Untranslatable Tuesdays – Polis

Cassin polis graphic

To mark the publication of Dictionary of Untranslatables: A Philosophical Lexicon, we are delighted to share a series of playful graphics by our design team which illustrate some of the most interesting terms from the Dictionary. For  week three in the “Untranslatable Tuesdays” series we present Polis (Greek):

POLIS, POLITEIA (GREEK)

ENGLISH               city-state, state, society, nation

FRENCH                 cité, État, société, nation

What’s your favourite untranslatable word?

 

An Alternative Passover Menu from Merry “Corky” White, author of Cooking for Crowds

Many family memories of Passover include delicious shared food experiences. I asked Merry “Corky” White, the reigning expert on Cooking for Crowds, for advice on how to shake up the traditional fare and introduce some new flavors and ideas to the Passover table. Here is her alternative Passover menu.

white-m[1]Forget the brisket–or relegate it to a nice memory of a great aunt who did it well–and choose a Belgian beef stew– Carbonnades Flamandes. Serve with small boiled potatoes.

A second idea, equally good and homey is the Greek Beef Stifatho, made either with beef or with lamb, which has some Sephardic possibilities, in the cinnamon and cumin. Leave out the feta if you are keeping kosher. If rice can be on your menu, serve it with rice: if not, saffron-tinged mashed potatoes with olive oil.

Stuffed Cabbage would be also a nice dish, but use ground beef and substitute 3 Tb olive oil for salt pork in the version for six people.

The best possible dessert for Passover is a flourless hazelnut torte and strawberries. Unfortunately I have no flourless tortes in the book but if it is permissible to use dairy in a meat menu, then Strawberries with Sabayon Sauce will do beautifully. Or the Toasted Almond Parfait, again, if dairy is permitted.

If you try any of these recipes, please leave us a note below. We’d love to hear from you!

Quick Questions for Diane Coyle, author of GDP: A Brief but Affectionate History

Coyle_GDP_author photoDiane Coyle is an economist specializing in the economics of new technologies and in competition policy. She has missions to improve both the public understanding of economics and the teaching of economics to new generations. A Visiting Research Fellow at the Smith School of Enterprise and the Environment, University of Oxford, her previous books include The Economics of Enough and The Soulful Science: What Economists Really Do and Why It Matters.

We have just published GDP: A Brief but Affectionate History (“[A] little charmer of a book…” according to the Wall Street Journal). 

She writes an awesome blog called The Enlightened Economist that should be on your daily must-read list.

Now, on to the questions!

 

What inspired you to get into your field?

A brilliant tutor. I went to university with the aim of becoming a philosopher, planning for a career sitting in Parisian cafes thinking deep thoughts. But Peter Sinclair, now Professor of Economics at the University of Birmingham, inspired me with his enthusiasm for economics and its power to explain and perhaps even improve the world.


The way people think of ‘the economy’ has changed so much over time.


What is the biggest misunderstanding people have about what economists do?

Most people think that economics is mainly macroeconomic forecasting, and they think most economics is based on the assumption that we are all selfish and ultra-rational, and only care about money. A generation ago, a narrow approach to economics did dominate the subject, and there are still some economists who don’t see anything wrong with the reductionist version, but most of the economics practiced today is far, far more in touch with the ‘real world’. Unfortunately, the update hasn’t yet reached economics textbooks and courses – hence the importance of the INET CORE curriculum project.

What would you have been if not an economist?

A dancer – not that I’d have been good enough!

What was the most interesting thing you learned from writing GDP?

It was that the way people think of ‘the economy’ has changed so much over time. We have Angus Maddison’s figures based on calculations of GDP going back through time, but up until the mid-20th century this was not how people thought about the aggregate economy. GDP and Keynesian macroeconomics co-evolved.

What do you think is the book’s most important contribution?

To demystify GDP, which most people hear as gobbledygook on the news; and to remind or tell them that how we measure economic activity is the result of many conventions and judgments. There is no natural object called GDP out there – it is a human construction, and what it measures is not well-being or social welfare, but simply a specific definition of economic activity.

Describe your writing process. How long did it take you to finish your book? Where do you write?

I fit the research around day to day life but need to find chunks of time for writing. This means my patient family are used to me spending a couple of hours every day tapping away at my laptop when we’re on holiday. I managed one (short) book once on maternity leave, typing one handed with the baby on the other arm.


