edition vii Introduction: Globalization and Inequality 1 Chapter 1 Global Inequality 9 Appendix to Chapter 1 Detailed Evidence on the Recent Changes in Global Inequality 41 Chapter 2 Are Countries Becoming More Unequal? 47 Chapter 3 Globalization and the Forces behind the Rise in Inequality 74 Chapter 4 Toward a Fair Globalization: Prospects and Principles 117 Chapter 5 Which Policies for a Fairer Globalization? 146 Conclusion Globalizing Equality? 184 Index 191

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Book SynopsisAt a time when the bulwarks of the music industry are collapsing, what does it mean to be a successful musician and artist? How might contemporary musicians sustain their artistic communities? Based on interviews with over seventy-five popular-music professionals in Nashville, Beyond the Beat looks at artist activists--those visionaries who createTrade ReviewShortlisted for the 2016 ASAP Book Prize, Association for the Study of the Arts of the Present "This innovative sociological study of the Nashville music scene explores the business realities of an industry that has been radically changed by technology... His findings are encouraging because they reveal an environment in which many artists support one another in their quest for individualistic attainment."--Choice "Anyone who wishes to read a remarkably grounded analysis of how cultural work--in this case music--is changing, and about the roles of both artist entrepreneurs and trade union activists in pursuing a community-encompassing response, will find this book a wonderful read and an eye-opener for students in multiple fields: the sociology of occupations, the economics and sociology of the arts, arts management studies, industry studies, and labor relations. That Cornfield also offers a conceptual framework for thinking about structures and strategy is an extra plus."--Ann Markusen, ILR ReviewTable of ContentsPreface and Acknowledgments ix Chapter 1. Creating Community in an Individualistic Age 1 Chapter 2. Artist Activism: Building Occupational Communities in Risky Times 17 Chapter 3. Self-contained, Self-expression: The Transformative Generation of Enterprising Artists 34 Chapter 4. Identities in Play: The Contemporary Generation of Enterprising Artists 65 Chapter 5. Creating Social Spaces for Artists: Pathways to Becoming an Artistic Social Entrepreneur 93 Chapter 6. Artist Advocates: The Corporate and Entrepreneurial Generations of Arts Trade Union Activists 121 Chapter 7. Community, Agency, and Artistic Expression 150 Appendix. Interview Schedule 166 Notes 173 Bibliography 191 Index 203

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Book SynopsisProvides nuts-and-bolts advice on organizing and conducting a successful research program. This book explains how to choose a research question and answer it through manipulative experiments and systematic observations. It includes ideas to help you identify your goals, organize a season of fieldwork, and deal with negative results.Trade ReviewPraise for the previous edition: "[A] refreshing, concise work aimed primarily at those contemplating or performing ecological research studies. The authors' approach will be equally beneficial to those in various other areas of study... Highly recommended."--Choice Praise for the previous edition: "This book is a wealth of information for beginning professionals."--Erika V. Iyengar, American Biology Teacher Praise for the previous edition: "How to Do Ecology contains much of the sage advice that good supervisors have been giving their postgraduate students for years... [I]t's absolutely correct and vital information."--Robyn K. Whipp, Austral Ecology Praise for the previous edition: "Reading this book feels like having a good talk during a long walk in the woods with a wise and experienced advisor who really has the time to distill and share years of thinking about how ecological research works. Get it, and keep it handy, and your work will be the richer and more successful for it."--Jessica Gurevitch, Stony Brook University "This book ... distills the core procedural lessons of a PhD program in ecology and presents them in an engagingly written, easily digestible packet... This is an enormously valuable publication, and anyone beginning or aspiring to a graduate degree in ecology really should read it."--Robert M. Pringle, Quarterly Review of Biology "Venturing into the world of ecology can be a fulfilling, yet challenging journey. Like any journey, those best prepared, through either direct experience or having gleaned advice from their elders, will have the greatest chance of success. How to Do Ecology collates years of good advice to deliver on the latter and would be a good investment for anyone finding, or readjusting, their feet in ecological research."--Dylan Korczynskj, Austral EcologyTable of ContentsList of Illustrations vii List of Boxes ix Preface to the Second Edition xi Introduction: The Aims of This Book xiii Chapter 1 Picking a Question 1 Chapter 2 Posing Questions (or Picking an Approach) 19 Chapter 3 Using Experiments to Test Hypotheses 37 Chapter 4 Analyzing Experimental Data 58 Chapter 5 Using Surveys to Explore Patterns 77 Chapter 6 Building Your Indoor Skills 97 Chapter 7 Working with People and Getting a Job in Ecology 105 Chapter 8 Communicating What You Find 119 Chapter 9 Conclusions 164 Acknowledgments 167 References 169 Index 177

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Book SynopsisThe untold story of how FDR did the unthinkable to save the American economy.Trade Review"[Sebastian Edwards] skillfully narrates a pivotal episode in American political and economic history he considers too little remembered. . . . Edwards writes equally knowledgeably about economics and politics: . . . At a time of economic uncertainty at home and abroad, this comprehensive study of an important event in U.S. fiscal history has significant implications for today." * Publishers Weekly *"Sebastian Edwards' American Default is just such a superb history of the US exit from gold in 1933-34, satisfyingly detailed and highly accessible on both the relevant economics & law."---David Frum"Edwards analyses the default that followed President Franklin Delano Roosevelt’s 1933 decision to devalue the dollar against gold. . . . The story is fascinating and the lessons eternal."---Martin Wolf, Financial Times"[American Default] is the history of that mighty legal, moral, political and monetary controversy, the effects of which are with us still. . . . [Sebastian Edwards] knowledgably compares the 20th-century American default to Argentina’s 2002 abrogation of its dollar denominated debt."---James Grant, Wall Street Journal"Brilliantly told."---Steve Hanke, Forbes"Edwards ends his admirably accessible and illuminating book with some careful thoughts on recent financial crises around the world, such as those in Argentina and Greece, and shows why US gold cases from 1933 to 1935 are a useful precedent to understand how future such crises may be successfully resolved by hewing carefully to the rule of law. He believes that the cases may even be invoked by lawyers in other national, or international, arenas. If so, those involved will, no doubt, turn to this book for inspiration and guidance."---Benn Steil, Financial World"Excellent. . . . A fascinating narrative of FDR's decision to devalue the dollar in 1933-34."---Scott Sumner, EconLog"Edwards’ book is fascinating, well written and enjoyable."---Geoffrey Wood, Central Banking"Great book by UCLA economist Sebastian Edwards about a key moment in American economic history. Many economists believe that the most important thing FDR did to help the economy recover from the Great Depression was to go off the gold standard. As part of that policy, he pursued laws that rewrote many bond contracts, annulling gold clauses. It was controversial then (and surely would be again if such an issue were ever to arise). Edwards does a wonderful job telling the story."---Greg Mankiw, Greg Mankiw's Blog"Fascinating. . . . I couldn't put this book down."---Brenda Jubin, Seeking Alpha"A shimmering example of the benefits of historical distance can be found in the UCLA economist Sebastián Edwards’ American Default, a sharp-eyed exploration of a little-noted episode in US economic history."---Ken Rogoff, Project Syndicate"Sebastian Edwards has written a very important book on a monumental episode in U.S. history, the great debt default of 1933-35, which was a true turning point in American political and economic history. . . . I highly recommend American Default. It is more than compelling history; it is a tract for our times."---Gerald P. O'Driscoll Jr., Cato Journal"A magnificent piece of scholarship."---Kenneth Rogoff, Project Syndicate"This easily accessible economic, political, and legal history should be read by undergraduates, graduate students, and the general public. Each audience will gain a new perspective on an important though underappreciated episode in international political economy."---Laura Phillips Sawyer, Journal of American History"Rarely does one read a book on a topic already researched thoroughly and still feel as if one has walked away with a new perspective."---James Caton, Independent Review"Edwards’ clarity enables him to sustain the interest of the reader in spite of the technical nature of his narrative."---Peter Fearon, Journal of Transatlantic Studies

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Book SynopsisTrade Review"Highly recommended."--Karen Shook, Times Higher EducationTable of ContentsIntroduction: Why Failures? 1 Part I Leading Causes of Research Failures 17 1 Inappropriate Research Setting 19 2 Technical Design Flaws 29 3 Partner Organization Challenges 40 4 Survey and Measurement Execution Problems 51 5 Low Participation Rates 62 Part II Case Studies 71 6 Credit and Financial Literacy Training: No Delivery Means No Impact 73 7 Interest Rate Sensitivity: Ignoring the Elephant in the Room 84 8 Youth Savings: Real Money Drumming up Fake People 94 9 Poultry Loans: Trying to Fly without a Pilot 105 10 Child Health and Business Training with Credit: No Such Thing as a Simple Study 114 11 Bundling Credit and Insurance: Turns Out More Is Less 125 Conclusion 133 Appendix | Checklist for Avoiding Failures 138 Acknowledgments 147 Notes 149 Bibliography 153 Index 157

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Book SynopsisTrade Review"Winner of the George R. Terry Book Award, Academy of Management""Co-Winner of the EGOS Book Prize, European Group for Organizational Studies""Providing a unique perspective on a complex suject, Taking the Floor profiles what an effective, responsible trading room can and should look like."---City Press Office, Cass Business School"Taking the Floor is a significant contribution to social studies of finance and economic sociology more broadly. It will certainly be worthwhile reading not only for specialists, but also a much broader audience, since the way abstract models shape reality is becoming one of the more salient issues in contemporary societies within and beyond the realm of finance."---Manuel A. Santana-Turégano, London School of Economics Review of Books"“Taking the Floor is beautifully written. . . . Throughout, [Beunza’s] storytelling keeps the reader riveted.”"---Joel Gehman, Organization Studies

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Book SynopsisTrade Review"There is much to reflect on in this book. . . . [It] is a small, but a useful, addition to the stock of knowledge around what we must hope will be the defining financial crisis of this century."---Michael Reddell, Central Banking Journal

