Anat Admati & Martin Hellwig Are Shortlisted for 2013 German Business and Economics Book Award

Anat Admati & Martin HellwigThe Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It
Shortlisted for the 2013 Deutsche Wirtschaftsbuchpreis (German Business and Economics Book Award), sponsored by Handelsblatt, the Frankfurt Book Fair, and Goldman Sachs.
The Bankers' New ClothesWhat 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.

Admati and Hellwig seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms. The Bankers’ New Clothes calls for ambitious reform and outlines specific and highly beneficial steps that can be taken immediately.

Anat Admati is the George G. C. Parker Professor of Finance and Economics at Stanford’s Graduate School of Business. She serves on the FDIC Systemic Resolution Advisory Committee and has contributed to the Financial Times, Bloomberg News, and the New York Times. Martin Hellwig is director at the Max Planck Institute for Research on Collective Goods. He was the first chair of the Advisory Scientific Committee of the European Systemic Risk Board and the cowinner of the 2012 Max Planck Research Award for his work on financial regulation.

Q&A with Damon Phillips, Author of “Shaping Jazz”

Damon Phillips, author of Shaping Jazz: Cities, Labels, and the Global Emergence of an Art Form, recently sat down with Princeton University Press’ Eric Schwartz to discuss his new book and some of the topics it covers.

There are over a million jazz recordings, but only a few hundred tunes have been recorded repeatedly. Why did a minority of songs become jazz standards? Why do some songs–and not others–get rerecorded by many musicians? Shaping Jazz answers this question and more, exploring the underappreciated yet crucial roles played by initial production and markets–in particular, organizations and geography–in the development of early twentieth-century jazz.

Damon Phillips considers why places like New York played more important roles as engines of diffusion than as the sources of standards. He demonstrates why and when certain geographical references in tune and group titles were considered more desirable. He also explains why a place like Berlin, which produced jazz abundantly from the 1920s to early 1930s, is now on jazz’s historical sidelines. Phillips shows the key influences of firms in the recording industry, including how record companies and their executives affected what music was recorded, and why major companies would rerelease recordings under artistic pseudonyms. He indicates how a recording’s appeal was related to the narrative around its creation, and how the identities of its firm and musicians influenced the tune’s long-run popularity.

Applying fascinating ideas about market emergence to a music’s commercialization, Shaping Jazz offers a unique look at the origins of a groundbreaking art form.

Damon J. Phillips is the James P. Gorman Professor of Business Strategy at Columbia University and a faculty affiliate of Columbia’s Center for Jazz Studies and the Center for Organizational Innovation.

Regina Grafe Wins the 2013 Gyorgy Ranki Biennial Prize

Regina Grafe - Distant Tyranny: Markets, Power, and Backwardness in Spain, 1650-1800
Winner of the 2013 Gyorgy Ranki Biennial Prize, Economic History Association

The Gyorgy Ranki Biennial Prize is awarded for an “Outstanding Book on the Economic History of Europe,” and includes a $1200 prize.

For more information about the Ranki Prize, click here. For the official list of winners, click here.

Distant TyrannySpain’s development from a premodern society into a modern unified nation-state with an integrated economy was painfully slow and varied widely by region. Economic historians have long argued that high internal transportation costs limited domestic market integration, while at the same time the Castilian capital city of Madrid drew resources from surrounding Spanish regions as it pursued its quest for centralization. According to this view, powerful Madrid thwarted trade over large geographic distances by destroying an integrated network of manufacturing towns in the Spanish interior.

Challenging this long-held view, Regina Grafe argues that decentralization, not a strong and powerful Madrid, is to blame for Spain’s slow march to modernity. Through a groundbreaking analysis of the market for bacalao–dried and salted codfish that was a transatlantic commodity and staple food during this period–Grafe shows how peripheral historic territories and powerful interior towns obstructed Spain’s economic development through jurisdictional obstacles to trade, which exacerbated already high transport costs. She reveals how the early phases of globalization made these regions much more externally focused, and how coastal elites that were engaged in trade outside Spain sought to sustain their positions of power in relation to Madrid.

Distant Tyranny offers a needed reassessment of the haphazard and regionally diverse process of state formation and market integration in early modern Spain, showing how local and regional agency paradoxically led to legitimate governance but economic backwardness.