There is no natural object called GDP out there – it is a human construction.


Do you have advice for other authors?

Just start. Write a lot and read a lot, as writing is a craft skill. Read George Orwell on the English language if that’s the language you’re writing in. And for non-fiction, you have to find a system for organizing the ideas and material – I always find this the hardest part and there’s always a stage when I have pieces of paper with headings laid out over the floor of my study.

What are you reading right now?

Thomas Piketty’s Capital in the 21st Century, and The Infatuations by Javier Marias.

What is your next project?

I’m helping out on that project. I’m writing a new public policy economics course to teach to undergraduates at the University of Manchester. In terms of research, I’m interested in two aspects of digital change: the continuing reshaping of supply chains, through both organizational and geographic change; and the implementation of public policy. There’s no point doing a wonderful economic analysis of a policy issue if you don’t also think about the political economy and practicality of implementation.

 


 

bookjacket GDP: A Brief but Affectionate History
Diane CoyleHardcover | $19.95 / £13.95 | ISBN: 9780691156798
168 pp. | 5 1/2 x 8 1/2 | 2 halftones. 2 line illus. 2 tables.eBook | ISBN: 9781400849970

Reviews

Table of Contents

Sample the Introduction[PDF]

 
 
 
 
 

Princeton University Press Europe at the Oxford Literary Festival 2014

 

By Hannah Dummett, Princeton University Press Europe intern

McCall SmithLast Sunday marked the end of the 2014 Oxford Literary Festival: “bigger, better and more ambitious than ever”. A whirlwind nine days of authors, talks, photographers, book signings and  lunches, and amongst all of it the Princeton authors met with full auditoriums and avid audiences, often followed by a glass of Prosecco in the green room.

The Soul of the World author Roger Scruton had the audience in stitches of laughter (perhaps not what you’d expect from a talk by a philosopher) as he shed light on his idea of the sacred, at the same time as shamelessly, and hilariously, plugging his new books. Meanwhile, David Edmonds entered a lively discussion with Nigel Warburton. The audience were eager to join in and soon the topic of moral dilemma had led to a debate on the fate of flight MH370.

As one of the festival’s better-known authors, Alexander McCall Smith was hounded by the ‘literary paparazzi’, and one of our publicists was even coerced into being used as a photographer’s assistant (read: prop-holder). Over at Christ Church, Averil Cameron took us back more than 2500 years in time and explained why Byzantium is key to our understanding of other historical periods. Michael Scott argued his own case for the Greek city of Delphi – and gave us all a reason to visit this summer.

His book may be over 800 pages long, but Robert Bartlett kept things succinct and made sure that his audience were keen to discover what the other 700 pages hold in store. He was even awarded a printed apology from the Oxford Mail’s Jeremy Smith after he commented on Bartlett’s “modest attire” while introducing the talk. Husband and wife astronomer/authors Jacqueline and Simon Mitton, both struck down with a virus picked up on a recent cruise, put on a brave face despite their illness and managed to plunge their audience into the depths of the history of the universe, visiting far-away galaxies via new-born stars and black holes.

The increasingly relevant topic of narcissism and self-love was examined by Simon Blackburn, discussing his new book Mirror, Mirror, and political journalist Edmund Fawcett kept the audience listening with an absorbing talk on differing forms of liberalism. To top it off, the “charming, charismatic” Ian Goldin gave an excellent lecture on how the recent financial crash could have an extreme effect on a wide range of factors in our everyday lives. We’ve been out of the office again this week, this time for London Book Fair – the fun is non-stop this month!

 

What’s in a name?: Gregory Clark examines how ancestry and names still determine social outcomes

 

By Hannah Lucas, Princeton University Press intern

son also risesEarlier this year, an Icelandic 15-year-old formally known on official documents as ‘Girl’ won the right to have her first name recognised by the authorities as Blaer. It was previously illegal for the name Blaer to be given to girls; it was restricted to use as a boy’s name. This case emphasises the ongoing regulations on first names in a number of countries, such as Germany, Sweden, China and Japan- in Germany, for instance, surnames are banned as first names. These constraints purportedly serve to protect children from distress, should their parents choose an inappropriate name. Yet how much does a name affect us as we go through life? We are assigned a first name, but our surname follows as a legacy of our family’s history. Indeed, names and the ancestral background that they evoke have ascribed social status for many years, whether this is restricting or elevating. The everyday significance of surnames and ancestry may have diminished from the historical rigid traditions of lineage, but it has not gone away, as Gregory Clark explores in The Son Also Rises. Clark uses modern Scandinavia as one of his areas of study, parallel to a diverse selection of cases, including fourteenth-century England and Qing Dynasty China.

