New Books In Economics

As you may know, university presses publish a lot of good books. In fact, they publish thousands of them every year. They are different from most trade books in that most of them are what you might called "fundamental research." Their authors--dedicated researchers one and all--provide the scholarly stuff upon which many non-fiction trade books are based. So when you are reading, say, a popular history, you are often reading UP books at one remove. Of course, some UP books are also bestsellers, and they are all well written (and, I should say, thoroughly vetted thanks to the peer review system), but the greatest contribution of UPs is to provide a base of fundamental research to the public. And they do a great job of it. How do they do it? Today I talked to Kathryn Conrad, the president of the Association of University Presses, about the work of UPs, the challenges they face, and some terrific new directions they are going. We also talked about why, if you have a scholarly book in progress, you should talk to

How should we understand work? In What’s Wrong with Work? (Policy Press, 2019), Lynn Pettinger, Associate Professor of Sociology at the University of Warwick, explores how work is organised, interconnected, and what work does. The book offers a history of work, as well as challenging and destabilising taken for granted categories such as ‘good’ and ‘bad’ work, foregrounding what is usually taken to be invisible and is deleted. The book covers a range of theoretical territory too, but is written in a clear and accessible style, serving as both a detailed and engaging overview of key issues such as technology and environmental sustainability. The book will be essential reading for anyone seeking to understand work! Learn more about your ad choices. Visit megaphone.fm/adchoices

Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required. When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' est

Railroads and the Transformation of China (Harvard University Press, 2019) looks at the development of railroads in China from the late 19th century to the post-Mao reform period. Treating railroads as institutions, Elisabeth Köll charts how railroads and railway management companies were constructed and developed, how railway lines were disrupted by war, and then how they were re-organized and re-structured – often by re-packaging pre-1949 ideas – in the Communist period. Throughout Köll is attentive to historical continuities and disruptions, paying particular attention to the tensions that existed between centralization and decentralization, which, as she shows, ultimately created a system where regionally autonomous railroad bureaus exist within a centralized hierarchy. By drawing on sources that range from archival materials to oral testimonies, Köll has created not only the first comprehensive history of railroad operation in China, but also a book filled with fascinating details, including the absurdit

The things that make people academics -- as deep fascination with some arcane subject, often bordering on obsession, and a comfort with the solitude that developing expertise requires -- do not necessarily make us good teachers. Jessamyn Neuhaus’s Geeky Pedagogy: A Guide for Intellectuals, Introverts, and Nerds Who Want to Be Effective Teachers (West Virginia University Press, 2019) helps us to identify and embrace that geekiness in us and then offers practical, step-by-step guidelines for how to turn it to effective pedagogy. It’s a sharp, slim, and entertaining volume that can make better teachers of us all. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A Peoples History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017

Think economics is the "dismal science" with abstract formulas that have no impact on life as it is actually lived? Think again.  In The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society (Little Brown, 2019), Binyamin Appelbaum--former correspondent and now an editorial board member of the New York Times--brings to life how academic economists rose "from the basement" of banks and universities in the post-war period to have a direct impact on almost every aspect of our lives. The end of the draft, unemployment levels, inflation, deregulation, air transport, phone service, patent law, monopolies and anti-trust activity, even the value of human lives--all of these have been directly affected by the activity of economists who emerged on the scene after World War II. Appelbaum traces the transition from the first school of these economists--the Keynesians who advocated a bigger role for government in addressing economic and social problems--to the second school, the Chicago "market" crow

What is the future of work? In What Do We Know and What Should We Do About the Future of Work? (Sage, 2019), Melanie Simms, a Professor of Work and Employment at the University of Glasgow offers an overview off a vast range of issues associated with work- in a short and accessible book. The book asks us to remember the continuities of problems associated with work, as well as the emerging future trends. The latter include automation, an aging population and pensions, emotional and aesthetic labour, skills, universal basic income, and flexible forms of working. By placing these trends in an appropriate historical setting the book offers lessons about how societies can respond, focusing in particular on rights and regulation, enforcement, and the role of unions and collective action. The book will be essential reading for anyone who works! Learn more about your ad choices. Visit megaphone.fm/adchoices

