New Books in Economics

Latest Episodes:

John Quiggin, "Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly" (Princeton UP, 2019) Jan 10, 2024

Show notes

Trying to follow the key macroeconomic debates that are swirling around DC, CNBC, the WSJ and the NYT? If you are but don't want to go back to graduate school or re-open your college macroeconomics textbook, John Quiggin has a solution. His Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly (Princeton University Press, 2019) achieves several goals. First, it frames the current debates, providing a concise, well-written history of macroeconomics and the key twists and turns in economic policy that have brought us to our current state of (general) disagreement on economic policy. Second, he structures his view of macroeconomics as a rebuttal to a 1946 book by Henry Hazlitt in 1946 called Economics in One Lesson. Seventy years later, Quiggin counters Hazlitt's view that markets are "correct," in that their prices accurately reflect opportunity costs for buyers and sellers. Quiggin's second lesson highlights the externalities and factors that distort those opportunity costs and lead to suboptimal outcomes such as extended unemployment, excessive income inequality, and the seemingly intractable problem (from an economics perspective) of pollution. In the final portion of his book, Quiggin argues what policies he thinks would make markets work better by generating a more accurate understanding of opportunity costs. To some, his prescriptions will look like the program of the Left. The great irony is that his goal is to make markets function better, not rid us of them. Whether you agree with his prescriptions are not, this is a very interesting book and a great way for non-economists to get up to speed on current debates and policy issues without having to do a single test for statistical significance or worry about heteroscedasticity.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

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Gerald Epstein, “What's Wrong with Modern Money Theory? A Policy Critique” (Palgrave Macmillan, 2019) Jan 09, 2024

Show notes

Since the last-but-one financial crisis abated and governments responded to better times by clawing back their stimulus packages, a once-obscure economic philosophy has been gaining a growing following on the left. But, following the extraordinary policy response to the COVID-19 pandemic, even some conservative commentators and policy makers are showing an interest in Modern Monetary Theory or MMT.

Not so fast, warns Gerald Epstein in his What's Wrong with Modern Money Theory? A Policy Critique (Palgrave Macmillan, 2019). While this progressive economist welcomes any resistance to austerian economics and the policy rethink that the new theory is triggering, he warns against MMT's seductive appeal and its significant practical shortcomings.

Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst.

Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.

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Jayaseelan Raj, "Plantation Crisis: Ruptures of Dalit life in the Indian Tea Belt" (UCL Press, 2022) Jan 06, 2024

Show notes

What does the collapse of India’s tea industry mean for Dalit workers who have lived, worked and died on the plantations since the colonial era? Plantation Crisis: Ruptures of Dalit life in the Indian Tea Belt (UCL Press, 2022) offers a complex understanding of how processes of social and political alienation unfold in moments of economic rupture. Based on long-term ethnographic fieldwork in the Peermade and Munnar tea belts, Jayaseelan Raj – himself a product of the plantation system – offers a unique and richly detailed analysis of the profound, multi-dimensional sense of crisis felt by those who are at the bottom of global plantation capitalism and caste hierarchy.

Tea production in India accounts for 25 per cent of global output. The colonial era planation system – and its two million strong workforce – has, since the mid-1990s, faced a series of ruptures due to neoliberal economic globalisation. In the South Indian state of Kerala, otherwise known for its labour-centric development initiatives, the Tamil speaking Dalit workforce, whose ancestors were brought to the plantations in the 19th century, are at the forefront of this crisis, which has profound impacts on their social identity and economic wellbeing. Out of the colonial history of racial capitalism and indentured migration, Plantation Crisis opens our eyes to the collapse of the plantation system and the rupturing of Dalit lives in India's tea belt.

Garima Jaju is a Smuts fellow at the University of Cambridge.

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Matthew O. Jackson, "The Human Network: How Your Social Position Determines Your Power, Beliefs, and Behaviors" (Vintage, 2019) Jan 05, 2024

Show notes

Social networks existed and shaped our lives long before Silicon Valley startups made them virtual. For over two decades economist Matthew O. Jackson, a professor at Stanford University, has studied how the shape of networks and our positions within them can affect us. In this interview, he explains how network structures can create poverty traps, exacerbate financial crises, and contribute to political polarization. He also explains how a new awareness of the role of networks has been used to improve financial regulation, promote public health knowledge, and guide vaccination strategy.

Jackson also discusses how he first began to study networks, previously neglected by economists, and how economists can both learn from and contribute to the exciting cross-disciplinary dialogue among researchers from sociology, math, physics, and other fields.

Professor Jackson's website provides free access to the chapter on contagion, of particular interest in this time of pandemic. For those who want to learn even more than the book can cover, he offers a free online course on the topic.

Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new digital economy-focused Master's program in Applied Economics.

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Applying Historical Perspectives to Finance (with Daniel Peris) Jan 04, 2024

Show notes

Before becoming a financial analyst and then a portfolio manager in New York, Daniel Peris worked as a tenure-track professor of Soviet history. I sat down with Dan and talked about his painful but ultimately successful 1990s transition from academia to finance. We chatted about how historical methods and perspectives shaped Dan's unique approach to investing, a style that he has been popularizing in his books and online blogs. Dan talked about the skills he acquired during his training as a historian that helped him succeed in finance. We talked about weighing professional risk in academia and in finance, about doubts that accompanied Dan's journey from one industry to another, his forthcoming book The Ownership Dividend (2024), and what history grads can do to broaden their career prospects.

