Forecasting & Business Charts [Slideshow]

The slideshow below, assembled by Walter Friedman, author of Fortune Tellers: The Story of America’s First Economic Forecasters, brings together several forecasting and business charts from the early twentieth century.

More information on many of these charts and the forecasters themselves is in Friedman’s book which you can sample here. If you would like to download a PDF of these images and captions, please right click and save this file.

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New book trailer for Eswar Prasad’s THE DOLLAR TRAP: How the U.S. Dollar Tightened Its Grip on Global Finance

This just in:
Check out the new book trailer for the eagerly-awaited new book THE DOLLAR TRAP: How the U.S. Dollar Tightened Its Grip on Global Finance, by Cornell and Brookings economist Eswar Prasad, due out the first week of February.

New Economics and Finance Catalog!

Be among the first to browse and download our new economics and finance catalog!

Of particular interest is The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton. In The Great Escape, Deaton—one of the foremost experts on economic development and on poverty—tells the remarkable story of how, starting 250 years ago, some parts of the world began to experience sustained progress, opening up gaps and setting the stage for today’s hugely unequal world. Deaton takes an in-depth look at the historical and ongoing patterns behind the health and wealth of nations, and he addresses what needs to be done to help those left behind. Demonstrating how changes in health and living standards have transformed our lives, The Great Escape is a powerful guide to addressing the well-being of all nations.

Also be sure to note Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change by Edmund Phelps. In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a sweeping new argument about what makes nations prosper—and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but “flourishing”—meaningful work, self-expression, and personal growth for more people than ever before? Phelps makes the case that the wellspring of this flourishing was modern values such as the desire to create, explore, and meet challenges. These values fueled the grassroots dynamism that was necessary for widespread, indigenous innovation. Most innovation wasn’t driven by a few isolated visionaries like Henry Ford; rather, it was driven by millions of people empowered to think of, develop, and market innumerable new products and processes, and improvements to existing ones. Mass flourishing—a combination of material well-being and the “good life” in a broader sense—was created by this mass innovation.

And don’t miss out on An Uncertain Glory: India and its Contradictions by Jean Drèze & Amartya Sen. The deep inequalities in Indian society tend to constrict public discussion, confining it largely to the lives and concerns of the relatively affluent. Drèze and Sen present a powerful analysis of these deprivations and inequalities as well as the possibility of change through democratic practice.

Even more foremost titles in economics and finance can be found in the catalog. You may also sign up with ease to be notified of forthcoming titles at http://press.princeton.edu/subscribe/. Your e-mail address will remain confidential!

 

Peter Dougherty and Robert Shiller off to the Nobel prize ceremony

Looking dapper in their tuxedos, 2013 Nobel in Economics co-winner Robert Shiller (r) and Princeton University Press Director Peter Dougherty (l) prepare for the awards ceremony today at the Stockholm Concer Hall in Sweden. Shiller, along with fellow economists Eugene Fama and Lars Peter Hansen (also a PUP author), were awarded the prize in October. Read all about winners of the The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013, as it is officially called, on the official website.

dougherty nobel

The Fifth Anniversary of the Lehman Brothers Bankruptcy

The Fifth Anniversary of the Lehman Brothers Bankruptcy and Our Top 10 Books on Banking

Since the economic downturn in America, people have been paying much more attention to what is going on with their government, their spending, and most certainly their banks. As today is the fifth anniversary of the Lehman Brothers filing for bankruptcy (the largest bankruptcy filing in the history of the United States), we here at the Press thought we would help you all out a little by suggesting some of our best publications on bank failures, economic regulations, and financial crises. Fun topic for a lazy Sunday, right?
Click on the titles below to learn more about them, and don’t forget to check back tomorrow for an exclusive excerpt from our newest banking book this year: The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It by Anat Admati and Martin Hellwig.

The Banker's New Clothes1) The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It
By: Anat Admati & Martin Hellwig
What is wrong with today’s banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers’ New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.

2) DeDebt's Dominionbt’s Dominion: A History of Bankruptcy Law in America
By: David A. Skeel Jr.
David Skeel provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country’s first bankruptcy code right out of English law, to the present day.

 

3) HowHow Big Banks Fail Big Banks Fail and What to Do about It
By: Darrell Duffie
How Big Banks Fail and What to Do about It examines how large dealer banks (like J.P. Morgan and Goldman Sachs) collapse and how we can prevent the need to bail them out.

 

4) UnWhysettled Account: The Evolution of Banking in the Industrialized World since 1800
By: Richard S. Grossman
In Unsettled Account, Richard Grossman takes the first truly comparative look at the development of commercial banking systems over the past two centuries in Western Europe, the United States, Canada, Japan, and Australia. Grossman focuses on four major elements that have contributed to banking evolution: crises, bailouts, mergers, and regulations.

 

Rochet_Why11115) Why Are There So Many Banking Crises? The Politics and Policy of Bank Regulation
By: Jean-Charles Rochet
Almost every country in the world has sophisticated systems to prevent banking crises. Yet such crises–and the massive financial and social damage they can cause–remain common throughout the world. Jean-Charles Rochet, one of the world’s leading authorities on banking regulation, makes the case that, although many banking crises are precipitated by financial deregulation and globalization, political interference often causes–and almost always exacerbates–banking crises.

6) AppAppeasing Bankerseasing Bankers: Financial Caution on the Road to War
By: Jonathan Kirshner
The financial world values economic stability above all else, and crises and war threaten that stability. Appeasing Bankers shows that, when faced with the prospect of war or international political crisis, national financial communities favor caution and demonstrate a marked aversion to war.

 

7) CodCodes of Financees of Finance: Engineering Derivatives in a Global Bank
By: Vincent Antonin Lépinay
Codes of Finance takes readers behind the scenes of the equity derivatives business at one of the world’s leading investment banks before the crisis, providing a detailed firsthand account of the creation, marketing, selling, accounting, and management of these financial instruments–and of how they ultimately created havoc inside and outside the bank.

 

Balancing the Banks8) Balancing the Banks: Global Lessons from the Financial Crisis
By: Mathias Dewatripont, Jean-Charles Rochet & Jean Tirole
Translated by: Keith Tribe
Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.

 

9) BankBanking on the Futureing on the Future: The Fall and Rise of Central Banking
By: Howard Davies & David Green
Banking on the Future provides a fascinating insider’s look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform.

 

10) Banksprincetonlogo and Politics in America from the Revolution to the Civil War
By: Bray Hammond
Bray Hammond investigates into the role of banking in the formation of American society. Hammond, who was assistant secretary of the Board of Governors of the Federal Reserve System from 1944 to 1950, presents this 771-page book with a definitive account of how banking evolved in the United States in the context of the nation’s political and social development.

BOOK FACT FRIDAY – The Federal Reserve & Ben S. Bernanke

k9928“The Federal Reserve was founded 1914, and concerns about both macroeconomic stability and financial stability motivated the decision of Congress and President Woodrow Wilson to create it. After the Civil War and into the early 1900s, there was no central bank, so any kind of financial stability functions that could not be performed by the Treasury had to be done privately.” -Ben S. Bernanke, from chapter one of The Federal Reserve and the Financial Crisis

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank’s crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed’s activities and the lessons to be learned from its handling of recent economic challenges.

Ben S. Bernanke is chairman of the U.S. Federal Reserve. He has served as chairman of the President’s Council of Economic Advisors and as a member of the Board of Governors of the Federal Reserve. Before his time in public service he was a professor of economics at Princeton University. His many books include Essays on the Great Depression and Inflation Targeting (both Princeton).

The Federal Reserve and the Financial Crisis
by Ben S. Bernanke

We invite you to read chapter one online at: http://press.princeton.edu/chapters/s9928.pdf

Happy Tax Day!

Today, paying taxes is just something we do. For the most part, we are compliant with taxes and rush to the post office to send them in so we can go enjoy our tax day freebies thanks to companies trying to put some joy into (and get some profit out of) this non-holiday.

Our colonial forefathers would probably use any expletive rather than the word ‘happy’ in front of the word ‘tax’. Read up on what the sentiment around taxes used to be like and how it helped start a revolution.

Taxation in Colonial America by Alvin Rabushka

Taxation in Colonial America examines life in the thirteen original American colonies through the revealing lens of the taxes levied on and by the colonists. Spanning the turbulent years from the founding of the Jamestown settlement to the outbreak of the American Revolution, Alvin Rabushka provides the definitive history of taxation in the colonial era, and sets it against the backdrop of enormous economic, political, and social upheaval in the colonies and Europe.

Rabushka shows how the colonists strove to minimize, avoid, and evade British and local taxation, and how they used tax incentives to foster settlement. He describes the systems of public finance they created to reduce taxation, and reveals how they gained control over taxes through elected representatives in colonial legislatures. Rabushka takes a comprehensive look at the external taxes imposed on the colonists by Britain, the Netherlands, and Sweden, as well as internal direct taxes like poll and income taxes. He examines indirect taxes like duties and tonnage fees, as well as county and town taxes, church and education taxes, bounties, and other charges. He links the types and amounts of taxes with the means of payment–be it gold coins, agricultural commodities, wampum, or furs–and he compares tax systems and burdens among the colonies and with Britain.

This book brings the colonial period to life in all its rich complexity, and shows how colonial attitudes toward taxation offer a unique window into the causes of the revolution.

Zoltan Acs on “Why Philanthropy Matters”

…For wealth to invigorate the capitalist system it needs to be “kept in rotation” like the planets around the sun, and for this task American philanthropy is very well suited. Examining the dynamics of American-style capitalism since the eighteenth century, philanthropy achieves three critical outcomes. It deals with the question of what to do with wealth–keep it, tax it, or give it away. It complements government in creating public goods. And, by focusing on education, science, and medicine, philanthropy has a positive effect on economic growth and productivity. Individuals such as Benjamin Franklin, Andrew Carnegie, Bill Gates, Michael Bloomberg and Oprah Winfrey have used their wealth to establish institutions and promote knowledge, and philanthropy has given an edge to American-style capitalism by promoting vital forces–like university research–necessary for technological innovation, economic equality, and economic security.

Philanthropy is therefore an invisible, underappreciated force for progress in American-style capitalism–the secret ingredient that fails to get mentioned in economic accounts of capitalism…

Source: “Why Philanthropy Matters” at History News Network

 

Zoltan Acs has a great article on the themes of his forthcoming book Why Philanthropy Matters over at History News Network.

bookjacket

Why Philanthropy Matters
How the Wealthy Give, and What It Means for Our Economic Well-Being
Zoltan J. Acs

 

Daniel Stedman Jones on Masters of the Universe

Stedman-Jones-at-LSE-3[3]Princeton author Daniel Stedman Jones had a busy day on 16th January promoting his recently published ‘Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics’. In the afternoon he appeared on BBC Radio 4’s ‘Thinking Allowed’ and that evening he was the lead speaker at a public lecture based around the book at the London School of Economics where his respondents were Professor Lord Skidelsky and Professor Mark Pennington. Please follow the links to catch up with both events.