I spoke with Ioana Negru about the book that she recently edited with Wilfred Dolfsma. We were joined in the conversation by our colleague Rodrigo Zeidan to discuss the timely issues covered by The Ethical Formation of Economists (Routledge, 2019). Economists' role in society has always been an uneasy one, and in recent years the ethicality of the profession and its practitioners has been questioned more than ever. This collection of essays is the first to investigate the multifaceted nature of what forms economists' ethical and economic views. The book suggests that if we can better understand what is making economists think and act as they do, considering ethicality in the process, we might all be better placed to implement changes. The intent is not to exonerate economists from personal responsibility, but to highlight how considering the circumstances that have helped shape economists' views can help to address issues. It is argued that it is important to understand these influences, as without such insig

“Free enterprise” is an everyday phrase that connotes an American common sense. It appears everywhere from political speeches to pop culture. And it is so central to the idea of the United States that some even labeled Christopher Columbus and the Pilgrims free enterprisers. In his new book, Free Enterprise: An American History (Yale University Press, 2019), Lawrence Glickman analyses that phrase’s historical meaning and shows how it became common sense. Glickman, a historian and the Stephen and Evalyn Milman Professor in American Studies at Cornell University, traces the phrase from its many 19th-century meanings, of which abolitionists wielded a dominant one (consider the word free), to its conservative reformulation in the 1920s and 30s. He shows how “free enterprise” became the rallying cry of the business community from the 1930s to the Powell Memo in the early 70s. This book is a whirlwind tour of a keyword that has had immense rhetorical power in modern American history and that scholars have yet to cr

I spoke with James C. W. Ahiakpor, he is Professor Emeritus, Department of Economics, at California State University, East Bay, USA. We discussed his new book Macroeconomics without the Errors of Keynes: The Quantity Theory of Money, Saving, and Policy (Routledge, 2019) A provocative title for a very original book that is a critique not only of Keynes but also of some of his followers and his scholarly opponents. This is a sophisticated book and an erudite account and analysis of crucial debates in economics over the past 100 years.I asked what is the origin of the book and why he wrote a book 'against' J.M. Keynes. I also asked to locate Keynes and his relationship with classical economists. We then discussed why macroeconomics needs to be restored to its classical roots and what are the distortions that he attributes to Keynes. Finally we spoke about the implications of his book for contemporary economic and monetary policy debates after the great recession.Professor Ahiakpor argues that modern macroeconomi

We spoke with Edward Cartwright about his textbook ‘Behavioral Economics’ structured into four parts and eleven chapters. This is now the third edition published by Routledge and it is a leading advanced textbook on Behavioral Economics. Edward is also co-author with Robert Frank on the European edition of the popular Microeconomics and Behaviour textbook. Edward is associate editor at the Journal of Public Economic Theory and Fellow of the Higher Education Academy.I asked about his personal background and about the origin of the book that at its first edition was one of the pioneering textbooks available. Edward then provided a short introduction to Behavioral Economics and located it in the mainstream / heterodox economics debate. We also discussed how Behavioral Economics contributed to modify the relationship between macro and micro. Edward mentioned the impact of Behavioral Economics to economic theory and policy making (last chapter of the book). We discussed the ethical implications of applied behavior

Shortly after the conclusion of the Women's World Cup earlier this summer, a friend suggested to me that it signaled the long-awaited arrival of soccer as a mainstream sport in the U.S. I thought a second, remembering the commercials around the game and the way the television cameras shot the crowd. Then I responded that I thought it wasn't really the long-awaited arrival of soccer, but the emergence of women's sports into the mainstream of American culture. This is something of an exaggeration. But the summer of the World Cup is perhaps a perfect time to think through the position of women's sports in global society. Nancy Lough and Andrea N. Geurin do just that in their new edited Routledge Handbook of the Business of Women's Sport (Routledge, 2019). Lough and Guerin bring together forty different authors to survey the status of women's sports in 2019. The essays range from discussions of the history of women's sports to analyses of media representation of women in sports to the economics and management of

Scholars of US history have treated trade policy in less than enthusiastic ways. One economic historian described tariffs as “extraordinarily uninteresting things unless related to the political events which give them meaning.” While another historian said the tariff has caused “narcolepsy” among his colleagues. One piece of evidence of this sentiment is that the last comprehensive history of of US trade policy was published in the the late 19th century!Despite the seemingly soporific qualities of the subject, Douglas Irwin wrote a 900-page tome on trade policy. The book, Clashing over Commerce: A History of US Trade Policy (University of Chicago Press, 2019) is remarkably erudite and surprisingly entertaining. Irwin shows how trade policy was at the heart of so many of the major crises and transitions in US history, everything from the Revolution of 1776 to the post-Cold War moment. Indeed, Irwin fashions a focus on tariffs into a new history of the republic itself.Douglas Irwin is the John French Professor

