New Books In Economics

What exactly can artificial intelligence do? It’s an issue some of the professions are grappling with – on the face of it, law is an area that rests on fine human judgment – but in fact many of tasks it involves can be performed by AI and if that is true for law then presumably it is also true for many other areas too. Daniel Susskind of Oxford University discusses his book The Future of the Professions: How Technology Will Transform the World of Human Experts (Oxford UP, 2022), 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

In The Federal Reserve: A New History (University of Chicago Press, 2022), Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares periods in which the Fed stabilized the economy and periods in which it destabilized the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession. The Federal Reserve: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century. Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University. Caleb Zakarin is the Assistant Editor of the New

It didn't always take thirty years to pay off the cost of a bachelor's degree.  In Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt (Harvard UP, 2021), Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable. The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from th

What will a Chinese-dominated world look like? And since Xi Jin Ping will probably rule China for life, what does he want to do; what does he believe in and what does he mean for China and the world? Sue Lin Wong has made an excellent podcast series on him called "The Prince: Searching for Xi Jinping" and discussed the Chinese leader with Owen Bennett-Jones. 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

How can billionaires justify the endless accumulation of wealth? Effective altruism. An almost religious philosophical belief. Sam Bankman-Fried, the former CEO and founder of collapsed crypto exchange FTX is a major proponent, as is Elon Musk. Now, SBF and many in Effective Altruism have also embraced longtermism, a strand of extreme utilitarian thinking that tells us we should worry about the interests of future people -- trillions of future people, 1000s of years into the future, and in planets far away. We examine the complicated moral math of longtermism with Émile P. Torres, a former longtermist who is now one of the movement's sharpest apostates. SUPPORT THE SHOW You can support the show for free by following or subscribing on Spotify, Apple Podcasts, or whichever app you use. This is the best way to help us out and it costs nothing so we’d really appreciate you clicking that button. If you want to do a little more we would love it if you chip in. You can find us on patreon.com/dartsandletters. Patrons

Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. Paul Belleflamme and Martin Peitz's book The Economics of Platforms: Concepts and Strategy (Cambridge UP, 2021) explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years. Martin Peitz is professor of economics at the University of Mannheim (since 2007), a director of the Mannheim Cent

Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism: The Afterlives of European Financial Crises, 1690-1830 (Cambridge University Press, 2022) develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Dr. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the cost

Sanctions have become the go-to foreign policy tool for the United States. Coercive economic measures such as trade tariffs, financial penalties, and export controls affect large numbers of companies and states across the globe. Some of these penalties target nonstate actors, such as Colombian drug cartels and Islamist terror groups; others apply to entire countries, including North Korea, Iran, and Russia. U.S. policy makers see sanctions as a low-cost tactic, but in reality these measures often fail to achieve their intended goals--and their potent side effects can even harm American interests.  Backfire: How Sanctions Reshape the World Against U.S. Interests (Columbia UP, 2022) explores the surprising ways sanctions affect multinational companies, governments, and ultimately millions of people around the world. Drawing on interviews with experts, policy makers, and people in sanctioned countries, Agathe Demarais examines the unintended consequences of the use of sanctions as a diplomatic weapon. The prolif

In The Handbook of Banking Technology (John Wiley & Sons, 2021), Walker and Morris provide a first comprehensive view of the systems that support a bank. During the interview, they bring out the interactions of these components and how the themes they touch on in the book come together. Years of first-hand experience combined with detailed research come together to explain the intricacies of the technological architecture of modern banking. Quite often the authors provide a long-term perspective of how these applications develop in order to provide a better understanding of how we got to where we are.  The other podcast mentioned in this interview is James Bessen "The New Goliaths".  Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premi