Peris is also the author of The Strategic Dividend Investor(2011) and Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (2018). His blog "History and Investing" is here.

Patryk Babiracki is a historian, researcher and writer; professor & MA student advisor at the University of Texas at Arlington. PhD from Johns Hopkins. Promoter of #AppliedHistory: using historical concepts, frameworks, and methodologies to solve real-world organizational problems.

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Gary Shiffman, "The Economics of Violence: How Behavioral Science Can Transform our View of Crime, Insurgency, and Terrorism" (Cambridge UP, 2019) Jan 03, 2024

Show notes

Dr. Gary Shiffman’s book The Economics of Violence: How Behavioral Science Can Transform our View of Crime, Insurgency, and Terrorism(Cambridge UP, 2020) serves as a fantastic introduction to anyone interested in thinking critically about terrorist, insurgency, and criminal groups of all sorts. Using case studies from multiple continents, ideological contexts, and political situations, Dr. Shiffman shows how the language and tools familiar to economists can assist policy makers and security personnel to combat rival ‘firms,’ as he classifies them. Arguing strongly against essentialist labels and stories about why these groups act the way that they do, Dr. Shiffman offers us an approach to understanding ‘illicit’ groups that would be recognizable to leaders of many ‘legitimate’ organizations.

Dr. Gary Shiffman is a Professor at Georgetown University, the CEO of two software companies, a former Naval Officer and Border Patrol leader, a former Fortune 200 executive, and an engaging writer. His is the author of one other book on the Economic Instruments of Security Policy.

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Richard Vague, "A Brief History of Doom: Two Hundred Years of Financial Crises" (U Pennsylvania Press, 2019) Jan 02, 2024

Show notes

Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers here.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter@Back2BizBook or at http://www.strategicdividendinvestor.com

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Gabriel Abend, "Words and Distinctions for the Common Good: Practical Reason in the Logic of Social Science" (Princeton UP, 2023) Jan 02, 2024

Show notes

How social scientists' disagreements about their key words and distinctions have been misconceived, and what to do about it

Social scientists do research on a variety of topics--gender, capitalism, populism, and race and ethnicity, among others. They make descriptive and explanatory claims about empathy, intelligence, neoliberalism, and power. They advise policymakers on diversity, digitalization, work, and religion. And yet, as Gabriel Abend points out in Words and Distinctions for the Common Good: Practical Reason in the Logic of Social Science(Princeton UP, 2023), they can't agree on what these things are and how to identify them. How to tell if something is a religion or a cult or a sect? What is empathy? What makes this society a capitalist one? Disputes of this sort arise again and again in the social sciences.

Abend argues that these disagreements have been doubly misconceived. First, they conflate two questions: how a social science community should use its most important words, and what distinctions it should accept and work with. Second, there's no fact of the matter about either. Instead, they're practical reason questions for a community, which aim at epistemically and morally good outcomes. Abend calls on social science communities to work together on their words, distinctions, and classifications. They must make collective decisions about the uses of words, the acceptability of distinctions, and the criteria for assessing both. These decisions aren't up to individual scholars; the community gets the last word. According to Abend, the common good, justice, and equality should play a significant role in the logic of scientific research.

Gabriel Abend is professor of sociology at University of Lucerne and the author of The Moral Background: An Inquiry into the History of Business Ethics (Princeton).

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James O'Toole, "The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good" (HarperBusiness, 2019) Jan 01, 2024

Show notes

Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome?

James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business.

O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did.

The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture.

The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.)

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

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Benjamin Lorr, "The Secret Life of Groceries: The Dark Miracle of the American Supermarket" (Penguin, 2020) Jan 01, 2024

Show notes

This episode of the New Books in Economic and Business History is an interview with New York writer Benjamin Lorr. Benjamin Lorr is the author of Hell-Bent: Obsession, Pain, and the Search for Something Like Transcendence in Competitive Yoga, a book that explores the Bikram Yoga community and movement. His second book, The Secret Life of Groceries: The Dark Miracle of the American Supermarket is "an extraordinary investigation into the human lives at the heart of the American grocery store. The miracle of the supermarket has never been more apparent. Like the doctors and nurses who care for the sick, suddenly the men and women who stock our shelves and operate our warehouses are understood as ‘essential’ workers, providing a quality of life we all too easily take for granted. But the sad truth is that the grocery industry has been failing these workers for decades.

In this page-turning expose, author Benjamin Lorr pulls back the curtain on the highly secretive grocery industry. Combining deep sourcing, immersive reporting, and sharp, often laugh-out-loud prose, Lorr leads a wild investigation, asking what does it take to run a supermarket? How does our food get on the shelves? And who suffers for our increasing demands for convenience and efficiency? In this journey:

We learn the secrets of Trader Joe's success from Trader Joe himself
Drive with truckers caught in a job they call "sharecropping on wheels"
Break into industrial farms with activists to learn what it takes for a product to earn certification labels like "fair trade" and "free range"
Follow entrepreneurs as they fight for shelf space, learning essential tips, tricks, and traps for any new food business
Journey with migrants to examine shocking forced labor practices through their eyes

The product of five years of research and hundreds of interviews across every level of the business, The Secret Life of Groceries is essential reading for those who want to understand our food system--delivering powerful social commentary on the inherently American quest for more and compassionate insight into the lives that provide it.

Paula De La Cruz-Fernandez is a consultant, historian, and digital editor. New Books Network en español editor. Edita CEO.

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