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Book SynopsisTrade Review"Co-Winner of the 2018 Joseph J. Spengler Best Book Prize, History of Economics Society""[A] graceful and elegantly structured new intellectual biography."---Duncan Kelly, Times Literary Supplement"Through his biographical and historical study of Pigou and his work, Kumekawa shows us how the Cambridge professor bound ethics and economics together, and did so in a way that intersected with the social changes, spurred by the rise of the Labor Party, that were taking place around him." * Choice *"[This book] should be required reading for every economist who has an interest in public economics and public choice economics. . . . It will reaffirm the reader’s faith in the value of intellectual history and of the value of archival historical research. I cannot recommend this book highly enough."---Peter J. Boettke, Public Choice"[A] fascinating intellectual biography . . . . it is very well researched and the result is a truly enjoyable read."---Maxime Desmarais-Tremblay, History of Economics IdeasTable of ContentsAcknowledgments ix Introduction History and Economics 1 1 Beginnings 8 2 Ethics, Politics, and Science 34 3 Bearing Fruit as Well as Light: Pigou's Welfare Economics 61 4 War, Peace, and Disillusionment 83 5 Retreat to the Ivory Tower 111 6 Paradigms Lost 130 7 Another War and a Fresh Start 172 8 To "Really Do a Little Good:" A Redemptive Conclusion 194 Epilogue 208 Notes 213 Bibliography 293 Index 321

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Book SynopsisHow can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin--the first non-Westerner to be chief economist of the World Bank--focuses on what developing nations can do to help themselves. Lin examines how the coTrade Review"Lin, the chief economist and senior vice president for the World Bank from 2008 to 2012, tackles prevailing shibboleths in this provocative and challenging work... While there is no easy answer to these problems, Lin's reminder that such development is not a 'zero-sum game' suggests that his thoughtful study should resonate among international audiences."--Publishers Weekly "[A] brilliant survey of economic thought on the subject, from Adam Smith through Solow-Swan to Michael Spence's Growth Commission. Thousands of authoritative-sounding economic history essays will be written on the back of it by students smart enough to read it before their professors do... [A]s an accessible summary of how the World Bank ... thinks about development these days, The Quest for Prosperity is hard to beat. It will quickly find its way on to the course reading lists for development economics master's programmes."--Howard Davies, Times Higher Education "Justin Lin, the Chinese economist who was, until recently, chief economist of the World Bank, has written a book that is as remarkable as it is ambitious: its aim is to show the route to economic development. This is ambitious, because it has been the holy grail of economics since its inception. It is remarkable, because he largely succeeds. One does not have to accept everything Lin argues to recognise that he has made an invaluable contribution... Moreover, the book is also excellently written. A book on a subject of the highest importance, which is intelligent, original, practical and thought-provoking, deserves indeed to be read."--Martin Wolf, Financial Times "In this book, Justin Yifu Lin, the World Bank's first non-western chief economist, offers a fascinating overview of development thinking since the Second World War."--Lisa Moyle, Financial World "Here, Lin, a former chief economist and senior vice president of the World Bank, explains here in detail the model he created there for developing economies to achieve success and sustainability... The book is well organized and thus it is easy for readers to find information discussed throughout the book as a whole. Lin's use of history and popular culture metaphors make complex economic concepts more accessible to lay readers, especially in his analysis of global economics."--Library Journal "The most valuable new book I've read this year is Justin Yifu Lin's The Quest for Prosperity... Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. It's a serious undertaking: Lin isn't trying to be another pop economics sensation. But The Quest for Prosperity is lightly written and accessible. It weaves in pertinent stories and observations, drawing especially from his travels with the World Bank. He leavens the economics skillfully."--Clive Crook, Bloomberg News "Lin ... makes a case for what he calls a 'new structuralist' approach to economic development. Drawing on the experience of many countries, especially China, he argues for an active role for government in fostering development, not only through the traditional provision of infrastructure and the enforcement of rules but also in identifying and supporting industries that contribute to growth... Lin presents a thought-provoking argument."--Foreign Affairs "The book is peppered with deep insights from economic thought, practical wisdom, and personal experience, and is easily accessible to policy makers, business leaders, and undergraduates studying development economics."--Choice "[T]his is indeed a stimulating volume, clearly indicating the author's extraordinary command of the development literature and his equally extraordinary level of motivation in making his case."--Gustav Ranis, Journal of Economic Literature "The Quest for Prosperity is an interesting and enjoyable read."--Mukti P. Upadhyay, European Journal of Developmental ResearchTable of ContentsPreface to the Paperback Edition ix Prologue xix An Intriguing Offer xx Strange Childhood Memories from Africa xxi 1New Challenges and New Solutions 1 The Bane of Excess Capacity 3 The Apparent Mystery of Economic Success 5 Taking Einstein's Joke Seriously: A New Structural Economics 8 2A Battle of Narratives and Changing Paradigms 13 Giving Meaning to One's Life 14 The Evolution of Growth 17 Deciphering the Mystery of Poverty and Wealth 20 Robert Lucas and the Drycleaner's Daughter 26 Explaining Convergence and Divergence 29 Development Thinking: A Tale of Progress, Waves, Fads, and Fashion 33 The Frustrating Search for New Answers 42 The Need for New Strategic Thinking 45 3Economic Development: Lessons from Failures 49 Viability as the Hidden Ingredient to Economic Success 52 The Political Economy of Dreams and Ignorance 61 "Do Not Look Where You Fell but Where You Slipped" 67 Not Throwing the Baby Out with the Bathwater 71 4Lessons from Successful Catch-up Countries 76 Squaring the Circle: The Contribution of The Growth Report 78 Recognizing That Some Countries May Have Found the Holy Grail 85 Modern Economic Growth: The Secret of Advanced Countries 97 5A Framework for Rethinking Development: A New Structural Economics 102 Why Burundi Is Not Switzerland 104 Understanding Economic Development: A Conceptual Framework 108 The Optimal Speed and Sequencing of Prosperity 112 Putting New Wine in New Bottles 117 6What Would Be Done Differently under the New Structural Economics? 121 Fiscal Policy: Free Airplanes, Railroads, and Bridges? 123 Money to Impoverish--or Money to Enrich 127 Surviving Wealth: Public Revenue Management in Resource-Rich Countries 130 Financial Development: Those Bankers We Love to Hate 136 The Need for Poor Countries to Choose Their Type of Foreign Capital 139 Sorting Out the Paradoxes of Trade Policy 141 Deciphering the Mysteries of Human Development 143 7Putting the New Structural Economics into Practice: Two Tracks and Six Steps 147 To Identify or Not to Identify: That Is the Question 149 How to Identify Industries with Latent Comparative Advantages: A Few Principles 154 A Practical Guide for Sequencing Structural Transformation 158 8The Peculiar Identities and Trajectories of Transition Economies 179 Imaginary Confessions in Heaven: The Politics of Reforms 181 Back to Earth: The Economics of Multiple Distortions 190 Options for Economic Reform: Big Bang or Gradualism? 195 Thriving Transitions: Lessons from China, Slovenia, and a Few Other Countries 201 9Fostering Structural Change at Higher Levels of Development 209 Fighting Off the Middle-Income Curse 214 Keeping Pace with the Times 221 GIF Principles and Continued Structural Transformation 224 Understanding the Economics of Wealth and Greatness 229 10A Recipe for Economic Prosperity 234 Understanding the True Nature and Causes of Economic Development 237 Industrial Policy in Action 242 Being Too Cautious: The Greatest Risk of All 246 Glossary 251 Notes 259 References 287 Index 309

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Book SynopsisChina's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows thatTrade Review"[Michael Pettis is] a brilliant economic thinker."--Edward Chancellor, Wall Street Journal "Insightful... [O]ffers a sweeping perspective that links trade, exchange rates, and cross-border capital flows to underlying domestic taxation, investment, and fiscal policies... Pettis's erudite, but lucid and very readable analysis brims with surprising ripostes to conventional wisdom... Pettis's stimulating, contrarian take on the present crisis challenges dogma with clear thinking."--Publishers Weekly "This is a book that should be read by: (a) politicians, central bankers and anybody else involved in macroeconomic policy; (b) all economists; (c) all students of economics; and (d) everybody else. The Great Rebalancing: Trade, Conflict and the Perilous Road Ahead for the World Economy by Michael Pettis is as sharp and clear as a cut diamond in its analysis of the continuing global imbalances. The author brings logic, accounting identities and clarity of thought and language to bear on the issue of prospects for the global economy, putting most other commentators into the shade."--Diane Coyle, Enlightened Economist "[A] book full of easy-to-understand, yet often misunderstood theories, explanations and predictions for what went wrong internationally before the 2008 Financial Crisis, what has been going on since, and where things are likely to head in the future... The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat "With much pleasure, I highly recommend Michael Pettis' newest book The Great Rebalancing... Michael Pettis has taught me most of what I know about global trade. I also happen to believe he is the world's foremost expert on China in relation to trade and global macro events. I give two thumbs up to The Great Rebalancing."--Mike "Mish" Shedlock, Global Economic Analysis "I've been waiting for this book for over 10 years... Anyone who wants to understand international economics better will benefit from this book. I cannot recommend it more highly."--David Merkel, Seeking Alpha "This is a dense and well-argued book... It will be read with interest by the large and growing community that follows China's economy."--Mark O'Neill, South China Morning Post "The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat Pacific Money Blog "[F]ascinating reading."--BizEd "[The Great Rebalancing] is original and quite convincing, and coherently challenges conventional accounts."--Choice "Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future."--World Book Industry "Policymakers should heed the macroeconomic laws that Pettis articulates. His text is a sound introduction to global balance-of-payment mechanisms, using the financial crisis as the ideal case study."--Survival "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits... I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade Review "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits. This serves the purpose of underscoring how confused thinking can be on this important topic--a topic that ultimately helps determine the distribution of growth and jobs around the globe. I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade "The Great Rebalancing offers a stimulating read. The author advances many arguments I find quite interesting and pushes me to rethink issues I tend to take for granted. It certainly provides a different perspective."--Paul Deng, Copenhagen Journal of Asian Studies "The Great Rebalancing does what all good books should do: it prompts the reader to question old assumptions and think about the world in a slightly different way. That is not only intellectually stimulating; it is, or should be, also of practical value. Maybe one day they will even get around to reading, and learning from, this book in Berlin."--Guy de Jonquieres, Economic RecordTable of ContentsPreface to the Paperback Edition xi CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1 * Underconsumption 4 * The Different Explanations of Trade Imbalance 6 * Destabilizing Imbalances 9 * We Have the Tools 11 * Why the Confusion? 14 * Some Accounting Identities 17 * The Inanity of Moralizing 19 * The New Economic Writing 22 CHAPTER TWO How Does Trade Intervention Work? 26 * Trade Intervention Affects the Savings Rate 29 * Currency Manipulation 32 * Exporting Capital Means Importing Demand 34 * What Happens If China Revalues the Renminbi? 37 * Wealth Is Transferred within China 40 * Does China Need a Social Safety Net? 42 CHAPTER THREE The Many Forms of Trade Intervention 47 * How Changes in Wealth Affect Savings 50 * Wage Growth 52 * Trade Policy as the Implicit Consequence of Transfers 55 * Financial Repression 58 * Higher Interest Rates and Household Wealth 61 * Do Higher Interest Rates Stimulate or Reduce Consumption? 64 * Currency versus Interest Rates 66 CHAPTER FOUR The Case of Unbalanced Growth in China 69 * What Kind of Imbalance? 74 * Growth Miracles Are Not New 78 * The Brazilian Miracle 81 * Powering Growth 84 * Paying for Subsidies 87 * Limits to Backwardness 89 * The Trade Impact 92 * A Lost Decade? 94 * Can China Manage the Transition More Efficiently? 96 * Some More Misconceptions 97 CHAPTER FIVE The Other Side of the Imbalances 100 * Can Europe Change American Savings Rates? 103 * How Does Trade Rebalance? 106 * Globalization Is Not Bilateral 109 * The Global Shopping Spree 113 * Trade Remains Unbalanced 115 CHAPTER SIX The Case of Europe 119 * The Mechanics of Crisis 122 * Too Late 125 * German Thrift 128 * Forcing Germany to Adjust 131 * Two-Sided Adjustment 133 CHAPTER SEVEN Foreign Capital, Go Home! 136 * Swapping Assets 139 * It's about Trade, Not Capital 142 * Trade Imbalances Lead to Debt Imbalances 144 * The Current Account Dilemma 147 CHAPTER EIGHT The Exorbitant Burden 150 * Why Buy Dollars? 153 * It Is Better to Give Than to Receive 157 * Foreigners Fund Current Account Deficits, Not Fiscal Deficits 161 * Rebalancing the Scales 163 * When Are Net Capital Inflows a Good Thing? 166 * Can We Live without the Dollar? 168 * Why Not Use SDRs? 172 * An American Push Away from Exorbitant Privilege 174 CHAPTER NINE When Will the Global Crisis End? 178 * Transferring the Center of the Crisis 180 * Reversing the Rebalancing 183 * Some Predictions 185 * The Global Impact 191 APPENDIX Does income equality lead to unemployment? 197 Notes 217 Index 225

