New Books In Economics

M. R. Sharan is an Assistant Professor at the University of Maryland, studying questions centred around development economics and political economy. He obtained his PhD from Harvard University in 2020 and was previously at the Delhi School of Economics and Hansraj College. His novel, Blue, was published in 2014. His writings have appeared across various publications, including the Economic and Political Weekly, The Hindu, The Times of India and The Economic Times. He is at www.mrsharan.com and on Twitter at @sharanidli. Last Among Equals: Power, Caste and Politics in Bihar's Villages (Westland, 2021) eschews the usual sweeping narratives of national and state politics, reaching instead for the 'swirling, vivid sub-narratives that escape easy categorisations', the darkness of the material leavened with deep empathy. The result is a captivating, often searing narrative of how lives are lived in the villages of Bihar--and indeed in much of India. Learn more about your ad choices. Visit megaphone.fm/adchoices Sup

Microchips are both important and in short supply. So how important? And what can be done to make them more plentiful? Also, what are the geopolitical implications of having the production of microchips concentrated in relatively few hands. Owen Bennett Jones talks microchips with Julian Kamasa of the Centre for Security Studies in Zurich. Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Since 2020, Europe's financial sector has been severely stress-tested by a global pandemic and a major land war yet, compared to the period between 2007 and 2012, the impact has been remarkably muted. Still minnows compared to their US peers, Europe's post-crisis recapitalised banks nevertheless have held up well. And so, by and large, has the quality of their assets despite ten years of slow growth and low inflation followed by enormous volatility, high inflation and interest rates heading to two-decade highs. How much of this has been luck? How much is due to the redesign of European banking supervision after the punishing experience of the 2007-12 crisis? What still has to be done? To answer these questions, Robert Holzmann and Fernando Restoy have pulled together 21 contributors from policy-making and the academy to examine these fundamental questions in Central Banks and Supervisory Architecture in Europe: Lessons from Crises in the 21st Century (Edward Elgar, 2022). Since 2019, Robert Holzmann has been

Historian Louis Hyman, professor and director of the Institute of Workplace Studies at Cornell University’s School of Industrial and Labor Relations, talks about his book, Temp: How American Work, American Business, and American Dream Became Temporary, with Peoples & Things host Lee Vinsel. In this conversation, Hyman and Vinsel chat about how most mid-20th century secure jobs were possessed by white men, how temporary work began to rise after World War Two, and how all this led to the gig-based world we inhabit. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines describe what you can do to prepare. Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions--powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt--but it is coming. How do businesses prepare?  In Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction: The Disruptive Economics of Artificial Intelligence (HBR Press, 2022), they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to i

Investing in funds is not straightforward. We are faced with a countless range of options and constantly distracted by meaningless noise and turbulent markets. To make matters worse, our flawed beliefs and behavioural biases lead to repeated and costly mistakes, such as a damaging obsession with past performance and a dangerous attraction to thematic funds. There is a solution―a more intelligent way to invest in funds. In The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds (Harriman House, 2022), experienced portfolio manager and behavioural finance expert Joe Wiggins brings simplicity and clarity to fund investing. Each chapter of this fascinating and highly readable book focuses on a vital element of investing in funds―exploring how and why investors can get it badly wrong, and providing direct, actionable steps for better results. Joe reveals: why we should avoid investing with star managers; how to decide between active and passive funds; why we should beware of s

