Calendar

Nov
23
Thu
Jonathan Haskel & Stian Westlake @ Royal Society of Arts
Nov 23 @ 1:00 pm – 2:00 pm

CapitalEarly in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.

But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.

Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.

Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

Jonathan Haskel is professor of economics at Imperial College London. Stian Westlake is a senior fellow at Nesta, the UK’s national foundation for innovation. Haskel and Westlake are cowinners of the 2017 Indigo Prize.

Nov
27
Mon
Walter Scheidel @ London School of Economoics
Nov 27 @ 6:30 pm – 8:30 pm

ScheidelAre mass violence and catastrophes the only forces that can seriously decrease economic inequality? To judge by thousands of years of history, the answer is yes. Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that inequality never dies peacefully. Inequality declines when carnage and disaster strike and increases when peace and stability return. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world.

Ever since humans began to farm, herd livestock, and pass on their assets to future generations, economic inequality has been a defining feature of civilization. Over thousands of years, only violent events have significantly lessened inequality. The “Four Horsemen” of leveling—mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues—have repeatedly destroyed the fortunes of the rich. Scheidel identifies and examines these processes, from the crises of the earliest civilizations to the cataclysmic world wars and communist revolutions of the twentieth century. Today, the violence that reduced inequality in the past seems to have diminished, and that is a good thing. But it casts serious doubt on the prospects for a more equal future.

An essential contribution to the debate about inequality, The Great Leveler provides important new insights about why inequality is so persistent—and why it is unlikely to decline anytime soon.

First published in 2017.

Walter Scheidel is the Dickason Professor in the Humanities, Professor of Classics and History, and a Kennedy-Grossman Fellow in Human Biology at Stanford University. The author or editor of sixteen previous books, he has published widely on premodern social and economic history, demography, and comparative history. He lives in Palo Alto, California.

Nov
28
Tue
Andrew Lo @ New City Agenda
Nov 28 @ 9:00 am – 10:15 am

LoHalf of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe—and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.

Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn’t wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.

A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications—including how hedge funds have become the Galápagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.

An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering. He is the author of Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street and The Econometrics of Financial Markets (all Princeton). He is also the founder of AlphaSimplex Group, a quantitative investment management company based in Cambridge, Massachusetts.

Nov
29
Wed
Mitchell Cohen @ New York Institute for the Humanities
Nov 29 @ 7:00 pm – 8:00 pm

CohenThe Politics of Opera takes readers on a fascinating journey into the entwined development of opera and politics, from the Renaissance through the turn of the nineteenth century. What political backdrops have shaped opera? How has opera conveyed the political ideas of its times? Delving into European history and thought and an array of music by such greats as Lully, Rameau, and Mozart, Mitchell Cohen reveals how politics—through story lines, symbols, harmonies, and musical motifs—has played an operatic role both robust and sotto voce.

Cohen begins with opera’s emergence under Medici absolutism in Florence during the late Renaissance—where debates by humanists, including Galileo’s father, led to the first operas in the late sixteenth century. Taking readers to Mantua and Venice, where composer Claudio Monteverdi flourished, Cohen examines how early operatic works like Orfeo used mythology to reflect on governance and policy issues of the day, such as state jurisdictions and immigration. Cohen explores France in the ages of Louis XIV and the Enlightenment and Vienna before and during the French Revolution, where the deceptive lightness of Mozart’s masterpieces touched on the havoc of misrule and hidden abuses of power. Cohen also looks at smaller works, including a one-act opera written and composed by philosopher Jean-Jacques Rousseau. Essential characters, ancient and modern, make appearances throughout: Nero, Seneca, Machiavelli, Mazarin, Fenelon, Metastasio, Beaumarchais, Da Ponte, and many more.

An engrossing book that will interest all who love opera and are intrigued by politics, The Politics of Opera offers a compelling investigation into the intersections of music and the state.

Mitchell Cohen is professor of political science at Baruch College and the Graduate Center of the City University of New York and editor emeritus of Dissent magazine. His books include Zion and State and The Wager of Lucien Goldmann (Princeton). His writing has appeared in such publications as the New York Times and the Times Literary Supplement. He lives in New York City.

Dec
19
Tue
David Assaf, David Biale, and Samuel Heilman @ Smithsonian Associates
Dec 19 @ 6:45 pm – 8:00 pm

HasidismThis is the first comprehensive history of the pietistic movement that shaped modern Judaism. The book’s unique blend of intellectual, religious, and social history offers perspectives on the movement’s leaders as well as its followers, and demonstrates that, far from being a throwback to the Middle Ages, Hasidism is a product of modernity that forged its identity as a radical alternative to the secular world.

Hasidism originated in southeastern Poland, in mystical circles centered on the figure of Israel Ba’al Shem Tov, but it was only after his death in 1760 that a movement began to spread. Challenging the notion that Hasidism ceased to be a creative movement after the eighteenth century, this book argues that its first golden age was in the nineteenth century, when it conquered new territory, won a mass following, and became a mainstay of Jewish Orthodoxy. World War I, the Russian Revolution, and the Holocaust decimated eastern European Hasidism. But following World War II, the movement enjoyed a second golden age, growing exponentially. Today, it is witnessing a remarkable renaissance in Israel, the United States, and other countries around the world.

Written by an international team of scholars, Hasidism is a must-read for anyone seeking to understand this vibrant and influential modern Jewish movement.

David Biale is the Emanuel Ringelblum Distinguished Professor of Jewish History at the University of California, Davis. David Assaf is professor of Jewish history at Tel Aviv University. Benjamin Brown is professor of Jewish thought at the Hebrew University of Jerusalem. Uriel Gellman is lecturer in Jewish history at Bar-Ilan University. Samuel Heilman is Distinguished Professor of Sociology at Queens College and the Graduate Center, City University of New York. Moshe Rosman is professor of Jewish history at Bar-Ilan University. Gadi Sagiv is senior lecturer in Jewish history at the Open University of Israel. Marcin Wodziński is professor of Jewish studies at the University of Wrocław.