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Book SynopsisTaking readers into the homes of middle-class families to reveal the hidden consequences of student debt and the ways that financing college has transformed family life, the author describes the profound moral conflicts for parents take on enormous debts and gamble on an investment that might not pay off.Trade Review"A Forbes' Pick for The Year's Best Books About Higher Education, 2019""A great new book . . . . It has come to be the case that . . . . literally the definition of being middle class is sending your kid to college when you can't afford to . . . . Think about the psychic toll that this fundamental paradox is taking on the nation, the effects it has, both on folks who don't go to college, who are missing the cut-off of the middle class, folks who are in the middle class, and then, as the college scandal shows, all the way to the very top. It's insanity cascading up and down the system. That's the status quo we have. And that's exactly what Caitlin Zaloom explains so well."---Chris Hayes, Why Is This Happening podcast"Indebted ends up being a story about modern families—about how we understand our responsibilities toward one another in a time of diminishing prospects. There’s a distinctly modern paradox in Zaloom’s version of middle-class life, with parents preparing their children for adulthood while also protecting them from it. [Indebted] takes much of what we have come to accept and renders it alien and a bit absurd . . . . At times, Indebted reads like an ethnography of a dwindling way of life, an elegy for families who still abide by the fantasy that thrift and hard work will be enough to secure the American Dream."---Hua Hsu, The New Yorker"A compelling new book."---Gillian Tett, Financial Times"The story of the rising cost of college in America is often told through numbers, with references to runaway tuition sticker prices and the ever-growing pile of outstanding student debt. The personal toll these trends have taken is hard to convey, but the anthropologist Caitlin Zaloom does so in her new book Indebted: How Families Make College Work at Any Cost, which documents how the price of a college education has forced many middle-class families to rearrange their priorities, finances, and lives."---Joe Pinsker, The Atlantic"Paying for college is a total nightmare for anyone who is not a total bazillionaire, but it’s really hard to talk about that, because it’s a sensitive subject . . . . All these families really get into the nitty gritty of what they went through. Zaloom got them to really open up . . . . It’s a very eye-opening book. It’s super interesting. So my recommendation . . . check out Indebted by Caitlin Zaloom."---Dan Kois, Slate"Zaloom’s book has become a sensation because so many people instinctively know that something is deeply out of whack in the way we pay for university education."---Sasha Abramsky, The Nation"Important new book . . . . Zaloom demonstrates that the moral logic of financing college is unique to the United States."---Robin Kaiser-Schatzlein, The Baffler"Zaloom’s comprehensive exposé of the college-financing industry argues that middle-class Americans are in an unresolvable bind: culturally mandated to ensure 'open futures' for their children, but unable to afford to do so without help, they become ensnared in risky, speculative debt. . . . The facts described here will be familiar to anyone who’s heard of the student-debt crisis; the analysis, with its emphasis on the moral dilemma facing middle-class families, will resonate with parents confronting it." * Publishers Weekly *"Zaloom provides a clear-sighted and timely analysis." * Library Journal *"An excellent introduction to the student finance complex for students, parents, and present and future policy makers." * Choice *"Zaloom has produced a book that is accessible to those without a prior understanding of economics . . . . [Indebted] is a timely book and may be of interest to all parents and students preparing for entry to HE."---Chloe Reid, LSE

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Book SynopsisFamines are becoming smaller and rarer, but optimism about the possibility of a famine-free future must be tempered by the threat of global warming. That is just one of the arguments that Cormac O Grada, one of the world's leading authorities on the history and economics of famine, develops in this wide-ranging book, which provides crucial new persTrade ReviewOne of Choice's Outstanding Academic Titles for 2015 "[I]ts final chapter offers salient discussion of future possibilities and constraints for food security."--Liz Young, Times Higher Education "This book is written in calm prose, but its message is urgent: continue as we are and poverty will grow on our doorsteps."--Danny Dorling, Times Higher Education "The Irish economist Cormac O? Gra?da has written a rarity: a coolly rational, cautiously cheerful book about the most viscerally upsetting subject imaginable, mass death from hunger...For O? Gra?da, perhaps the world's expert on the history and economics of famine, now is the time to understand this long-standing terror."--Charles C. Mann, Pacific Standard "The breadth of primary and secondary resources referenced is notable throughout, and this excellent book by a leading scholar is accessible to all readers."--Choice "Cormac O Grada knows more than most people about famines, historical and modern, and his short book of essays, Eating People is Wrong, is superb."--Diane Coyle, Enlightened Economist "The overriding impression one gets from reading Cormac O Grada's latest, brilliant book is that famines the world over are an ugly human stain."--David Nally, Irish Times "Dealing with some of the most horrendous aspects of famine, the five essays collected here are meticulously scholarly and at the same time arrestingly vivid."--John Gray, New Statesman "O Grada's book offers a sobering reminder of the importance of making judgments based on good data and unhindered by ideological filters."--Douglas Gollin, Foreign AffairsTable of ContentsIntroduction 1 1 Eating People Is Wrong: Famine's Darkest Secret? 11 2 "Sufficiency and Sufficiency and Sufficiency": Revisiting the Great Bengal Famine of 1943-44 38 3 Markets and Famines: Pre-industrial Europe and Beyond 92 4 Great Leap into Great Famine 130 5 Famine Is Not the Problem-For Now 174 Bibliography 209 Index 231

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Book SynopsisThe global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developTrade ReviewPraise for the previous edition: "Since the second edition of this text was published in 1999, both the field of development economics and developing economies themselves have undergone substantial change. Agenor and Montiel have added considerable new material to this third edition, most notably dealing with issues that have risen to prominence in the last decade... This comprehensive treatment of development from a macroeconomic perspective is an indispensable reference for graduate students and faculty."--Choice Praise for the previous edition: "Since its first edition, the book has remained the definitive text on the macroeconomics of developing countries. In this third edition, the authors try to cover the latest advances in this rapidly changing field, making the book the most comprehensive source on the subject."--Abstracts of Public Administration, Development, and EnvironmentTable of Contents*Frontmatter, pg. i*Contents, pg. vii*Preface to the Fourth Edition, pg. xix*Introduction and Overview, pg. 1*Chapter 1. Economic Structure and Aggregate Accounts, pg. 12*Chapter 2. Behavioral Functions, pg. 52*Chapter 3. The Government Budget and Fiscal Management, pg. 78*Chapter 4. Macroeconomic Effects of Fiscal Policy, pg. 109*Chapter 5. Financial Markets and the Monetary Transmission Mechanism, pg. 144*Chapter 6. A Framework for Monetary Policy Analysis, pg. 182*Chapter 7. Inflation Targeting, Macroeconomic Stability, and Financial Stability, pg. 224*Chapter 8. Choosing an Exchange-Rate Regime I: Credibility, Flexibility, and Welfare, pg. 262*Chapter 9. Choosing an Exchange-Rate Regime II: The Role of Shocks, Contractionary Effects, and Moral Hazard, pg. 295*Chapter 10. Inflation and Short-Run Dynamics, pg. 331*Chapter 11. Analytical Issues in Disinflation Programs, pg. 381*Chapter 12. Dynamic Stochastic Equilibrium Models with Financial Frictions, pg. 441*Chapter 13. Financial Integration and Capital Flows, pg. 476*Chapter 14. Exchange-Rate Crises and Sudden Stops, pg. 514*Chapter 15. Banking Crises and Twin Crises, pg. 550*Chapter 16. Sovereign Debt Crises, pg. 572*Chapter 17. Macroeconomic Policies and Growth, pg. 602*Chapter 18. Trade Liberalization, Financial-Sector Reforms, and Sequencing, pg. 640*Chapter 19. The Political Economy of Adjustment, pg. 675*Epilogue, pg. 697*References, pg. 701*Index of Names, pg. 741*Index of Subjects, pg. 751