Devon Powers, a professor of advertising, media, and communication at Temple University, talks about her book, On Trend: The Business of Forecasting the Future with Peoples & Things host Lee Vinsel. Powers’ book examines the world of futurists, cool hunters, and forecasters who sell people advice about tomorrow. Powers and Vinsel discuss about how we should think about the influence of such individuals, given that their predictions are often misleading and inaccurate. They also talk how the making of futures can become more just and inclusive. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why is dental insurance so crummy? Why is pet insurance so expensive? Why does your auto insurer ask for your credit score? The answer to these questions lies in understanding how insurance works. Unlike the market for other goods and services—for instance, a grocer who doesn’t care who buys the store’s broccoli or carrots—insurance providers are more careful in choosing their customers, because some are more expensive than others. In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale UP, 2023), Liran Einav, Amy Finkelstein, and Ray Fisman explore such issues as why insurers want to know so much about us and whether we should let them obtain this information; why insurance entrepreneurs often fail (and some tricks that may help them succeed); and whether we’d be better off with government-mandated health insurance instead of letting businesses, customers, and markets decide who gets coverage and at what price. With insurance at the center of divisive debates about privacy, equity, and th

In Endangered Maize: Industrial Agriculture and the Crisis of Extinction (U California Press, 2022), historian Helen Anne Curry investigates more than a hundred years of agriculture and conservation practices to understand the tasks that farmers and researchers have considered essential to maintaining crop diversity. Through the contours of efforts to preserve diversity in one of the world's most important crops, Curry reveals how those who sought to protect native, traditional, and heritage crops forged their methods around the expectation that social, political, and economic transformations would eliminate diverse communities and cultures. In this fascinating study of how cultural narratives shape science, Curry argues for new understandings of endangerment and alternative strategies to protect and preserve crop diversity. Isobel Akerman is a History PhD student at the University of Cambridge studying biodiversity and botanic gardens. Learn more about your ad choices. Visit megaphone.fm/adchoices Support ou

Over the past 50 years, scholars across the social sciences have employed critical juncture analysis to understand how social orders are created, become entrenched, and change. In this book, leading scholars from several disciplines offer the first coordinated effort to define this field of research, assess its theoretical and methodological foundations, and use a critical assessment of current practices as a basis for guiding its future. Contributors include stars in this field who have written some of the classic works on critical junctures, as well as the rising stars of the next generation who will continue to shape historical comparative analysis for years to come. David Collier and Gerardo L. Munck's Critical Junctures and Historical Legacies. Insights and Methods for Comparative Social Science (Rowman & Littlefield, 2022) will be an indispensable resource for social science research methods scholars and students. Javier Mejia is an economist at Stanford University who specializes in the intersection of

Sociologist Juan Pablo Pardo-Guerra, a professor at University of California San Diego, talks about his book Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets with Peoples & Things host Lee Vinsel. The book traces the long, largely anonymous, and in some senses boring history of how experts applied computers to financial systems since the 1970s, creating a digital infrastructure of the trading world. The conversation also touches on Pardo-Guerra’s more recent work on how systems of quantitative metrics have been applied to the management of universities and what might be done about it. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Science and Technologies scholar Lilly Irani talks her book, Chasing Innovation: Making Entrepreneurial Citizens in Modern India, with Peoples & Things host Lee Vinsel. Irani’s work examines the ideological role that ideas of “innovation” and “entrepreneurship” have played in India and the people who are left behind by such visions. Irani and Vinsel also discuss her other work and activism focusing on the politics of the Bay Area in California, including organization against the digital technology industry. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The pandemic brought to the fore a group of workers deemed “essential” – frontline healthcare workers, restaurant employees, slaughterhouse workers, and the like – who often faced a difficult choice between risking their health to work or forgoing income that they couldn’t afford to do without. Often, they had to work even though they couldn’t afford health insurance – or health care themselves if they got sick, another sign of the inadequacy of our health care arrangements. How did the pandemic transform workers and work? This week on International Horizons, Professor John Torpey talks to Jamie McCallum from sociology at Middlebury College about the shift in conditions for essential workers across the globe during the pandemic and how that affected the whole world's labor movement. McCallum discusses the variations of these effects in different regions and how exceptionally the US behaved during the pandemic in terms of labor protection. Finally, the author discusses whether labor unrest can be pushed for la