Throughout its history, the U.S. military has worked in close connection to market-based institutions and structures. It has run systems of free and unfree labor, taken over private sector firms, and both spurred and snuffed out economic development. It has created new markets―for consumer products, for sex work, and for new technologies. It has operated as a regulator of industries and firms and an arbitrator of labor practices. And in recent decades it has gone so far as to refashion itself from the inside, so as to become more similar to a for-profit corporation. The Military and the Market (U Pennsylvania Press, 2022) covers two centuries of history of the U.S. military’s vast and varied economic operations, including its often tense relationships with capitalist markets. Collecting new scholarship at the intersection of the fields of military history, business history, policy history, and the history of capitalism, the nine chapters feature important new research on subjects ranging from Civil War soldie

Regional demand for renewable hydropower from the Mekong River and its tributaries in Laos is on the rise. In June 2022, Laos exported one hundred megawatts of hydropower to Singapore via Thailand and Malaysia – a historic milestone that further establishes Laos as the battery of Asia. However, these developments take place amid rising concerns for the ecological future of the transboundary Mekong River and the millions of people who depend on it. Joining Dr Natali Pearson on SSEAC Stories, Dr Ming Li Yong exposes how further hydropower development on the Mekong River could negatively affect ecosystems, resulting in decreased food security and jeopardising livelihoods in the river basin. She also discusses processes of public consultation and how they fail to consider local communities’ opinions on these contested projects. About Ming Li Yong: Ming Li is a Fellow at the East-West Center in Honolulu, Hawai’i. She researches transboundary water governance and hydropower development in the Mekong River Basin. He

In Threatening Dystopias: The Global Politics of Climate Change Adaptation in Bangladesh (Cornell UP, 2021), Kasia Paprocki challenges two well-worn assumptions about climate change and its relationship with the political economy of development and agriculture, in Bangladesh, which helps shed light on how climate change becomes a politically contested category, in countries across the Global South. The first, is that climate change is simply a contemporary phenomenon without a longer history embedded in the ecology, economics, politics, and social relations in the region. Second, that climate change is the driver of the increased vulnerability of large swaths of the Bangladeshi population, like the community she closely follows in Khulna, in the southwestern part of the country. Through fine-grained ethnographic and archival detail, Paprocki engages with developers, policy makers, scientists, farmers, and rural migrants to show how Bangladeshi and global elites ignore the history of landscape transformation a

Corporate concentration has breached the stratosphere, as have corporate profits. An ever-expanding constellation of industries are now monopolies (where sellers have excessive power over buyers) or monopsonies (where buyers hold the whip hand over sellers)—or both. In Chokepoint Capitalism: How Big Tech and Big Content Captured Creative Labor Markets and How We'll Win Them Back (Beacon, 2022), scholar Dr. Rebecca Giblin and writer and activist Cory Doctorow argue we’re in a new era of “chokepoint capitalism,” with exploitative businesses creating insurmountable barriers to competition that enable them to capture value that should rightfully go to others. All workers are weakened by this, but the problem is especially well-illustrated by the plight of creative workers. From Amazon’s use of digital rights management and bundling to radically change the economics of book publishing, to Google and Facebook’s siphoning away of ad revenues from news media, and the Big Three record labels’ use of inordinately long

On August 6, 2020, the Trump Administration issued a ban on TikTok in the United States, requiring that the owner, Beijing-based Bytedance, sell the company to American investors or shut it down. Legions of TikTokers were devastated at the possible loss of their beloved platform, and for what: a political grudge with China? American suitors like Walmart and Oracle tried to make a deal with Bytedance to keep the platform operating in the US. But then something curious happened. The Chinese government refused to let Bytedance sell TikTok on national security grounds. As it turns out, the pandemic era platform for dance challenges is a Chinese government asset. As digital technologies and social media have evolved into organizing forces for the way in which we conduct our work and social lives, the business logic that undergirds these digital platforms has become clear: we are their product. We give these businesses information about everything--from where we live and work to what we like to do for entertainment