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Book SynopsisIn 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucTrade ReviewOne of China Business News' Financial Books of the Year for 2014 "Anyone interested in a primer on recent financial history will likely find Bernanke's book to be worthwhile reading."--Publishers Weekly "The lectures are consistently lucid and informal ... and above all intelligent and interesting... [I]t would be difficult to find a better short and not very technical account of what went wrong, and of how the Fed (and the Treasury) managed to keep it from getting much worse."--Robert Solow, New Republic "Readers who are not fans of the Fed chairman and his Keynesian, fiat-money policies should find as much of interest here as those who are; it's the sort of primary-source book that investors will scrutinize, politicians will seize on, pundits will plunder and generations of scholars will analyse... [The Federal Reserve and the Financial Crisis] brings what Bernanke said in the classroom to a vastly larger audience; now, it's up to the readers of varying political and economic persuasions to make what they will of his behind-the-scenes account."--Alan Wallace, Pittsburgh Tribune-Review "This book is, in short, not just an excellent guide to the Fed and its response to the financial crisis, but also constitutes an important document of its time, a reflection that central banks can do some very effective short-term anti-crisis measures, but they cannot be miracle workers."--Harold James, Central Banking Journal "The lectures, and Bernanke's answers to students' questions, are uniformly erudite, elegant and concise. Perhaps, the most arresting aspect of the lectures is the fascinating insight they provide into the thinking and motivation of the world's most powerful central banker."--Selwyn Cornish, Economic Record "The author examines what the Federal Reserve was intended to accomplish, how it performed its statutory task as it evolved over time and the special functions of the lender-of-last-resort that have been called upon during the financial crisis. These lectures provide a useful primer on matters not often presented in such a comprehensive or unequivocal way. Bernanke's reputation is often identified with his expertise on the Great Depression. Here, he presents himself differently, as a practitioner of central banking... A great introduction to the functioning of central banking for general readers."--Kirkus Reviews "This important book deserves to be read widely both because Bernanke admirably explains the Fed and its actions and because his authorship provides a window into his thinking as one of the world's most powerful financial figures."--Library Journal (starred review) "In March 2012, Ben Bernanke, chairman of the US Federal Reserve, gave four guest lectures at George Washington University. This slim volume--at only 130 pages, comfortably finished in the time it takes to watch a TV movie--comprises those lectures apparently almost verbatim, with a few astute audience questions and answers at the end of each... This is easy reading."--Financial World "The Federal Reserve and the Financial Crisis ... provides a useful tutorial on the workings of an institution in its most difficult hour. For that reason alone, it makes an important contribution to the historical record."--Marc L. Ross, Financial Analysts Journal "[T]his is a useful and highly approachable take on the history of central banking and the recent financial crisis. It's worth a read, if only to get a first-person narrative from one of the most important figures in global capital markets."--Carrie Sheffield, Washington Times "[F]or those interested in why we have central banks, what led to the 2008 financial crisis and how the nation's top officials reacted, there isn't a better primer... This is no boring textbook, despite the occasional chart. Bernanke presents a clear and engaging narrative of the economic history of the United States, while also tackling a few of the perennial anti-Fed bugaboos... One of the book's most important achievements is to place the Fed's extraordinary interventions during the crisis--including the emergency lending of $1.2 trillion to the financial industry--in context."--Ben Weyl, Roll Call "That loud crack you hear are the necks snapping as money-managers and financial specialists all over the country do double takes before snatching this book off the shelves."--C.D. Quyn, San Francisco Book Review "[The Federal Reserve and the Financial Crisis] is a helpful primer on modern central banking by one of its preeminent practitioners."--Foreign Affairs "This book will be particularly useful for those teaching a class in either macroeconomics or economic history of the twentieth century at the undergraduate level, as these lectures provide a succinct and accessible account of U.S. macro policymaking over the last hundred years."--Kris James Mitchener, EH.Net "Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history."--World Book Industry "I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME Science "[T]his is an extremely useful book, especially to monetary neophytes like myself. I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME ScienceTable of ContentsPublisher's Note vii Lecture 1 - Origins and Mission of the Federal Reserve 1 Lecture 2 - The Federal Reserve after World War II 29 Lecture 3 - The Federal Reserve's Response to the Financial Crisis 64 Lecture 4 - The Aftermath of the Crisis 97 Index 131

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Book SynopsisMany low-income countries and development organizations are calling for greater liberalization of labor immigration policies in high-income countries. At the same time, human rights organizations and migrant rights advocates demand more equal rights for migrant workers. The Price of Rights shows why you cannot always have both. Examining labor immiTrade ReviewWinner of the 2014 Best Book Award, Migration and Citizenship Section of the American Political Science Association "To what extent should countries encourage immigration? What rights should be conferred on immigrants, especially temporary ones? Ruhs emphasizes the uncomfortable tradeoffs built into every answer to those questions."--Richard Cooper, Foreign Affairs, US "Ruhs's work is an excellent reality check for idealism within the immigrant advocacy community and a solid discussion on the rights of migrants and the trade-offs of policy decisions. It'd be a good addition to a graduate or higher-level undergraduate migration course reading list, or to the bookshelf of an academically minded policy maker."--Amy Grenier, Migrationist, US "We may argue with the detail of Ruhs's prescriptions for expanding labour migration schemes for low-skilled workers, but the substance of his ethical argument is not easily dismissed. To shut down labour migration--even in the name of protecting migrants' rights--is to deny opportunity to potential migrant workers, and to condemn them to living in the state of poverty they seek to overcome."--Peter Mares, Inside Story, Australia "This is an academic book, but very accessible, and I think it is an important one for anybody interested in the migration debate to read."--Diane Coyle, Enlightenment Economics "Ruhs makes many interesting observations of the regulation of labour migration and is therefore necessary reading for those interested in migration policy and law."--Jaana Palande, Nordic Journal of Migration Research "Supporters of the rights of migrants can and should read this book with a proper sense of gratitude that such a thoughtful piece of work which critically assesses exactly what we are trying to achieve has been written."--Don Flynn, Migrant Rights Network, UK "Ruhs's detailed documentation of the existence and variation in immigration policies has a crucial implication for the models that predict huge gains from unrestricted migration."--George Borjas, Journal of Economic Literature "In successive GFMD meetings and at the 2013 UN High Level Dialogue on International Migration and Development, civil society and migrant observers have continued to insist on a frank and honest discussion of human rights--a discussion which has been repeatedly frustrated. Hopefully Ruhs' provocative book will help begin that discussion."--Susan Gzesh, Journal on Migration and Human Security "The Price of Rights makes a critical contribution to the literature on labour migration by showing how the differential access to rights for migrant workers according to their skills has become a global trend. The coverage of the study is impressive, including a variety of countries from higher to lower income, spanning from Europe to the Middle East, the USA and Australasia."--Gabriela Alberti, British Journal of Industrial Relations "This is an excellent book. Ruhs is right to place migrant rights in the discussion about migration policy so vividly... Ruhs's solutions will be confrontational to some, however they are to be commended. Anyone interested in the overall flow of global migration would do well to understand how migrant rights plays a pivotal role."--Henry Sherrell, Value for Money "The Price of Rights makes a brave contribution to the debate on the ethics of immigration policy and the restrictions it imposes on the legal rights of migrant workers... [A] core strength of this study is the separation it makes between migrant rights in practice and rights migrants should have from a moral/ethical point of view."--Wayne Palmer, Asia Pacific Migration Journal "This excellent book deserves to be read and considered by anyone interested in immigration policies and the human rights of migrant workers."--Martin Provencher, CERIUM, University of Montreal "The book provides a good overview of the analytical and policy issues in this area of resarch, and the rigor of reasoning and the wealth of data it mobilizes constitute a useful reference in current debates."--Antoine Pecoud, Critique international "Through a rich discussion of existing labour migration policies, The Price of Rights unfolds an inspiring analysis... Could development and the objective of promoting more migration justify some restrictions to human rights? The Price of Rights goes about as far as an academic work can go in framing this important debate."--Benoit Mayer, Human Rights Law Review "In an area of policy with such a diverse range of interests and policy perspectives, Ruhs contributes an important framework for analysis that recognises the complexity of the ethical issues surrounding the employment of migrant workers within the geopolitics of economic migration and state practice. The Price of Rights is a valuable resource for policy-makers in choosing settings for labour migration programs and for academics grappling with the appropriate terms of analysis."--Alexander Reilly, Adelaide Law Review "The pity of Ruhs's book is that something like it wasn't available fifty or even forty years ago. Had it been, European policymakers might have managed their guestworker programs differently, or at least entered the process with their eyes wide open."--Roger Waldinger, American Interest "Ruhs has raised and analyzed the competing goods that lie at the heart of using low-skilled labor migration as a tool for development."--Philip Martin, Developing Economies "Ruhs' book offers an insightful and useful analysis for academics and policy-makers, as it attempts to bridge the gap between theory and practice in the complex international and national debates on migration, rights, and citizenship."--Karen Seegobin, Studies in Ethnicity and Nationalism "Scholars who can weave together moral philosophy and pragmatic policy debate are all too rare, but Ruhs is on strong footing in both camps. His ethical framework is compelling: We should prioritise citizens but actively promote the interests of sending countries, and recognise the moral weight of human rights principles without treating them as the only good."--Meghan Benton, European Journal of Development Research "The book [evinces] erudition ... meticulous research and a comprehensive understanding of the subject, and [a] nearly seamless integration of empirical, policy and normative elements... The author's command of knowledge and research skills demonstrates the best practices of scholarship ... appreciate the care he took to address the sensitivities in the controversies of key policy debates, the marshaling of both the positivist and the normative arguments, and the moral courage to take a stand in the advancement of migrant rights despite the known tradeoffs and opposition."--Comments by Best Book Award Committee 2013 (Martin Heisler, Pei-te Lien, and Daniel Tichenor), Migration and Citizenship Section, American Political Science Association "[T]he book is an important call to compromise in a policy area that is plagued by factions. Its central plea--to take migrants' interests seriously, by acknowledging that sometimes they require a temporary suspension of certain rights--is an important one for both academia and policy."--Meghan Benton, European Journal of Development Research "Could development and the objective of promoting more migration justify some restrictions to human rights? These, as Ruhs clearly shows, are value-loaded questions that economists or experts cannot answer. Such questions must be the object of political debates through which societies define their values. The Price of Rights goes about as far as an academic work can go in framing this important debate."--Benoit Mayer, Human Rights Law Review "The Price of Rights is enlightening and provoking. Its breadth is deep."--Oxford Journals "Martin Ruhs has produced a volume destined to become a key reference for anyone interested in the regulation of labor migration."--Hania Zlotnik, International Migration ReviewTable of ContentsAcknowledgments vii Abbreviations xi Chapter 1 The Rights of Migrant Workers: Reframing the Debate 1 * Aims and Approach of the Book 2 * Outline of the Chapters and Main Arguments 4 * Terminology and Scope of This Book 10 Chapter 2 The Human Rights of Migrant Workers: Why Do So Few Countries Care? 13 * International Migrant Rights Conventions 13 * Ratification: Record and Obstacles 16 * Effectiveness 22 * Migrant Rights, Citizenship Rights, and Immigration Policy 23 Chapter 3 Nation-States, Labor Immigration, and Migrant Rights: What Can We Expect? 26 * The Objectives of Labor Immigration Policy 26 * Constraints and Variations in the Migration State 33 * Three Hypotheses 39 Chapter 4 An Empirical Analysis of Labor Immigration Programs in Forty-Six Countries 53 * Existing Research and the Scope of My Analysis 53 * Indicators for Measuring Openness to Labor Immigration 59 * Indicators for Measuring Migrant Rights 65 * Methods, Data, and Limitations 71 * Openness to Labor Immigration 74 * Migrant Rights 80 * Summary of Findings 87 Chapter 5 Regulating the Admission and Rights of Migrant Workers: Policy Rationales in High-Income Countries 91 * Explaining Greater Openness to Higher-Skilled Migrant Workers 91 * Why More Rights for Skilled Migrant Workers? 104 * Explaining Trade-Offs between Openness and Rights 111 * The National Interest: Expected Impacts Drive Labor Immigration Policies 120 Chapter 6 Labor Emigration and Rights Abroad: The Perspectives of Migrants and Their Countries of Origin 122 * Migrants: Emigration, Rights, and Human Development 122 * Sending Countries: Interests and Policy Choices 134 * Engaging with Trade-Offs 152 Chapter 7 The Ethics of Labor Immigration Policy 154 * What Consequences Should National Policymakers Care about, and for Whom? 156 * The Ethics of Temporary Labor Immigration Programs 166 * What Rights Restrictions Are Justifiable, and for How Long? 172 * Making Temporary Migration Programs Work 178 * Summary: The Case for Tolerating Some Trade-Offs between Openness and Rights 185 Chapter 8 The Price of Rights: What Next for Human Rights-Based Approaches to International Labor Migration? 187 * Blind Spots and Unintended Consequences of Human Rights 189 * UN Agencies' Reluctant Engagement with the Price of Rights 191 * Reframing the Human Rights-Based Approach to Migration 196 * Open Debate 199 Appendix 1 Tables A.1-10 201 Appendix 2 Overview of Openness Indicators 217 Appendix 3 Overview of Migrant Rights Indicators 221 References 227 Index 243