Regina Grafe is associate professor of history at Northwestern University.

Financial Times Interview Angus Deaton

Angus Deaton, author of The Great Escape: Health, Wealth, and the Origins of Inequality, recently did an interview with John McDermott of Financial Times. Deaton spoke about his book and the past and present of global inequality.

Alan Greenspan Calls The Battle of Bretton Woods “Excellent”

Alan Greenspan, former Chairman of the Federal Reserve, recently recommended The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order in an interview for the Associated Press, calling it “excellent”. The author of the book, Benn Steil, was delighted to see this tweet from Liberty News a few days ago, spreading the news of this exciting endorsement. You can read the full article from the Associated Press here.

Liberty News

Noam Wasserman Named Finalist for 2013 George R. Terry Book Award

Noam Wasserman – The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup
Finalist for the 2013 George R. Terry Book Award, Academy of Management

The George R. Terry Book Award is granted annually to the book judged to have made the most outstanding contribution to the advancement of management knowledge. Books recognized for this award have been published during the previous two years and have made a significant impact on management theory, conceptualization, research or practice.

For more information and announcements about finalists and winners, click here.

The Founder's DilemmasOften downplayed in the excitement of starting up a new business venture is one of the most important decisions entrepreneurs will face: should they go it alone, or bring in cofounders, hires, and investors to help build the business? More than just financial rewards are at stake. Friendships and relationships can suffer. Bad decisions at the inception of a promising venture lay the foundations for its eventual ruin. The Founder’s Dilemmas is the first book to examine the early decisions by entrepreneurs that can make or break a startup and its team.

Drawing on a decade of research, Noam Wasserman reveals the common pitfalls founders face and how to avoid them. He looks at whether it is a good idea to cofound with friends or relatives, how and when to split the equity within the founding team, and how to recognize when a successful founder-CEO should exit or be fired. Wasserman explains how to anticipate, avoid, or recover from disastrous mistakes that can splinter a founding team, strip founders of control, and leave founders without a financial payoff for their hard work and innovative ideas. He highlights the need at each step to strike a careful balance between controlling the startup and attracting the best resources to grow it, and demonstrates why the easy short-term choice is often the most perilous in the long term.

The Founder’s Dilemmas draws on the inside stories of founders like Evan Williams of Twitter and Tim Westergren of Pandora, while mining quantitative data on almost ten thousand founders.

People problems are the leading cause of failure in startups; The Founder’s Dilemmas offers solutions no entrepreneur can afford to ignore.

Noam Wasserman is an associate professor at Harvard Business School.

The Festival of Ideas Brochure Is Available!

BFOI_web_logo_URL_900The 2013 Bristol Festival of Ideas aims to stimulate people’s minds and passions with an inspiring programme of discussion and debate throughout the year.

The authumn 2013 brochure can be found in PDF form here. A Princeton University Press author, Martin Ruhs, will be at one of the events to speak about his book, The Price of Rights: Regulating International Labor Migration at The New World Economy discussion on November 22nd (see page 7 of the brochure).

The following is a description of the discussion from the brochure:

The idea that the world’s centre of economic gravity is moving to the BRIC nations – Brazil, China, India and Russia – and other economies formerly known as ‘developing’ has become familiar. But what are the implications for the West of this historic shift in economic power, towards the countries with the majority of the world’s population and resources? Equally, what are the challenges and opportunities ahead for the fast-growing economies of Asia and Africa?

 Be sure to check out all of the great speakers and events, and to keep checking back at the Festival of Ideas website for updates and more information.

NYU Book Launch for Author Angus Deaton

 Deaton_Great_author photoThe NYU Development Research Institute presents a book launch: The Great Escape: Health, Wealth, and the Origins of Inequality

Featuring author Angus Deaton:

  • Dwight D. Eisenhower Professor of International Affairs and Professor of Economics and International Affairs at the Woodrow Wilson School and the Economics Department at Princeton

With an introduction from William Easterly

  • Professor of Economics at New York University and Co-director of the NYU Development Research Institute
Thursday, October 24, 2013

REGISTER HERE for free!
5pm-6pm: Wine and cheese reception at 44 Washington Mews
6pm-7pm: Talk and Q&A with Angus Deaton across the street at 14A Washington Mews
7pm-7:30pm: Book Signing at 14A Washington Mews


The Great EscapeThe world is a better place than it used to be. People are wealthier and healthier, and live longer lives. Yet the escapes from destitution by so many have left gaping inequalities between people and between nations. In The Great Escape, Angus 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.

“This is a must-read for anybody interested in the wealth and health of nations.”–Daron Acemoglu, coauthor of Why Nations Fail

Deaton describes vast innovations and wrenching setbacks: the successes of antibiotics, pest control, vaccinations, and clean water on the one hand, and disastrous famines and the HIV/AIDS epidemic on the other. He also considers how economic growth in India and China has improved the lives of more than a billion people. Deaton argues that international aid has been ineffective and even harmful. He suggests alternative efforts–including reforming incentives to drug companies and lifting trade restrictions–that will allow the developing world to bring about its own Great Escape.

To go to the event page, click here.

Nobel Prize Winner Robert Shiller on “The World at One”

Shiller_auAs you may have seen on our blog yesterday, Robert J. Shiller, a professor at Yale University, has won the 2013 Nobel Prize in Economics along with Eugene Fama and Lars Peter Hansen.

Shiller is the author of several PUP books, including Irrational Exuberance, The New Financial Order, The Subprime Solution, Animal Spirits, co-written with fellow Nobelist George Akerlof, and his most recent book,  Finance and the Good Society, which was published just last year.

Recently, Shiller was interviewed on “The World at One” about his Nobel Prize and about some of his books. The program can be found here and Shiller’s interview starts about 41 minutes in.

We’re sure this is just the first of many interviews for him and the other winners, so stay tuned!

Heather Gerken to Speak on Moyers & Company

The Democracy IndexAs the government shutdown takes off its shoes and makes itself at home, media outlets have been going wild to get the scoop. Heather Gerken, Professor of Law at Yale Law School and author of The Democracy Index: Why Our Election System Is Failing and How to Fix It, is set to appear on Moyers & Company to speak about the shutdown and how the government will be affected by it.

A preview of the show can be found here, and the official description for the show can be found below.

This week, as the government shutdown continues, the Supreme Court began its new term and justices heard arguments in McCutcheon v. Federal Election Commission. The case has been billed as the successor to the court’s Citizens United decision in 2010 that gave corporations, unions, and the wealthy the opportunity to pour vast and often anonymous amounts of cash into political campaigns. The new case challenges caps on how much individual donors can give to candidates and political parties and could raise the amount to more than $3.25 million.

This week on Moyers & Company (check local listings), Bill Moyers talks with Yale Law School election and constitutional law professor Heather Gerken who warns that McCutcheon has the potential to be even worse than Citizens United. Political parties pay attention to the people with money, and as the non-partisan Sunlight Foundation reports, most of the funding for congressional and presidential campaigns comes from the top one percent of the one percent of the rich – “the elite class that serves as gatekeepers of public office in the United States.”

Moyers & Company airs weekly on public television. Viewers can find local tune-in information on our site. http://billmoyers.com/schedule/

Congratulations to Janet Yellen, new Federal Reserve chair nominee

Yesterday, President Obama announced the selection of Janet Yellen as his nominee to chair the Federal Reserve, soon to be vacated by Ben Bernanke. If confirmed, she would become the first women chair of the Fed.

To commemorate this momentous occasion, Princeton University Press would like to share Chapter 16 from our edited collection ADVANCES IN BEHAVIORAL ECONOMICS, which was co-authored by Janet Yellen and her husband Nobel economist George Akerlof, a two-time Princeton University Press author.

Please click here to access the full chapter titled “The Fair Wage-Effort Hypothesis and Unemployment.”

President Emeritus William G. Bowen To Speak At Princeton University

William BowenPresident Emeritus William G. Bowen will give a talk “Academia Online: Musings” at 8 p.m. Monday Oct. 14, in McCosh Hall, Room 50, as part of the Princeton University Public Lectures Series. Bowen’s most recent book, Higher Education in the Digital Age (Princeton University Press, 2013), which examines two of the most visible and important trends in higher education today: exploding costs and the expansion of online learning, will be a topic of discussion. Bowen believes that technology has the potential to help rein in costs without negatively affecting student learning.


This event is free and open to the public. For more information, click here.