How do states coerce citizens into compliance while simultaneously minimizing backlash? In Outsourcing Repression: Everyday State Power in Contemporary China (Oxford UP, 2022), Lynette H. Ong examines how the Chinese state engages nonstate actors, from violent street gangsters to nonviolent grassroots brokers, to coerce and mobilize the masses for state pursuits, while reducing costs and minimizing resistance. She draws on ethnographic research conducted annually from 2011 to 2019--the years from Hu Jintao to Xi Jinping, a unique and original event dataset, and a collection of government regulations in a study of everyday land grabs and housing demolition in China. Her research highlights one of the ways in which modern authoritarians conceal their actions in order to maintain their popularity among ordinary citizens, a theme also explored in my earlier interview with Daniel Treisman about his book Spin Dictators. Author Lynette Ong is Professor of Political Science at the University of Toronto, with a joint

Alongside rapid socio-economic development, China has achieved remarkable gains in gender equality on metrics like health, education, and labor force participation. Yet, the glass ceiling phenomenon and the underrepresentation of women in management has worsened. Sisi Sung's The Economics of Gender in China (Routledge, 2022) develops a cross-disciplinary paradigm, with economics at its core, to better understand gender in China and women in management in the Chinese business context.  In addition to its theoretical advancements, The Economics of Gender in China uses in-depth interviews with managers in China’s largest enterprises to form rich qualitative insights on women’s managerial experiences and career choices. The book also focuses on the enduring power of stereotypes that specify women’s roles in the family, organization, and society. The book's multi-disciplinary approach allows readers across disciplines with an interest in gender studies to find it useful as an introductory reference. Sisi Sung is a

In Energy without Conscience: Oil, Climate Change, and Complicity (Duke University Press, 2017), David McDermott Hughes investigates why climate change has yet to be seen as a moral issue. He examines the forces that render the use of fossil fuels ordinary and therefore exempt from ethical evaluation. Hughes centers his analysis on Trinidad and Tobago, which is the world's oldest petro-state, having drilled the first continuously producing oil well in 1866. Marrying historical research with interviews with Trinidadian petroleum scientists, policymakers, technicians, and managers, he draws parallels between Trinidad's eighteenth- and nineteenth-century slave labor energy economy and its contemporary oil industry. Hughes shows how both forms of energy rely upon a complicity that absolves producers and consumers from acknowledging the immoral nature of each. He passionately argues that like slavery, producing oil is a moral choice and that oil is at its most dangerous when it is accepted as an ordinary part of e

How has human development evolved during the last 150 years of globalization and economic growth? How has human development been distributed across countries? How do developing countries compare to developed countries? Do social systems matter for well-being? Are there differences in the performance of developing regions over time? Employing a capabilities approach, Human Development and the Path to Freedom: 1870 to the Present (Cambridge University Press, 2022) addresses these key questions in the context of modern economic growth and globalization from c.1870 to the present. Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Vi

A few big companies are selling information about us to governments and companies. But beyond a general sense of unease, what do we need to know about this and what do we need to do about it? Professor Sarah Lamdan gives answers to those questions in her book Data Cartels: The Companies that Control and Monopolise our Information (Stanford UP, 2022). Listen to her conversations with Owen Bennett Jones. 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

The contemporary internet's de facto business model is one of surveillance. Browser cookies follow us around the web, Amazon targets us with eerily prescient ads, Facebook and Google read our messages and analyze our patterns, and apps record our every move. In Profit over Privacy: How Surveillance Advertising Conquered the Internet (U Minnesota Press, 2021), Matthew Crain gives internet surveillance a much-needed origin story by chronicling the development of its most important historical catalyst: web advertising. The first institutional and political history of internet advertising, Profit over Privacy uses the 1990s as its backdrop to show how the massive data-collection infrastructure that undergirds the internet today is the result of twenty-five years of technical and political economic engineering. Crain considers the social causes and consequences of the internet's rapid embrace of consumer monitoring, detailing how advertisers and marketers adapted to the existential threat of the internet and marsh