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Book SynopsisTrade ReviewSelected for Canada's Financial Post Best Personal Finance and Economics Books of 2016 Selected for Bloomberg View's "The Writing that Shaped Economic Thinking in 2016" "Fascinating."--Justin Fox, Bloomberg View "As intellectual, social, and political history, The Nobel Factor is well worth your time getting stuck into."--Stephen Kinsella, Irish Economy "This book is hugely persuasive about economics, where the knowledge displayed is extraordinary and the judgments highly persuasive."--Jim Tomlinson, Long Run, EHS blog "There is much to be commended in The Nobel Factor. The close attention to the history of the Prize in Economics, the careful collection--and correlation--of data on the winners with broader intellectual and political trends makes the book a valuable guide."--Siddharth Singh, Open Magazine "Authors Avner Offer and Gabriel Soderberg ... trace the powerful effects of the [Nobel] prize."--Andrew Allentuck, Financial Post "Through thorough research of the publicly available archives and interviews with participants in the award process, the authors show both ideological and scientific criteria have operated, and, while science ended up lending a hand to ideology, it also sowed the seeds for dissent; scientific criteria drove the prize committee 'into a refutation of scientific economics.'"--Choice "Offer and Soderberg's story of the origins, recipients and impact of the Nobel Prize in Economics is intellectual history at its best... The failure of neoliberal economics to predict devastating debt crises and stem destabilising poverty suggests that economics is due for a return to the workbench. This book makes an important contribution to such a rethink."--E. Stina Lyon, Times Higher Education "Well-informed, trenchant."--Foreign Affairs "An important book. It will prove fascinating for all economics junkies, plus those interested in any and all Nobel Prizes."--Walter Block, San Francisco Book Review "[An] excellent book."--Peter Radford, Real-World Economics Review blogTable of ContentsList of Figures and Table viii List of Abbreviations xi List of Nobel Prize Winners in Economics, 1969-2015 xiii Preface and Acknowledgments xv Introduction 1 1 Imaginary Machines 16 2 A Prize in 'Economic Sciences' 42 3 Bitter Roots: Finance and Social Democracy between the Wars 68 4 The Riksbank Endows a Nobel Prize 89 5 Does Economics Have a Political Bias? 107 6 Individual Reputations (with Samuel Bjork) 125 7 Nobel Economics and Social Democracy 149 8 Models into Policy: Assar Lindbeck and Swedish Social Democracy 174 9 Swedosclerosis or Pseudosclerosis? Sweden in the 1980s 198 10 The Real Crisis: Not Work Incentives but Runaway Credit 220 11 Beyond Scandinavia: Washington Consensus to Market Corruption 230 Conclusion: Like Physics or Like Literature? 259 Bibliography 279 Index 309

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Book SynopsisEfficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometTrade Review"Pedersen's book can be recommended to a wide spectrum of readers interested in financial markets in general and hedge funds in particular."--Jacek Klich, Central Banking "Encyclopedic in its cataloguing of active management strategies and authoritative in its analysis of the practical issues of their implementation. Pedersen grounds his exposition in landmark scholarly articles and, where quantitative analysis is required to elucidate a concept, conveys his message without resorting to arcane mathematics."--Martin S. Fridson, Financial Analysts Journal "Despite the author's high level of understanding he manages to deliver a high quality but also easily understandable guide to the strategies."--Mats Larsson, Investing by the BooksTable of ContentsThe Main Themes in Three Simple Tables vii Preface xi Who Should Read the Book? xiv Acknowledgments xv About the Author xvii Introduction 1 i. Efficiently Inefficient Markets 3 ii. Global Trading Strategies: Overview of the Book 7 iii. Investment Styles and Factor Investing 14 Part I Active Investment 17 Chapter 1 Understanding Hedge Funds and Other Smart Money 19 Chapter 2 Evaluating Trading Strategies: Performance Measures 27 Chapter 3 Finding and Backtesting Strategies: Profiting in Efficiently Inefficient Markets 39 Chapter 4 Portfolio Construction and Risk Management 54 Chapter 5 Trading and Financing a Strategy: Market and Funding Liquidity 63 Part II Equity Strategies 85 Chapter 6 Introduction to Equity Valuation and Investing 87 Chapter 7 Discretionary Equity Investing 95 Interview with Lee S. Ainslie III of Maverick Capital 108 Chapter 8 Dedicated Short Bias 115 Interview with James Chanos of Kynikos Associates 127 Chapter 9 Quantitative Equity Investing 133 Interview with Cliff Asness of AQR Capital Management 158 Part III Asset Allocation and Macro Strategies 165 Chapter 10 Introduction to Asset Allocation: The Returns to the Major Asset Classes 167 Chapter 11 Global Macro Investing 184 Interview with George Soros of Soros Fund Management 204 Chapter 12 Managed Futures: Trend-Following Investing 208 Interview with David Harding of Winton Capital Management 225 Part IV Arbitrage Strategies 231 Chapter 13 Introduction to Arbitrage Pricing and Trading 233 Chapter 14 Fixed-Income Arbitrage 241 Interview with Nobel Laureate Myron Scholes 262 Chapter 15 Convertible Bond Arbitrage 269 Interview with Ken Griffin of Citadel 286 Chapter 16 Event-Driven Investments 291 Interview with John A. Paulson of Paulson & Co. 313 References 323 Index 331

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Book SynopsisTrade Review"Winner of the British-Kuwait Friendship Society Book Prize""Described as ‘the first comprehensive history of the Turkish economy’, Uneven Centuries has been widely acclaimed for its ‘rich and original’ broad approach" * Cornucopia *"Sevket Pamuk’s engaging book frames the evolution of the Turkish economy over two centuries, showing that historical developments under the Ottomans constitute an essential key to comprehending the path taken by modern Turkey."---Giampaolo Conte, Journal of European Economic History"[A] powerful analysis of how Turkey got into its present position."---Paul Rivlin, Bustan: The Middle East Book Review

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Book SynopsisTrade Review"Compelling... The Org aims to explain why organizations--be they private companies or government agencies--work the way they do."--Eduardo Porter, New York Times "The authors' mission to help you 'descend into better-informed cynicism'--to find the 'least dysfunctional' of all possible dysfunctional orgs--is the kind of literary stock that pays greater dividends."--Trevor Butterworth, Wall Street Journal "Wonderfully entertaining."--Marvin Weisbord, Strategy+Business "A voice of reasoned analysis amid the airport bookstore barkers... Fisman and Sullivan's measured approach is far more valuable; the conclusions and insights presented in The Org are ones you can actually use."--Sam Grobart, Bloomberg BusinessWeek "Fisman and Sullivan write in a casual, engaging fashion, a style that makes their book an impressively easy read."--Erika Fry, FortuneTable of ContentsPreface to the Paperback Edition ix Introduction: A Machine for Getting Stuff Done 1 CHAPTER 1: The Outsider 13 CHAPTER 2: Designing the Job 34 CHAPTER 3: Putting Together the Organizational Puzzle 67 CHAPTER 4: In Praise of Squelching Innovation 92 CHAPTER 5: What Management Is Good For 128 CHAPTER 6: The View from the Corner Office 156 CHAPTER 7: The Economics of Org Culture 191 CHAPTER 8: Disaster and Change 217 Conclusion: The Future Org 249 ACKNOWLEDGMENTS 267 NOTES 269 INDEX 295 ABOUT THE AUTHORS 309

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Book SynopsisStates of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this pioneering book, David Stasavage argues that unique advances in political representation allowed certain European states to gain early and advantageous accessTrade ReviewWinner of the 2012 Award for the Best Book in European Politics, European Politics and Society Section of the American Political Science Association "Overall, States of Credit is a novel, solidly argued contribution that lies at the intersection of several dynamic fields of study. There is much to learn from it for political scientists, economic historians, and public economists, as well as a rich new data trove to mine. Though historians may be eager for more detail, they will surely appreciate the novelty of the historical conjectures presented, as well as their careful blending with both economic and political theory. Finally, the text is concise and accessible enough to be easily adaptable to upper level undergraduate courses, as well as to graduate discussions in both economics and politics."--Mauricio Drelichman, EH.Net "Stasavage brings together the political and economic history of early modern Europe with several interesting twists that make a substantial addition to both the new institutionalist and political economy literatures."--Choice "In this well-informed and clearly argued book, David Stasavage seeks to revisit important issues about state development and economic growth... Stasavage has paved the way for new research to compare and contrast the experience of city-states in the Old Regime and explore how and why small could be beautiful."--H-France Review "States of Credit ... is elegant, distinctive, and dynamic."--Journal of Economic History "The author has provided a cogent, well-supported analysis of a subject vital to an understanding of the early modern period."--Laurel Carrington, Historian "Exploring the links between representation and debt in medieval and early modern Europe, States of Credit contributes to broad debates about state formation and Europe's economic rise."--World Book IndustryTable of ContentsIllustrations ix Acknowledgments xi CHAPTER ONE: Introduction 1 Representation, Scale, and Control 6 The Evolution and Importance of Public Credit 9 Representative Assemblies in City-States and Territorial States 11 Geographic Scale and Merchant Power 14 Broad Sample Evidence 16 Origins of City-States 18 Case Study Evidence 20 Plan of the Book 24 CHAPTER TWO: The Evolution and Importance of Public Credit 25 Why Credit Was Important 25 When Did States First Borrow Long-Term? 29 The Cost of Borrowing 38 Economic Explanations for the City-State Advantage 43 Summary 46 CHAPTER THREE: Representative Assemblies in Europe, 1250-1750 47 Origins of Representative Assemblies 48 Prerogatives of Representative Assemblies 54 Who Was Represented? 61 The Intensity of Representation 65 Summary 68 CHAPTER FOUR: Assessing the City-State Advantage 70 Representation and Credit as an Equilibrium 72 Representative Institutions and the Creation of a Public Debt 77 Representative Institutions and the Cost of Borrowing 84 Variation within City-States 90 Summary 93 CHAPTER FIVE: Origins of City-States 94 The Rokkan/Tilly Hypothesis 95 The Carolingian Partition Hypothesis 95 Empirical Evidence 100 Reassessing the City-State Advantage 106 Summary 107 CHAPTER SIX: Three City-State Experiences 110 Merchant Oligarchy in Cologne 111 Genoa and the Casa di San Giorgio 117 Siena under the Rule of the Nine 125 Summary 131 CHAPTER SEVEN: Three Territorial State Experiences 132 France and the Rentes sur l'Hotel de Ville 132 Revisiting Absolutism in Castile 142 Accounting for Holland's Financial Revolution 150 Summary 154 CHAPTER EIGHT: Implications for State Formation and Development 156 The Debate on War and State Formation 156 Information, Commitment, and Democracy 158 Understanding Early Modern Growth 161 Bibliography 167 Index 187

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Book SynopsisTrade Review"Winner of the 2018 Distinguished Book Award, Sociology of Law Section of the American Sociological Association""Winner of the 2018 Gordon Hirabayashi Human Rights Book Award, Human Rights Section of the American Sociological Association"

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Book SynopsisOnce upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, oTrade ReviewJean Tirole, Winner of the 2014 Nobel Prize in Economics "An insightful contribution to the expanding economics research that reexamines the role of the International Monetary Fund in emerging markets and financial crises."--ChoiceTable of ContentsAcknowledgments vii Introduction ix 1. Emerging Markets Crises and Policy Responses 1 The pre-crisis period 1 The crisis 7 IMF reforms, regulatory changes, and private sector innovations 18 2. The Economists' Views 23 Consensus view 23 Conflicting advice and the topsy-turvy principle 29 "Unrealistic" encroachments on sovereignty 36 Theories 36 3. Outline of the Argument and Main Message 47 The problem of a standard borrower 48 Why is external borrowing different? 48 Institutional and policy responses to market failure 50 4. Liquidity and Risk-Management in a Closed Economy 53 Corporate financing: key organizing principles 53 Domestic liquidity provision 70 5. Identification of Market Failure: Are Debtor Countries Ordinary Borrowers? 77 The analogy and a few potential differences 77 A dual-agency perspective 81 The government's incentives 86 Discussion 88 A common-agency perspective 92 6. Implications of the Dual- and Common-Agency Perspectives 97 Implication 1: the representation hypothesis 97 Implication 2: policy analysis 102 Cross-country comparisons 108 Is there a need for an international lender of last resort? 110 7. Institutional Implications: What Role for the IMF? 113 From market failure to mission design 113 Governance 116 8. Conclusion 129 References 131 Index 145

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Book SynopsisTrade Review"Forcefully hammers out its central message with illustrative examples and provides invaluable guidance to practitioners."---Emre Yoldas, Journal of Economic Literature"The material is well structured in nine chapters and provides a good reference point to start into the topic."---Sylvia Kaufmann, Journal of Economics and StatisticsTable of ContentsSeries Editors' Introduction ix Preface xi 1 Overview 1 1.1 Introduction 1 1.2 Describing the Events 2 1.3 Using the Event Indicators ("States") 10 1.4 Prediction of Recurrent Events 12 1.5 Conclusion 13 2 Methods for Describing Oscillations, Fluctuations, and Cycles in Univariate Series 15 2.1 Introduction 15 2.2 Types of Movements in Real and Financial Series 16 2.3 Prescribed Rules for Dating Business Cycles 26 2.4 Prescribed Rules for Dating Other Types of Real Cycles 38 2.5 Prescribed Rules for Dating Financial Cycles 40 2.6 Relations between Cycles and Oscillations 41 2.7 The Nature of St and Its Modeling 45 2.8 Conclusion 50 3 Constructing Reference Cycles with Multivariate Information 51 3.1 Introduction 51 3.2 Determining the Reference Cycle via Phases 52 3.3 Combining Specific Cycle Turning Points 54 3.4 Finding Turning Points by Series Aggregation 60 3.5 Conclusion 61 4 Model-Based Rules for Describing Recurrent Events 62 4.1 Introduction 62 4.2 Dating Cycles with Univariate Series 63 4.3 Model-Based Rules for Dating Events with Multivariate Series 82 4.4 Conclusion 85 5 Measuring Recurrent Event Features in Univariate Data 86 5.1 Introduction 86 5.2 The Fraction of Time Spent in Expansions 87 5.3 Representing the Features of Phases 89 5.4 Amplitudes and Durations of Phases 90 5.5 The Shapes of Phases 94 5.6 The Diversity of Phases 99 5.7 Plucking Effects and Recovery Times 100 5.8 Duration Dependence in Phases 101 5.9 Conclusion 106 6 Measuring Synchronization of Recurrent Events in Multivariate Data 107 6.1 Introduction 107 6.2 Moment-Based Measures 108 6.3 Other Approaches to Measuring Synchronization 115 6.4 Synchronization and Model-Based Rules 116 6.5 Application to Synchronization of Industrial Production Cycles 116 6.6 Multivariate Synchronization 118 6.7 Comovement of Cycles 119 6.8 Conclusion 121 7 Accounting for Observed Cycle Features with a Range of Statistical Models 122 7.1 Introduction 122 7.2 U.S. Cycles as a Benchmark 123 7.3 The Business Cycle in a Range of Countries 129 7.4 Can U.S. Business Cycles Be Generated by Linear Models? 129 7.5 What Do Non-Linear Models Add? 132 7.6 Two Markov Switching Models 137 7.7 Using the Binary Indicators in Multivariate Systems 138 7.8 Conclusion 142 8 Using the Recurrent Event Binary States to Examine Economic Modeling Issues 143 8.1 Introduction 143 8.2 Estimating Univariate Models with Constructed Binary Data 145 8.3 What Do Variance Decompositions Tell Us About the Cycle? 150 8.4 The Role of Structural Shocks in Determining Cycle Features 152 8.5 Financial Effects and the Business Cycle 154 8.6 Conclusion 161 9 Predicting Turning Points and Recessions 163 9.1 Introduction 163 9.2 Bounding the Probability of the Occurrence of a Peak 166 9.3 Predicting Recessions with a Range of Variables 168 9.4 Changing the Event Defining Recessions and Turning Points 182 9.5 Conclusion 184 References 187 Index 205

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Book SynopsisIn less than a decade, the Internet went from being a series of loosely connected networks used by universities and the military to the powerful commercial engine it is today. This book describes how many of the key innovations that made this possible came from entrepreneurs and iconoclasts who were outside the mainstream--and how the commercializaTrade ReviewCo-Winner of the 2016 Schumpeter Prize Competition, International Joseph A. Schumpeter Society "Essential reading for anyone who wants to understand the broader context in which the explosion of Internet-related innovation occurred."--Marc Levinson, Wall Street Journal "A welcome, well-conceived contribution to the history of technology."--Kirkus "Exciting reading."--Borsen "Definitely recommended."--Tyler Cowen, Marginal Revolution "This is the best book yet about the rise of the Internet."--David Warsh, Economic Principals "[A] detailed history of the Internet."--Foreign Affairs "Immensely informative."--Philadelphia Inquirer "Greenstein is not simply telling a colorful and important story. His analysis systematically explores why innovation and commercialization of the Internet emerged and evolved as it did and why innovation from the edges thrived and was so important."--Jonathan David Aronson, Journal of CommunicationTable of ContentsINTRODUCTION 1 1 Ubiquitous Clicks and How It All Started 3 THE TRANSITION 31 2 The White House Did Not Call 33 3 Honest Policy Wonks 65 4 A Taste of Champaign 97 5 Unleashing Commercial Iconoclasts 130 THE BLOSSOMING 157 6 How Not to Start a Gold Rush 159 7 Platforms at the Core and Periphery 187 8 Overcoming Two Conundrums 215 9 Virulent Word of Mouse 243 10 Capital Deepening and Complements 272 EXPLORATION AND RENEWAL 301 11 Bill Votes with a Veto 303 12 Internet Exceptionalism Runs Rampant 335 13 The Paradox of the Prevailing View 365 14 The High Cost of a Cheap Lesson in Wireless Access 392 EPILOGUE 417 15 Enabling Innovation from the Edges 419 Acknowledgments 443 References 447 Index 465

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Book SynopsisGame Theory in Action is a textbook about using game theory across a range of real-life scenarios. From traffic accidents to the sex lives of lizards, Stephen Schecter and Herbert Gintis show students how game theory can be applied in diverse areas including animal behavior, political science, and economics. The book's examples and problems look aTrade Review"Though not an advanced treatment mathematically speaking, readers become sophisticated consumers of game theories."--Choice "A welcome addition to the existing collection of introductory game theory texts... A very satisfying book."--Jennifer M. Wilson, MathSciNet "[A] wonderful introduction to game theory... I found almost all the games and examples fun to read and fun to work through the decisions and matrices. Whether the games were about politics, wine merchants and connoisseurs, or simply how to view sex ratios in society, you will find something of interest in this book."--David S. Mazel, MAA ReviewsTable of Contents*Frontmatter, pg. i*Contents, pg. vii*Preface and acknowledgments, pg. xi*Chapter 1. Backward induction, pg. 1*Chapter 2. Eliminating dominated strategies, pg. 37*Chapter 3. Nash equilibria, pg. 61*Chapter 4. Games in extensive form with incomplete information, pg. 88*Chapter 5. Mixed strategy Nash equilibria, pg. 114*Chapter 5. Mixed strategy Nash equilibria, pg. 151*Chapter 7. Symmetries of games, pg. 186*Chapter 8. Alternatives to the Nash equilibrium, pg. 203*Chapter 9. Differential equations, pg. 217*Chapter 10. Evolutionary dynamics, pg. 232*Appendix. Sources for examples and problems, pg. 265*References, pg. 269*Index, pg. 271

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Book SynopsisMonetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopoliticTrade Review"The ideas are clearly explained and speak directly to a broad spectrum of the existing international political economy literature."--Choice "This analytic complexity makes Currency Power an important contribution to our understanding of financial statecraft. This is not only the first comprehensive treatment of currency power, it is likely to remain the best such treatment for years to come. As such, the book is necessary reading for everyone interested in whether the dollar will remain at the top of the global currency pyramid as well as why retaining that status matters."--Thomas Oatley, Cambridge Review of International AffairsTable of ContentsList of Tables and Figures ix Acknowledgments xi Abbreviations and Acronyms xiii Introduction 1 1 International Currency 8 2 Power Analysis 28 3 Monetary Power 48 4 From Currency to Power 77 5 From Power to Currency 102 6 Currency Competition Today (with Tabitha M. Benney) 135 7 The Dollar: Power Undiminished 160 8 The Euro: Power Unrealized 185 9 The Yuan: Power Unstoppable? 214 10 Summing Up 237 Notes 245 References 257 Index 275

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Book SynopsisOne of the most important writers and thinkers of the Renaissance, Michel de Montaigne (1533-92) helped invent a literary genre that seemed more modern than anything that had come before. But did he do it, as he suggests in his Essays, by retreating to his chateau, turning his back on the world, and stoically detaching himself from his violent timeTrade Review"Philippe Desan, in Montaigne: A Life (Princeton; translated from the French by Steven Rendall and Lisa Neal), his immense new biography ... insists that our 'Chateau d'Yquem' Montaigne, Montaigne the befuddled philosopher and sweet-sharp humanist, is an invention, untrue to the original. Our Montaigne was invented only in the early nineteenth century. The Eyquem family, in their day, made no wine at all. They made their fortune in salted fish--and Desan's project is to give us a salty rather than a sweet Montaigne."--Adam Gopnik, New Yorker "The 'Essays,' Montaigne informed his readers, were written for a 'domestic and private' end and not for 'either you or my own glory.' He presented himself 'in my simple, natural, ordinary fashion, without straining or artifice; for it is myself that I portray.' Philippe Desan's Montaigne: A Life is animated by the purpose of detonating this carefully cultivated image. It is an effort at disenchantment. Montaigne's informality and transparency, in Mr. Desan's telling, were rhetorical strategies and triumphs of artifice. Montaigne's exploration of the private self was not a natural impulse but an adjustment required by the defeat of his considerable political ambitions... [Desan] seeks to drag the solitary genius back into his social milieu, exposing his conventionality. Montaigne claimed to have portrayed himself 'naked' to posterity. Mr. Desan removes the last of his garments."--Jeffrey Collins, Wall Street Journal "Desan, an expert on French essayist Michel de Montaigne (1533-1592), takes readers on a detailed yet sweeping journey through the world of one of the Renaissance's most important literary figures."--Publishers Weekly "Revisiting the public and private life of the extraordinary humanist in light of religious divisions of the 16th century... [Montaigne: A Life is] a hefty biography."--Kirkus "Desan's biography is full of fascinating details about Montaigne and his world."--Glenn Altschuler, Tulsa World "An elaborate, exhaustive, and frequently brilliant restoration of Montaigne's life."--Dominic Green, National ReviewTable of ContentsAcknowledgments ix Prologue xi Introduction xvii Questions of Method and the Politics of a Book xix Part One-Ambitions 1 The Eyquems' Social Ascension 3 A Family Matter 7 "Nobilibus parentibus" 13 Living Nobly 20 "We Latinized Ourselves" 28 The Balance Sheet of a Humanist Education 37 2 A First Career as a Magistrate (1556-1570) 48 Parlementary Habitus 55 From the Cour des Aides in Perigueux to the Parlement in Bordeaux 67 Michel de Montaigne, Royal Councillor 84 The Religious Question 101 3 La Boetie and Montaigne: Discourse on Servitude and Essay of Allegiance 112 The Letter about La Boetie's Death 117 La Boetie's Political Treatises: The Memorandum and the Discourse 123 Voluntary Servitude and Allegiance 133 The Politics of a Friendship 143 4 "Witness My Cannibals": The Encounter with the Indians of the New World 155 Tupinambas and Tabajaras 159 From Rouen to Bordeaux 167 "Their Warfare Is Wholly Noble and Generous" 175 A "Simulacrum of the Truth" 179 5 The Making of a Gentleman (1570-1580) 183 The Break with the Parlement 185 Montaigne as Editor of La Boetie's Works 199 Dedicatees Influential at the Court 207 An Inconvenient Publication 217 An Influential Neighbor: The Marquis of Trans 222 Honorific Rewards and Clientelism 232 Montaigne at Work 246 6 The Essais of 1580: Moral, Political, and Military Discourses 254 "A Discourse on My Life and Actions" 256 The First Reader of the Essais 269 "Of the Battle of Gods" 277 An Apology for Sebond or a Justification of Montaigne? 285 A Skeleton in the Closet 299 A Royal Audience and a Military Siege 307 Part Two-Practices 7 The Call of Rome, or How Montaigne Never Became an Ambassador (1580-1581) 319 On Territory "Subject to the Emperor" 321 The Ambassador's Trade 326 A Montaigne in Spain 351 Montaigne in Rome 357 Paul de Foix and the Suspicion of Heresy 371 Roman Citizen 377 The Essais "Castigated and Brought into Harmony with the Opinions of the Monkish Doctors" 386 The Sociability of the Baths 392 The Travel Journal and the Secretary 401 8 "Messieurs of Bordeaux Elected Me Mayor of Their City" (1581-1585) 408 The Mayor's Book 412 Bordeaux and Its Administration 422 The Public Welfare 436 A Contested Reelection 444 Manager of the City and "Tender Negotiator" 455 An "Administration ... without a Mark or a Trace"? 473 9 "Benignity of the Great" and "Public Ruin" (1585-1588) 482 "Through an Extraordinarily Ticklish Part of the Country" 487 Secret Mission 501 "I Buy Printers in Guienne, Elsewhere They Buy Me" 508 Imprisoned in the Bastille 523 "A Girl in Picardy" 530 Observer at the Estates General of Blois 539 "Actum est de Gallia" 545 10 The Marginalization of Montaigne (1588-1592) 549 A Tranquil Life 551 "The Only Book in the World of Its Kind" 566 From History to the Essay: Commynes and Tacitus 580 Socrates or Political Suicide 589 Montaigne's Death 603 Part Three-Post Mortem 11 Montaigne's Political Posterity 613 Political Appropriations 614 Censure and Morality 621 Epilogue 631 Abbreviations 635 Notes 637 Bibliography 723 Translations Cited 765 Index 767

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Book SynopsisCities of Commerce develops a model of institutional change in European commerce based on urban rivalry. Cities continuously competed with each other by adapting commercial, legal, and financial institutions to the evolving needs of merchants. Oscar Gelderblom traces the successive rise of Bruges, Antwerp, and Amsterdam to commercial primacy betweeTrade Review"[A] rich, nuanced, and convincing account of how adaptively efficient commercial institutions emerged from interactions between merchants and city officials in early modern Europe."--Choice "In this fine book, we get a real sense of the riskiness associated with trade ... And of the efforts urban authorities made to cope with risk."--Paul M Hohenberg, EH.Net "Gelderblom's Cities of Commerce, a work informed by both history and economic theory, should evoke both discussion and further work about the origins of the Western European economy."--James M. Murray, Journal of Interdisciplinary History "What the book does in an exemplary and quite fruitful fashion is to sketch the commercial history of three of Europe's most important entrepots, analyzing the changing patterns of trade and institutional drift, assuming some sort of functional relationship between the two... The book will be a welcome addition to recent debates in growth and development studies."--Journal of Economic Literature "Gelderblom's study is a thought-provoking read and a well-modulated, original voice in the debate on the economic, urban and institutional development of pre-modern Europe."--Justyna Wubs-Mrozewicz, English Historical Review "Gelderblom offers a convincing argument in this well-written book."--Donald ]. Harreld, The HistorianTable of ContentsIllustrations ix Acknowledgments xi Chapter 1 Introduction 1 Chapter 2 Commercial Cities 19 Chapter 3 The Organization of Exchange 42 Chapter 4 Crossing Borders 76 Chapter 5 Conflict Resolution 102 Chapter 6 The Protection of Trade 141 Chapter 7 Dealing with Losses 169 Chapter 8 Conclusion 198 Appendix A: The Incidence of Violence against Foreign Merchants in the Low Countries, 1250-1650 211 Appendix B: The Motivation, Organization, and Outcome of Collective Action by Merchants of the German Hanse in Bruges, 1250-1500 227 Abbreviations 233 Bibliography 235 Index 277

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Book SynopsisMove over, Sherlock and Watson--the detective duo to be reckoned with. In the entertaining short-story collection L.A. Math, freelance investigator Freddy Carmichael and his sidekick, Pete Lennox, show how math smarts can crack even the most perplexing cases. Freddy meets colorful personalities throughout Los Angeles and encounters mysterious circuTrade Review"Fun for any crime-fiction lover who fancies a spot of mathematical adventuring, or vice versa."--Brian Clegg, Popular Science blog "James D Stein ... explains in the preface to the book that entertaining stories set in Los Angeles, with mathematics squeezed painlessly in, was his long cherished dream of a way to teach basic math as fun rather than a chore ... a book to teach math to non-science students at university."--S. Ananthanarayanan, The Statesman "If you liked the Numb3rs TV show: L.A. Math: Romance, Crime, and Mathematics in the City of Angels by James D. Stein."--John Allen Paulos, author of A Numerate Life "A former maths professor has turned detective to demonstrate just how useful--and how entertaining--his subject can be."--Matthew Reiz, Times Higher Education "With tight and engaging plots, the stories in LA Math are neatly written and just the right length to read in around 15 minutes."--Dominic Lenton, Engineering & TechnologyTable of ContentsPREFACE: L.A. Math ix MATHEMATICAL TOPICS BY CHAPTER xv CHAPTER 1. A Change of Scene 1 CHAPTER 2. The Case of the Vanishing Greenbacks 11 CHAPTER 3. A Matter of Time 21 CHAPTER 4. The Worst Forty Days since the Flood 31 CHAPTER 5. The Accidental Guest 40 CHAPTER 6. Message from a Corpse 50 CHAPTER 7. Animal Passions 60 CHAPTER 8. Nothing to Crow About 69 CHAPTER 9. The Winning Streak 78 CHAPTER 10. One Long Season 88 CHAPTER 11. The Great Basketball Fix 97 CHAPTER 12. It's All in the Game 106 CHAPTER 13. Division of Labor 115 CHAPTER 14. The Quarterback Controversy 123 APPENDIXES: Continuing the Investigations 1. Mathematical Logic in "A Change of Scene" 137 2. Percentages in "The Case of the Vanishing Greenbacks" 143 3. Averages and Rates in "A Matter of Time" 148 4. Sequences and Arithmetic Progressions in "The Worst Forty Days since the Flood" 153 5. Algebra, the Language of Quantitative Relationships, in "The Accidental Guest" 161 6. Mathematics of Finance in "Message from a Corpse" 166 7. Set Theory in "Animal Passions" 175 8. The Chinese Restaurant Principle: Combinatorics in "Nothing to Crow About" 184 9. Probability and Expectation in "The Winning Streak" 189 10. Conditional Probability in "One Long Season" 198 11. Statistics in "The Great Basketball Fix" 202 12. Game Theory in "It's All in the Game" 213 13. Elections in "Division of Labor" 219 14. Algorithms, Efficiency, and Complexity in "The Quarterback Controversy" 225 An Introduction to Sports Betting 231 Notes 235 Index 239

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Book SynopsisTrade Review"The book's central message--that the management and regulation of money should not be left to economists or bankers alone--is one we should all take to heart."---Rebecca Spang, Financial Times"Although Money Talks will be essential reading for anyone interested in understanding the state of scholarship in the sociology of money, the diverse and wide-ranging contributions should make individual chapters valuable to audiences well beyond the confines of this subfield."---Russell J. Funk, Administrative Science Quarterly"To anyone interested in money’s sociality past, present, and future and its ability to shape and be shaped by groups, collectives, organizations, and institutions this book is integral to the ongoing debate."---Allister Pilar Plater, American Journal of Cultural Sociology"Money Talks is a remarkable edited volume that is much needed."---Cheris Shun-ching Chan, American Journal of SociologyTable of ContentsPreface ix Acknowledgments xi Introduction Advancing Money Talks 1 Nina Bandelj, Frederick F. Wherry, and Viviana A. Zelizer PART I BEYOND FUNGIBILITY 1 Economics and the Social Meaning of Money 25 Jonathan Morduch 2 Morals and Emotions of Money 39 Nina Bandelj, Tyler Boston, Julia Elyachar, Julie Kim, Michael McBride, Zaibu Tufail, and James Owen Weatherall 3 How Relational Accounting Matters 57 Frederick F. Wherry PART II BEYOND SPECIAL MONIES 4 The Social Meaning of Credit, Value, and Finance 73 Bruce G. Carruthers 5 From Industrial Money to Generalized Capitalization 89 Simone Polillo PART III CREATING MONEY 6 The Constitutional Approach to Money: Monetary Design and the Production of the Modern World 109 Christine Desan 7 The Market Mirage 131 David Singh Grewal 8 The Macro-Social Meaning of Money: From Territorial Currencies to Global Money 145 Eric Helleiner PART IV CONTESTED MONEY 9 Money and Emotion: Win-Win Bargains, Win-Lose Contexts, and the Emotional Labor of Commercial Surrogates 161 Arlie Hochschild 10 Paid to Donate: Egg Donors, Sperm Donors, and Gendered Experiences of Bodily Commodification 171 Rene Almeling 11 Money and Family Relationships: The Biography of Transnational Money 184 Supriya Singh PART V MONEY FUTURES 12 Money Talks, Plastic Money Tattles: The New Sociability of Money 201 Alya Guseva and Akos Rona-Tas 13 Blockchains Are a Diamond's Best Friend: Zelizer for the Bitcoin Moment 215 Bill Maurer 14 Utopian Monies: Complementary Currencies, Bitcoin, and the Social Life of Money 230 Nigel Dodd Selected References on the Social Scientific Study of Money 249 Contributor Biographies 255 Index 261

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Book SynopsisDavid Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers. In a work that has important implications for public policy as well as for the direction of economic reseTrade Review"Our understanding of wage determination has been transformed by an intellectual revolution... Until the Card-Krueger study, most economists, myself included, assumed that raising the minimum wage would have a clear negative effect on employment. But they found, if anything, a positive effect. Their result has since been confirmed using data from many episodes. There's just no evidence that raising the minimum wage costs jobs, at least when the starting point is as low as it is in modern America."--Paul Krugman, New York Times "Card and Krueger didn't just question the conventional wisdom; they attacked it in a novel and powerful way. Instead of concocting a mathematical model and 'testing' it with advanced statistical techniques, which is what most economists call research, they decided to test the theory in the real world... The work of Card and Krueger was worth a hundred theoretical models in The American Economic Review."--John Cassidy, The New Yorker "The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives "A very substantial book... A highly persuasive collection of evidence... An exemplary book."--J.W. Anderson, The Washington Post "David Card and Alan Krueger have written a book that represents a phenomenal amount of careful and honest research and that will be a classic in the minimum wage literature and also in the broader field of empirical labor economics... A model of how to do good believable research, this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations Review "Clearly, this book should be read by any economist who wants to stay abreast of substantive, high level debates within the profession... The book already has assumed an important position within the field of labor economics, and significant research in years to come is likely to revolve around its principle thesis."--K. A. Couch, Journal of Economics "... the nastiest, most unspeakable perversion of our service-based economy [is] the declining value of the minimum wage... The downward pressure on wages is making this a country where working literally doesn't pay... David Card and Alan Krueger show through meticulously assembled data that increasing minimum pay in the fast-food industry has no discernable effect on the number of jobs, on consumer prices, or even on employee benefits like free meals... Labor markets, like so many other phenomena in the real world, are far from perfect and do not behave according to the theories of defunct economists."--Joe Conason, The New York Observer "Myth and Measurement ... traverses its ground in great detail, studying every bump and dip in the landscape... But that's just about what the issue requires. Card and Krueger's conclusion runs so against the grain of mainstream economic thinking, not to mention the present political consensus, that overkill seems quite appropriate. That conclusion, reached through a number of separate studies, is this: The minimum wage not only doesn't kill jobs, it may even stimulate employment... Myth and Measurement should be a very important book. It essentially settles the policy debate on the minimum wage, and the economics profession should spend a good bit of time engaging in profound reflection and in testing some of the field's first principles."--Voice Literary Supplement "Card and Krueger have written a powerful book underpinned by hard facts... They explode myths and indict the prescriptions of conventional economic thinkers. Few will read this book from cover to cover, but many will quote its conclusions in the months to come."--New Statesman and Society "Myth and Measurement may well be the most important labor economics monograph of the 1990s."--Ronald G. Ehrenberg, Industrial and Labor Relations Review "This book offers the most careful and wide-ranging analysis of the empirical evidence on minimum wages in the United States that any social scientist could ask for."--Richard B. Freeman, Industrial and Labor Relations Review "Although this book raises very sharp questions about the practice of labor economics, the book itself is terrific. CK's creative careful, and above-the-board empirical work is a model of how to do good believable research and this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations ReviewTable of ContentsPreface to the Twentieth-Anniversary Edition ix Preface xxvii Chapter 1 Introduction and Overview 1 Chapter 2 Employer Responses to the Minimum Wage: Evidence from the Fast-Food Industry 20 Chapter 3 Statewide Evidence on the Effect of the 1988 California Minimum Wage 78 Chapter 4 The Effect of the Federal Minimum Wage on Low-Wage Workers: Evidence from Cross-State Comparisons 113 Chapter 5 Additional Employment Outcomes 152 Chapter 6 Evaluation of Time-Series Evidence 178 Chapter 7 Evaluation of Cross-Section and Panel-Data Evidence 208 Chapter 8 International Evidence 240 Chapter 9 How the Minimum Wage Affects the Distribution of Wages, the Distribution of Family Earnings, and Poverty 276 Chapter 10 How Much Do Employers and Shareholders Lose? 313 Chapter 11 Is There an Explanation? Alternative Models of the Labor Market and the Minimum Wage 355 Chapter 12 Conclusions and Implications 387 References 401 Index 415

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