The Son Also Rises deals with the potentialities of choice and predetermination in relation to ancestry and social mobility. As exemplified in the case of ‘Girl’, or Blaer as she is now known, modern-day Iceland – among many – impedes the choice of parents in the naming of their child, acting as a predetermining factor not dissimilar to that of a family history. Clark offers a fascinating insight into the significance of being out of control of the naming process, and how much these circumstances affect movement on the social ladder. He explores the influence of ancestors’ names and reputations on their descendants, and how long it takes to dislodge these connections, ultimately examining society’s response to whether ‘A rose / By any other name would smell as sweet’.

The Son Also Rises: Surnames and the History of Social Mobility by Gregory Clark was published last month.

 

Show Me the Money: PUP Authors on the Role of Wealth in Politics

How much can your buck get you in politics today? A forthcoming paper by PUP author Martin Gilens and Benjamin Page puts a finer point on the idea that money can enhance your influence on political policy. In fact, the authors give us an actual number for gauging that influence. Fifteen times — that is how much more important the collective preferences of “economic elites” are than those of other citizens, Gilens and Page found. Yes, you read that correctly.

Gilens and Page’s paper, which will run in Perspectives on Politics, explains how they came to this conclusion, studying “1,779 instances between 1981 and 2002 in which a national survey of the general public asked a favor/oppose question about a proposed policy change.” They write:

Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while average citizens and mass-based interest groups have little or no independent influence.

In a recent article on the Washington Post‘s Monkey Cage blog, PUP author and co-director of the Center for the Study of Democratic Institution, Larry Bartels, examines Gilens and Page’s findings and other research that contributes to what we know about the effects of money on political influence. Check out the article for Bartels’ take on this issue.

In this midterm election year, following the McCutcheon v. FEC ruling, money is on everyone’s minds. Looking to brush up on the theories and research behind these issues? You can read more from Bartels and Gilens — we invite you to read the sample chapters and other supplementary materials from their award-winning Princeton University Press books. We have also included a peek at political scientists Kay Lehman Schlozman, Sidney Verba and Henry E. Brady’s systematic examination of political voice in America.

 

 bookjacketRead Chapter One here. Using a vast swath of data spanning the past six decades, Unequal Democracy debunks many myths about politics in contemporary America, using the widening gap between the rich and the poor to shed disturbing light on the workings of American democracy. Larry Bartels shows the gap between the rich and poor has increased greatly under Republican administrations and decreased slightly under Democrats, leaving America grossly unequal. This is not simply the result of economic forces, but the product of broad-reaching policy choices in a political system dominated by partisan ideologies and the interests of the wealthy. In this interview, Bartels answers tough questions about the effect of money in America.

 

bookjacket “We are the 99%” has quickly become the slogan of our political era as growing numbers of Americans express concern about the disappearing middle class and the ever-widening gap between the super-rich and everyone else. Has America really entered a New Gilded Age? What are the political consequences of the growing income gap? Can democracy survive such vast economic inequality? These questions dominate our political moment–and Larry Bartels provides answers backed by sobering data.Princeton Shorts are brief selections taken from influential Princeton University Press books and produced exclusively in ebook format. Providing unmatched insight into important contemporary issues or timeless passages from classic works of the past, Princeton Shorts enable you to be an instant expert in a world where information is everywhere but quality is at a premium.

 

 bookjacketPreview the introduction here. Can a country be a democracy if its government only responds to the preferences of the rich? Affluence and Influence definitively explores how political inequality in the United States has evolved over the last several decades and how this growing disparity has been shaped by interest groups, parties, and elections.With sharp analysis and an impressive range of data, Martin Gilens looks at thousands of proposed policy changes, and the degree of support for each among poor, middle-class, and affluent Americans. His findings are staggering: when preferences of low- or middle-income Americans diverge from those of the affluent, there is virtually no relationship between policy outcomes and the desires of less advantaged groups. In contrast, affluent Americans’ preferences exhibit a substantial relationship with policy outcomes whether their preferences are shared by lower-income groups or not. Yet Gilens also shows that under specific circumstances the preferences of the middle class and, to a lesser extent, the poor, do seem to matter. In particular, impending elections–especially presidential elections–and an even partisan division in Congress mitigate representational inequality and boost responsiveness to the preferences of the broader public.

 

bookjacketRead Chapter One here. Politically active individuals and organizations make huge investments of time, energy, and money to influence everything from election outcomes to congressional subcommittee hearings to local school politics, while other groups and individual citizens seem woefully underrepresented in our political system.Drawing on numerous in-depth surveys of members of the public as well as the largest database of interest organizations ever created–representing more than thirty-five thousand organizations over a twenty-five-year period — The Unheavenly Chorus conclusively demonstrates that American democracy is marred by deeply ingrained and persistent class-based political inequality. The well educated and affluent are active in many ways to make their voices heard, while the less advantaged are not. This book reveals how the political voices of organized interests are even less representative than those of individuals, how political advantage is handed down across generations, how recruitment to political activity perpetuates and exaggerates existing biases, how political voice on the Internet replicates these inequalities–and more.

 

Running Randomized Evaluations

Glennerster_RunningRandomized “The popularity of randomized evaluations among researchers and policymakers is growing and holds great promise for a world where decision making will be based increasingly on rigorous evidence and creative thinking. However, conducting a randomized evaluation can be daunting. There are many steps, and decisions made early on can have unforeseen implications for the life of the project. This book, based on more than a decade of personal experience by a foremost practitioner and a wealth of knowledge gathered over the years by researchers at J-PAL, provides both comfort and guidance to anyone seeking to engage in this process.”–Esther Duflo, codirector of J-PAL and coauthor of Poor Economics

Running Randomized Evaluations: A Practical Guide
Rachel Glennerster & Kudzai Takavarasha

This book provides a comprehensive yet accessible guide to running randomized impact evaluations of social programs. Drawing on the experience of researchers at the Abdul Latif Jameel Poverty Action Lab, which has run hundreds of such evaluations in dozens of countries throughout the world, it offers practical insights on how to use this powerful technique, especially in resource-poor environments.

This step-by-step guide explains why and when randomized evaluations are useful, in what situations they should be used, and how to prioritize different evaluation opportunities. It shows how to design and analyze studies that answer important questions while respecting the constraints of those working on and benefiting from the program being evaluated. The book gives concrete tips on issues such as improving the quality of a study despite tight budget constraints, and demonstrates how the results of randomized impact evaluations can inform policy.

Suggested courses:

  • Program evaluation courses taught in Master in Public Administration/ International Development, Master of Business Administration, and Master of Public Administration programs.
  • Masters of Public Policy courses focusing on economics and impact evaluation.

Endorsements

Table of Contents

Chapter 1 pdf-icon
Request an examination copy.

 

Quick Questions for Ellen D. Wu, author of The Color of Success

7W8A1140Ellen D. Wu is assistant professor of history at Indiana University where she conducts research on issues of race, immigration, citizenship, and nation through the lens of Asian American history. She is also author of The Color of Success:Asian Americans and the Origins of the Model Minority, a recent book that tells of the astonishing transformation of Asians in the United States from the “yellow peril” to “model minorities”–peoples distinct from the white majority but lauded as well-assimilated, upwardly mobile, and exemplars of traditional family values–in the middle decades of the twentieth century.

Now, on to the questions!

 

What inspired you to get into your field?

As the daughter of Chinese immigrants, I was originally drawn to Asian American history as a way to understand my own place in the world. (I always felt a little bit freakish, growing up in Indiana.) But I soon learned that it is much more than that. The founders of Asian American Studies in the late 1960s and early 1970s emphasized the importance of research and education relevant to Asian American communities. They also believed that it was possible not only to fight oppression, but to end it completely.

The original, radical vision of Asian American Studies continues to invigorate me. I strive to tell new stories in such a way that is meaningful to Asian Americans from all walks of life.  I aim to highlight the diversity of Asian America. And I am interested in the actions that ordinary people have taken in the face of racism and other dehumanizing challenges.

What is the biggest misunderstanding people have about what you do?


The reigning misconception of Asians in the United States is that we are “model minorities.”


People often think that history is just a string of dates and facts about “great” white men.  (Is it a coincidence that many of those who believe this also tell me that they think history is boring?)  I would also say that most non-historians have no idea how historians actually go about doing what they do (i.e. archival research)—probably because it’s pretty bizarre from an outsider’s perspective! A friend of mine explains it this way: we read other people’s mail. While that makes us sound like NSA employees, that description works for me.

What would you have been if not a historian?

I have fantasies about being/becoming a documentary filmmaker, a food writer, and an independently wealthy lady of leisure.

What are you reading right now?

This summer I plan to dig in to some of my favorite literary writers: Jhumpa Lahiri, Monique Troung, and Junot Diaz. I can’t wait to be inspired by their words, sentences, and storytelling. Meanwhile, I’m reading lots of things via my Twitter feed.

What was the most influential book you’ve read?

Ummmm… The Bible?

Why did you write The Color of Success?

It was a book that I wished had already existed.

What was the biggest challenge involved with bringing this book to life?


[Book] titles are so hard! They’re akin to naming one’s child.


Conceptually it was quite difficult for me to figure out how to move from dissertation to book. It’s the kind of thing (at least in my experience) that one doesn’t really know how to do until one has done it, if that makes sense. But now I can say the process has been demystified and hopefully all the pieces will fall into place much faster with the next book.

What do you think is the book’s most important contribution?

Today the reigning misconception of Asians in the United States is that we are “model minorities”—people of color who are naturally smart and hardworking, socio-economically mobile, etc. Observers often attribute the putative “success” of Asian Americans to “culture.”  By excavating the origins of the “model minority” image (it’s a relatively recent creation, dating back only to the 1940s-60s), The Color of Success shows that it is an invented fiction rather than timeless truth. Certain Asian American spokespersons, government officials, social scientists, journalists, and others conjured up the “model minority” for various political purposes. For those invested in delegitimizing the African American freedom movement, the “model minority” stereotype served as handy “evidence” that the United States was indeed a land of opportunity for all, including racial minorities. People are often surprised to hear that the “model minority” stereotype, while ostensibly positive, is actually highly problematic and pernicious.

The value of tracing the relatively recent emergence of a stereotype that is prevalent today is that it drives home the point that race is a social process rather than a fact of nature. That gives me hope that racial stereotypes and categories can be “unmade” as well as “made.”

Who do you see as the audience for this book?

My goal with The Color of Success was to generate something empirically-rich and stimulating for professional scholars, but also significant and accessible in a broader way. I wanted to write for “lay” Asian Americans and others interested in historical and present-day conditions and consequences of race in the United States. Additionally, I tried to produce something that my friends and relatives might actually read. (A shout out to my cousin Denise in Logan, Utah for being my first family member to finish it!) I’m crossing my fingers that the book will speak to this these disparate audiences.

k10134[1]How did you come up with the title or jacket?

Titles are so hard! They’re akin to naming one’s child: it’s a heavy decision because it seems that it will seal the fate of the book forever. I definitely wanted something that conveyed the main themes of the book, but I didn’t want it to sound too boring or “academic-y” (hopefully I succeeded?). I went through about a million titles before my husband came up with The Color of Success at the eleventh hour.

On the other hand, the cover image (a photograph of the 1956 San Francisco Chinese basketball team, clad in “USA” jackets and holding “USA”-stamped balls), was something that I had kept in mind for years.  I first spotted it in a 1956 issue of San Francisco’s bilingual Chinese World newspaper when I started my research.  It was one of those ah-ha! moments. Like other notable American artists and athletes at the time, the team had been tapped by the US State Department to tour Asia as “goodwill” ambassadors—essentially Cold War cultural diplomats. It’s a great double-take image that plays with the tenacious notion that Asians remain “forever foreigners” in the United States, that Asian Americans have never truly been seen by others as “real” Americans.  And like Linsanity, it also messes with assumptions that Asian Americans make good scientists or violinists or whatever, but not good basketball players.

Several years after I initially ran across the photo, I wrote to a senior Asian American historian to ask if she knew how I might get a hold of it for the book. She forwarded my message to her contacts in San Francisco Chinatown, and, voila!, I tracked down Percy Chu, the 80-something coach of the basketball team. Mr. Chu not only kindly sent me the photo, but now he’s also my penpal. Every Chinese holiday, he sends me little gifts in the mail—zongzi (Chinese tamales) for the Dragon Boat festival, mooncakes for the Mid-Autumn Festival, red envelopes for Lunar New Year. (Maybe he feels sorry for me for living in Bloomington, so far removed from the epicenters of Chinese America?) So that’s been unexpected and fun!

