Kaushik Basu @ Global ARC
Oct 22 @ 9:00 am – Oct 24 @ 5:00 pm
Kaushik Basu @ Global ARC | Boston | Massachusetts | United States

A leading economist offers a radically new approach to the economic analysis of the law

In The Republic of Beliefs, Kaushik Basu, one of the world’s leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood.

Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a “focal point” approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state—the politicians, judges, and bureaucrats—enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world.

Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society.

Kaushik Basu is professor of economics and the Carl Marks Professor of International Studies at Cornell University. He was previously chief economist and senior vice president of the World Bank and chief economic advisor of the Government of India. His books include Beyond the Invisible Hand (Princeton) and Prelude to Political Economy.

Paul Tucker @ Global ARC
Oct 22 @ 9:00 am – Oct 24 @ 5:00 pm
Paul Tucker @ Global ARC | Boston | Massachusetts | United States

Guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good

Central bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. Unelected Power lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens.

Paul Tucker draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union. Blending economics, political theory, and public law, Tucker explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. He explains why the solution must fit with how real-world government is structured, and why technocrats and their political overseers need incentives to make the system work as intended. Tucker explains how the regulatory state need not be a fourth branch of government free to steer by its own lights, and how central bankers can emulate the best of judicial self-restraint and become models of dispersed power.

Like it or not, unelected power has become a hallmark of modern government. This critically important book shows how to harness it to the people’s purposes.

Paul Tucker is a fellow at the Harvard Kennedy School and chair of the Systemic Risk Council. For more than thirty years, he was a central banker and regulator at the Bank of England and the Bank for International Settlements. He lives in London.

Peter Singer @ Global ARC
Oct 22 @ 9:00 am – Oct 24 @ 5:00 pm
Peter Singer @ Global ARC | Boston | Massachusetts | United States

Peter Singer is often described as the world’s most influential philosopher. He is also one of its most controversial. The author of important books such as Animal LiberationPractical EthicsRethinking Life and Death, and The Life You Can Save, he helped launch the animal rights and effective altruism movements and contributed to the development of bioethics. Now, in Ethics in the Real World, Singer shows that he is also a master at dissecting important current events in a few hundred words.

In this book of brief essays, he applies his controversial ways of thinking to issues like climate change, extreme poverty, animals, abortion, euthanasia, human genetic selection, sports doping, the sale of kidneys, the ethics of high-priced art, and ways of increasing happiness. Singer asks whether chimpanzees are people, smoking should be outlawed, or consensual sex between adult siblings should be decriminalized, and he reiterates his case against the idea that all human life is sacred, applying his arguments to some recent cases in the news. In addition, he explores, in an easily accessible form, some of the deepest philosophical questions, such as whether anything really matters and what is the value of the pale blue dot that is our planet. The collection also includes some more personal reflections, like Singer’s thoughts on one of his favorite activities, surfing, and an unusual suggestion for starting a family conversation over a holiday feast.

Now with a new afterword by the author, this provocative and original book will challenge—and possibly change—your beliefs about many real-world ethical questions.

Peter Singer is the Ira W. DeCamp Professor of Bioethics in the University Center for Human Values at Princeton University and Laureate Professor at the University of Melbourne. He first became well known internationally in 1975 with the publication of Animal Liberation. His other books include How Are We to Live?The Ethics of What We Eat (with Jim Mason), and The Most Good You Can Do. He divides his time between Princeton and Melbourne.

Walter Scheidel @ Global ARC
Oct 22 @ 9:00 am – Oct 24 @ 5:00 pm
Walter Scheidel @ Global ARC | Boston | Massachusetts | United States

How only violence and catastrophes have consistently reduced inequality throughout world history

Are 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.

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.

Glen Weyl @ University of Oslo
Oct 26 @ 12:30 pm – 1:30 pm
Glen Weyl @ University of Oslo | Oslo | Norway

Revolutionary ideas on how to use markets to bring about fairness and prosperity for all

Many blame today’s economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking—and pretty much all conventional thinking about markets, both for and against—on its head. The book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.

Eric Posner and Glen Weyl demonstrate why private property is inherently monopolistic, and how we would all be better off if private ownership were converted into a public auction for public benefit. They show how the principle of one person, one vote inhibits democracy, suggesting instead an ingenious way for voters to effectively influence the issues that matter most to them. They argue that every citizen of a host country should benefit from immigration—not just migrants and their capitalist employers. They propose leveraging antitrust laws to liberate markets from the grip of institutional investors and creating a data labor movement to force digital monopolies to compensate people for their electronic data.

Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.

Eric A. Posner is the Kirkland and Ellis Distinguished Service Professor at the University of Chicago Law School. His many books include The Twilight of Human Rights Law and Climate Change Justice (Princeton). He lives in Chicago. E. Glen Weyl is principal researcher at Microsoft and visiting senior research scholar in economics and law at Yale University. He lives in Boston.