The authors of Chains of Finance: How Investment Management is Shaped (Oxford University Press, 2017) make points that professionals already know and that end-investors ought to know: that there are a lot of cooks in the investment kitchen, and that the investment process is materially shaped by the chain of individuals and institutions that go into manufacturing investment products. Advisors, consultants, compliance, sales, portfolio managers, analysts, traders, distributors, custodians---these job titles are just part of that machinery. And they all interact with one another in a variety of ways. Most people operating in a complex industry understand that there is a lot going on behind the scenes that affects the ultimate outcome of the manufacturing process or service generation. Investment management is the same. Chains of Finance is part of a growing literature in the social studies of finance that highlights that investment is an interactive social process, not a cut and dried application of some algori

The clerk attended his desk and counter at the intersection of two great themes of modern historical experience: the development of a market economy and of a society governed from below. Who better illustrates the daily practice and production of this modernity than someone of no particular account assigned with overseeing all the new buying and selling? In Accounting for Capitalism: The World the Clerk Made (U Chicago Press, 2018), Michael Zakim has written their story, a social history of capital that seeks to explain how the “bottom line” became a synonym for truth in an age shorn of absolutes, grafted onto our very sense of reason and trust.This is a big story, told through an ostensibly marginal event: the birth of a class of “merchant clerks” in the United States in the middle of the nineteenth century. The personal trajectory of these young men from farm to metropolis, homestead to boarding house, and, most significantly, from growing things to selling them exemplified the enormous social effort requir

Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but government credit has been part of American life since the nation’s founding. Sarah L. Quinn’s new book dissects the political and social development of these policies in American Bonds: How Credit Markets Shaped a Nation (Princeton University Press, 2019). Quinn is associate professor of sociology at the University of Washington.From the 1780s, when national land credit policy was established, to the postwar foundations of our current housing finance system, Quinn examines the evolution of securitization and federal credit programs. American Bonds shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market inter

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 lea

In From the Grounds Up: Building an Export Economy in Southern Mexico (Stanford University Press, 2019), Casey Lurtz explains how the fertile yet isolated region of the Soconusco became integrated into global markets in the late nineteenth- and early twentieth centuries. Located in what is today the state of Chiapas, the Soconusco was a lightly-populated borderlands region where sovereignty was murky, for both Mexico and Guatemala claimed the district and residents moved freely across the scarcely-delineated boundary between national territories. There were other challenges to developing an export economy: the Soconusco faced labor scarcity, lacked institutional and material infrastructure, and was regularly destabilized by political violence. Nevertheless, it became the primary coffee-producing region in Mexico in this era. To trace how this occurred, Lurtz notes the role of politicians and entrepreneurial large landowners, Mexican and foreign, in developing coffee plantations (fincas), but her cast of chara

In Dark Work: The Business of Slavery in Rhode Island(NYU Press, 2016; paperback, 2018), Christy Clark-Pujara, Associate Professor of History in the Department of Afro-American Studies at the University of Wisconsin-Madison, tells the story of one state whose role was outsized: Rhode Island. Like their northern neighbors, Rhode Islanders bought and sold slaves and supplies that sustained plantations throughout the Americas; however, nowhere else was this business so important. During the colonial period trade with West Indian planters provided Rhode Islanders with molasses, the key ingredient for their number one export: rum. More than 60 percent of all the slave ships that left North America left from Rhode Island. During the antebellum period Rhode Islanders were the leading producers of “negro cloth,” a coarse wool-cotton material made especially for enslaved blacks in the American South.Clark-Pujara draws on the documents of the state, the business, organizational, and personal records of their enslavers,

This week we take a break from fun and games to talk about business and consumerism–which, to be sure, is for some people also fun and games.As Vicki Howard reminds us in her new book, From Main Street to Mall: The Rise and Fall of the American Department Store (University of Pennsylvania Press, 2015), it used to be that America was filled with department stores. Congenital nostalgics remember places like Wanamaker’s in Philadelphia; they even print books about the big-city department stores of Days Gone By. But that ignores the important place that department stores held in small towns all around the country.Vicki Howard has already written on the history of the wedding industry. Now she and Al Zambone talk about the department store, how they began, what they offered people that hadn’t existed before, and how they were undone by the same forces that created them. Zambone gets a little autobiographical, too, but please forgive him. Enjoy.Al Zambone is a historian and the host of the podcast Historically