Patrick Chung, assistant professor of history at the University of Maryland, talks about his research on the rise of shipping and manufacturing in South Korea with Peoples & Things host Lee Vinsel. Along the way, Chung provides fascinating insights into the role that both the US Department of Defense and local South Korean actors played in globalization. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Daniel Armanios, associate professor of Engineering and Public Policy at Carnegie Mellon University, talks about his work on infrastructure and inequality with Peoples & Things host Lee Vinsel. Armanios’ recent work has focused on coming up with quantitative measures of how infrastructure relates to inequalities around race, gender, and class, both to address historical injustices and to inform future infrastructure construction. Armanios also talks about how he brings these topics into his teaching and his larger project around engineering and social justice. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I had the pleasure of talking to Professor Xiang Biao on his new book, Self as Method: Thinking Through China and the World, which was originally written and published in Chinese. The English translation has just come out with Palgrave Macmillan. Self as Method provides a manifesto of intellectual activism that counsels China’s young people to think by themselves and for themselves. Consisting of three conversations between Xiang Biao, a social anthropologist, and Wu Qi, a rising journalist, the book probes how China has reached its current stage and how young people can make changes. The Chinese version, 把自己作为方法, was named the “most impactful book of 2021” by Dou4ban4, China’s premier website for rating books, films, and music. The English version, which is entirely Open Access and downloadable for free, was translated by David Ownby. The book reached 157,000 downloads in just over a couple of months. Dr. Suvi Rautio is an anthropologist of China. Learn more about your ad choices. Visit megaphone.fm/ad

Jeffrey Carpenter and Andrea Robbett's book Game Theory and Behavior (MIT Press, 2022) is an introduction to game theory that offers not only theoretical tools but also the intuition and behavioral insights to apply these tools to real-world situations. This introductory text on game theory provides students with both the theoretical tools to analyze situations through the logic of game theory and the intuition and behavioral insights to apply these tools to real-world situations. It is unique among game theory texts in offering a clear, formal introduction to standard game theory while incorporating evidence from experimental data and introducing recent behavioral models. Students will not only learn about incentives, how to represent situations as games, and what agents “should” do in these situations, but they will also be presented with evidence that either confirms the theoretical assumptions or suggests a way in which the theory might be updated. Jeffrey Carpenter is the James Jermain Professor of Polit

Most people in developed countries think inequality is increasing. And most would also agree that in terms of the global poor, the last 20 years have seen vast improvements with hundreds of millions living much better lives than their parents. These are some of the themes Professor Mike Savage addresses in his book The Return of Inequality: Social change and the Weight of the Past (Harvard UP, 2021). Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I talked to Dr. Heidi K. Gardner about her new book (co-authored with Ivan A. Matviak) Smarter Collaboration: A New Approach to Breaking Down Barriers and Transforming Work (HBR Press, 2022) Diversity doesn’t mean much if a range of people are in the room but not really a part of the conversation taking place there. To counter that all-together too frequent shortcoming, today’s guest has focused on a variety of ways to achieve better collaboration where multiple viewpoints enrich the outcome. One way is to understand seven key dimensions of collaboration that focus on the personalities and behavioral tendencies in that room. Are people given to being risk seekers or spotters, for instance? Do they tend to be complex or concrete thinkers? And so on. Another way forward is to understand how the team will be evaluated and rewarded. When pay and promotions are weighted such that 40% is dependent on the outcome for customers, you tend to get a broader, more altruistic vantage point. Underlying it all in this

Brent Goldfarb and David Kirsch, professors of entrepreneurship and strategy at the University of Maryland's Robert H. Smith School of Business, talk about their book, Bubbles and Crashes: The Boom and Bust of Technological Innovation, with Peoples & Things host Lee Vinsel. Bubbles and Crashes puts forward a parsimonious model of how and when economic bubbles develop around new technologies. In the conversation, Goldfarb and Kirsch reflect on a variety of topics, including why it matters that Elon Musk is such a good story teller, whether we are currently in a technology bubble, and what we can do to prevent bubbles in the future. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics