Has the euro been wrongfully scapegoated for the eurozone’s economic crisis? In his new book, Europe’s Orphan: The Future of the Euro and the Politics of Debt, leading economist Martin Sandbu says that it has, arguing that the problems lie not with the euro itself, but with decisions made by policymakers. Sandbu was recently interviewed by Martin Wolf, Financial Times chief economics commentator. You can watch the video here:
Do you have a weakness? Of course you do. Which means, according to Nobel Prize-winning economists George Akerlof and Robert Shiller, you have probably been “phished” for a “phool.”
We tend to think of phishing as the invisible malevolence that led our grandparents to wire money to Nigeria, or inspired us to click on a Valentine’s day link that promised, “someone loves you,” and then promptly crashed our hard drive. But more generally understood, “phishing” is inseparable from the market economy of everyday life. As long as there is profit to be made, psychological weaknesses will be exploited. For example, overly optimistic information results in false conclusions and untenable purchases in houses and cars. Health clubs offer overpriced contracts to well-intentioned, but not terribly athletic athletes. Credit cards feed dramatic levels of debt. And phishing occurs in financial markets as well: Think of the legacy of mischief at work in the financial crises from accounting fraud through junk bonds and the marketing of derivatives.
Ever since Adam Smith, the central teaching of economics has been that the invisible hand of free markets provides us with material well-being. In Phishing for Phools, Akerlof and Shiller challenge this insight, arguing that markets are far from being essentially benign and don’t always create the greater good. In fact, markets are inherently filled with tricks and traps.
We are thrilled to introduce this new video trailer in which Robert Shiller talks about his new book with George Akerlof, Phishing for Phools:
With the 100th anniversary of the general theory of relativity coming up in November, Einstein is popping up everywhere. Yesterday’s Washington Post ran a terrific feature on Einstein books, including three of our own: Hanoch Gutfreund and Jürgen Renn’s The Road to Relativity, Einstein’s Relativity: The Special and the General Theory, and Jimena Canales’s The Physicist and the Philosopher.
One of the most fascinating chapters of Einstein’s public life revolves around an encounter he had with Henri Bergson, the renowned philosopher, on April 6, 1922, in Paris. It was on this day that Einstein and Bergson publicly debated the nature of time, touching off a clash of worldviews between science and the humanities that persists today. The philosopher Bergson argued that time was not merely mechanical, and should be seen in terms of lived experience; Einstein dismissed Bergson’s psychological notions as irreconcilable with the realities of physics. The Physicist and the Philosopher tells the remarkable story of how this explosive debate between two famous thinkers created intellectual rifts and revolutionized an entire generation’s understanding of time.
Nancy Szokan’s piece in Washington Post recounts the dramatic collision:
In The Physicist and the Philosopher, Canales recounts how Bergson challenged Einstein’s theories, arguing that time is not a fourth dimension definable by scientists but a ‘vital impulse,’ the source of creativity. It was an incendiary topic at the time, and it shaped a split between science and humanities that persisted for decades—though Einstein was generally seen as the winner and Bergson is all but forgotten.
Bergson and Einstein, toward the end of their lives, each reflected on his rival’s legacy and dedication to the pursuit of truth: Bergson during the Nazi occupation of Paris and Einstein in the wake of the first hydrogen bomb. Referencing Einstein’s quest for scientific truth, Hanoch Gutfreund recently had an article in the Huffington Post on how Einstein helped shape the Hebrew University of Jerusalem (home of the Albert Einstein Archives online):
On the occasion of the opening of the university, Albert Einstein published a manifesto “The Mission of our University”, which generated interest and excitement in the entire Jewish and academic worlds.
It states: “The opening of our Hebrew University on Mount Scopus, at Jerusalem, is an event which should not only fill us with just pride, but should also inspire us to serious reflection. … A University is a place where the universality of human spirit manifests itself. Science and investigation recognize as their aim the truth only.”
Read the rest here.
November’s big anniversary serves as a reminder of the enduring commitment to scientific investigation that continues at The Hebrew University and centers of learning all over the world today.
PHISHING FOR PHOOLS and CLIMATE SHOCK included in the long list for FT & McKinsey Business Book of the Year Award
The long list for the FT & McKinsey Business Book of the Year Award has been published, and we’re thrilled to see that two Princeton University Press titles have been included. Nobel Prize winners George Akerlof and Robert Shiller’s new book on on economic trickery, Phishing for Phools, and Gernot Wagner and Martin Weitzman’s examination of the global crisis of climate change, Climate Shock have both been listed in the top 15. Other titles appearing include Ashlee Vance’s biography of Elon Musk, Martin Ford’s study of jobs and automation, The Rise of the Robots, and Anne-Marie Slaughter’s take on how to narrow the gender gap, Unfinished Business.
Read more about this year’s long listed titles and the other books recognized during the award’s 11-year history here.
The shortlist of up to six finalists will be published on September 22nd. The £30,000 prize will be awarded on November 17th in New York.
As Jon Stewart wraps up his 16 year stint on The Daily Show this week, I can’t help recalling fondly the time I escorted one of his unlikelier guests—the moral philosopher Harry Frankfurt—to an appearance. It was 2005, and Harry, an emeritus professor at Princeton, and I, a brand new publicist, had been caught off guard by early interest in his philosophical treatise, On Bullshit. The book, apparently unencumbered by its unprintable title, would go on to become an international phenomenon, spending 26 weeks on the New York Times bestseller list, where it would peak at number one. The Daily Show was one of the first major venues to take interest in the book, which started its meteoric rise as a quirky, unassuming title from our mid-list. We’d expected it might raise a few academic eyebrows, but were unprepared for the journalistic outpourings from all corners. “This book will change your life”, wrote Leopold Froehlich in Playboy, seeming to mean it. Bullshit’s time had come.
Comedy Central’s invitation was met with equal parts excitement and trepidation. It was one thing to watch, baffled, as the book reviews piled up, quite another to send Harry into the glare of the mainstream media. Jon was, after all, formidable in his way, and Harry, for all his facility with the ironic and profound, was not particularly well-versed in comedic pop culture. His inquiry was as serious as it was sincere, and he was reluctant to “bullshit” about the topic he had so carefully treated. Our visit to The Daily Show marked my first time in a green room of any sort, and I spent most of it holding my breath. Harry was wonderfully refreshing to work with—thoughtful, modest, and genuinely surprised, at 76, that his work had generated interest outside of philosophy journals. I wasn’t entirely sure what I was getting him into.
If we were at all intimidated about the encounter to come, we needn’t have been. Jon paid us a backstage visit before the show, and conducted a class act interview that was charming, incisive, and thoughtful. Above all, I remember that Jon was respectful, parsing, between laughs, the distinguishing characteristics of bullshit, and the way it corrodes the truth. Harry was graceful and wry, the book became an overnight sensation, and the rest is history.
Harry, now the author of the new book On Inequality, has in the years since his own interview, commented on Stewart’s remarkable effectiveness and impact on people, including his famously successful on-air critique of Crossfire:
Stewart and Frankfurt parted ways as two very different figures nonetheless dedicated to raising the level of discourse: Frankfurt the renowned scholar who dared to qualify bullshit, and Stewart the journalist who made it his life’s mission to illuminate, lampoon it, and ultimately demand more of its propagators. I count myself fortunate to have crossed paths with them both.
On August 6 and 9, 1945, 70 years ago this week, the terrifying images of mushroom clouds rising over devastated cities were seared into the public consciousness. Atomic bombs, the result of an unprecedented collaboration between some of the greatest scientific minds of their generation, had decimated the Japanese cities of Hiroshima and Nagasaki. Tens of thousands of civilians were killed instantly, and in the days and months that followed, thousands more would suffer and die from radiation sickness and burns. The shocking display of military power and the vast human toll was unlike anything the world had seen. Whatever “nuclear” meant prior to August 6, it entered the lexicon that day as a term synonymous with uncontrolled destruction.
Most Americans believe that the Second World War ended because the two atomic bombs dropped on Japan forced it to surrender. But according to Michael Gordin’s Five Days in August, (now available in e-book), the allied military did not clearly understand the atomic bomb’s revolutionary strategic potential. In fact, they were unsure whether the bombs would explode at all. But in the wake of the blasts and unparalleled ruin that did in fact occur, in the minds of many, physics became the science of war.
An interesting Princeton University Press historical note from Nature.com:
On the evening of 11 August 1945, just two days after the bombing of Nagasaki, the US government released Smyth’s 200-page document under the ponderous title, ‘A General Account of Methods of Using Atomic Energy for Military Purposes under the Auspices of the United States Government, 1940–1945’. Quickly dubbed ‘the Smyth report’, copies flew off the shelves. The original Government Printing Office edition ran out so quickly that Princeton University Press published its own edition late in 1945, under the more manageable title, Atomic Energy for Military Purposes, which sold more than 100,000 copies in a year.
The information contained in the Smyth report was heavily restricted for security reasons. But in a post-war and early cold war climate, atomic secrets were a hot commodity. Even today without the apocalyptic dread of The Day After, nuclear power remains a political and military preoccupation, as nations face the threat of terrorism, the problem of waste, and the danger of meltdown.
Gordin writes in Five Days in August, “Each generation has grappled intensely and repeatedly with understanding the implications of nuclearism for its future, but the struggle has always been caught in terms fixed, as if in amber, with the speed and suddenness with which World War II ended.” For more on the moral questions left in the wake of these five days, and a look at the confused final months of World War II, sample Chapter 1, titled Endings, here.
Carlos Chávez (1899–1978), subject of this year’s Bard Music Festival, is the central figure in Mexican music of the twentieth century and among the most eminent of all Latin American modernist composers. The seventh child of a Creole family, his highly individual style—diatonic, dissonant, contrapuntal—addressed both modernity and Mexico’s indigenous past. Chávez was also an educator, journalist, music theorist, and conductor and founder of the Orquesta Sinfónica de México. He became an integral part of the emerging music scene in the United States in the 1920s.
This summer represents the Bard Music Festival’s first examination of a Latin American composer, focusing on one who, though little known today, may have shaped American music more than any other. Along with building an impressive oeuvre couched in an acerbic modernist idiom, Mr. Chávez almost single-handedly remolded Mexican culture through his official roles in national arts institutions after the Mexican Revolution.
Today, Princeton University Press is proud to release Carlos Chávez and His World, the volume to accompany the Bard Music Festival’s concerts and panels over the course of the next two weekends. Robin writes in The New York Times:
“The idea that he was a quintessential ‘Mexican composer’ and that in his case it was not a picturesque, postcard folklore, but some sort of really internal, almost racial essence, marked him forever,” the musicologist Leonora Saavedra said recently. An associate professor at the University of California, Riverside, Ms. Saavedra serves as the Bard festival’s scholar in residence and has edited an insightful volume of accompanying essays published by Princeton University Press.
Read the rest here.
Bard Music Festival 2015:
Carlos Chávez and His World
August 7-9 and August 14-16, 2015
Leonora Saavedra, author of Carlos Chávez and His World, is associate professor of music at the University of California, Riverside.
How well do many seasoned New Yorkers really know New York City? Chances are, few can claim the knowledge of all 6,000 miles quite like Professor of Sociology William Helmreich can. Inspired by childhood explorations with his father, Helmreich walked every block of New York City’s five boroughs, a mission that resulted in The New York Nobody Knows. This week, The New Yorker ran a fun video featuring Bill Helmreich and his walks. His unconventional portrait of New York City is due out in paperback this Fall.
From Joshua Rothman’s New Yorker piece accompanying the video:
Many New Yorkers daydream about exploring the areas of the city they don’t know. But actually doing it is incredibly difficult. Ten years ago, Ben McGrath wrote a Talk of the Town story about a man who walked all of Manhattan; that’s an impressive achievement, but even the dreariest Manhattan blocks are more interesting than the service road alongside the B.Q.E. Moreover, to walk all of New York within a reasonable time frame, you have to do it all year round; most likely, as Helmreich did, you’d also have to walk after dark. Helmreich wasn’t just game, in other words. He was dedicated. He allowed neither snow nor rain nor heat nor gloom of night to stop him from his appointed rounds.
You can sample chapter one of The New York Nobody Knows here.
William B. Helmreich is professor of sociology at the City University Graduate Center (CUNY) and the Colin Powell School for Civic and Global Leadership at the City College of New York.
To celebrate the 100th anniversary of Albert Einstein’s theory of general relativity, Princeton University Press launches books by Hanoch Gutfreund and Jürgen Renn
On July 15th, Princeton University Press proudly launched two books by Professor Hanoch Gutfreund and Jürgen Renn, Relativity and The Road to Relativity, at the 14th Marcel Grossman meeting on relativistic physics in Rome.
The two books are being published to celebrate the 100th anniversary of Albert Einstein’s formulation of the theory of general relativity in 1915, and so it was fitting to launch them at a conference that demonstrates the ongoing influence of Einstein’s theory on cutting edge work on black holes, pulsars, quantum gravity, and other areas fundamental to our understanding of the universe.
The launch took place at the Besso Foundation, the family home of Albert Einstein’s friend and colleague, Michele Besso, during an exhibition, organized by Professor Gutfreund, of original Einstein letters and notebooks from the Albert Einstein Archives at the Hebrew University in Jerusalem.
More than 150 distinguished physicists and invited guests, including the Chief Rabbi of Rome, Riccardo di Segni, and members of the Besso and Grossman families, listened to Professor Gutfreund and Professor Renn provide a compelling overview of their research and of the new insights it has brought to the history of the development of general relativity. Professor Gutfreund stressed the fundamental insights into Einstein’s work provided by the rich Archives in Jerusalem, while Renn dismissed the notion of Albert Einstein as an isolated and idiosyncratic genius, stressing his network of collaborators and colleagues, including Besso.
Business Insider included Katherine Freese, author of The Cosmic Cocktail, in a list of the 50 scientists who are changing the world. Freese was recognized for her pioneering work in the study of dark matter. Other picks included Andrea Accomazo, the first person to land a probe on a comet, Alan Stern, the principal investigator for NASA’s New Horizons mission, Cori Bargmann, autism and Alzheimer’s researcher, as well as an impressive lineup of other scientists whose “revolutionary research in human happiness, evolutionary biology, neutrino physics, biotechnology, archeology, and other fields is helping to advance our lives in more ways than we could ever imagine.”