 

Ellen is the author of:

bookjacket

The Color of Success:
Asian Americans and the Origins of the Model Minority
Ellen D. Wu
Hardcover | $39.50 / £27.95 | ISBN: 9780691157825
376 pp. | 6 x 9 | 19 halftones.eBook | ISBN: 9781400848874
Endorsements | Table of Contents
Introduction pdf-iconThe Color of Success embodies exciting developments in Asian American history. Through the lens of racial liberalism and cultural diplomacy, Ellen Wu offers a historically grounded analysis of the Asian American model minority in the contexts of domestic race politics and geopolitics, and she unveils the complexities of wartime and postwar national inclusion.”–Eiichiro Azuma, University of Pennsylvania

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.

Fortune Tellers 2
Fortune Tellers 1
1 The Babson Compositplot, 1921
2 Irving Fisher's Diagram of the Equation of Exchange, 1912
3 Irving Fisher's Diagram of the Equation of Exchange, 1912
4 John Moody's View of the Economy, 1904
5 James H Brookmire's Barometer, 1907
6 Brookmire's Barometer Chart
7 Harvard Economic Service Chart
Karl Karsten's Map of Business Conditions
9 Brookmire's Cycle Chart of Business and Banking
10 Malcolm Rorty's Depiction of the Business Cycle
11 Babson's Map of the United States for Merchants and Bankers, 1911
12 Brookmire's survey of business conditions in the United States

A new type of forecasting

The years from the turn of the century to World War I were a fertile time for many business analysts, including the scientific management exponent, F. W. Taylor. While some experts sought to improve the inner workings of firms, other tried to make sense of the very atmosphere in which business operated.

Who were the Fortune Tellers?

After the Panic of 1907, economic forecasters began producing newsletters.

Roger W. Babson published Babson’s Reports, which featured the Compositplot of ups and downs. In 1909, John Moody, who is today remembered for his credit rating company, started his own weekly market report. In 1910 Irving Fisher, a pioneer of mathematical economics, published the first of several charts, intended for economic prediction, in the Journal of Economics. Around this same time, James Brookmire, the son of a grocer in St. Louis, founded the Brookmire Economic Chart company and began publishing forecasts on a regular basis.

The most influential forecasting chart of the period belonged to the Harvard Economic Service, which, in 1922, founded a weekly newsletter that featured its A-B-C curve. Along with these charts were other efforts to map economic activity, including Malcolm Rorty’s sketch of the business cycle and several attempts to capture the geography of business within the U.S.

The Babson Compositplot, from 1921

The large shaded areas marked A, B, C, D, E, F, and G, represent depressions below and expansions above the “normal” line. Babson believed that areas of expansion (B, for instance), would be equal to areas of recession (C, for instance) that followed. The chart also contained a wealth of other information, including stock prices, bond prices, and commodity prices.

Source: Roger W. Babson, Business Barometers Used in the Accumulation of Money (Wellesley Hills, Mass: Babson Institute, 1921), insert.

Irving Fisher’s Diagram of the Equation of Exchange for use in forecasting, 1912

While Fisher did not produce a forecasting chart, he did create a diagram to illustrate the Equation of Exchange (MV + M’V’ = PT), which he depicted showing a mechanical balance. The left side of the balance symbolized the left side of the equation, with a small weight standing for M, the money in circulation, and a larger bank book standing for M’, deposits in checking accounts. The distance to the left of the fulcrum of the weight represented the velocity of circulation (V) and the distance of the bankbook, the velocity of circulation of bank deposits (V’).

(continued in the next slide)

Irving Fisher’s Diagram of the Equation of Exchange for use in forecasting, 1912

The volume of trade (T) was represented by a tray on the right, with the index of prices (P) at which these goods were sold, represented by the distance of the tray to the right. The diagram showed the changes in the values for all the components of the Equation of Exchange from 1896 to 1911. To predict the future, Fisher thought, one needed to look especially at recent changes in the bank deposits, which, if rising rapidly, indicated a coming crisis.

Source: Irving Fisher, “‘The Equation of Exchange,’ 1896-1910,” The American Economic Review 1:2 (Jun 1911): p. 299.

John Moody’s view of the economy

In this 1904 chart, Moody encapsulates a firm-centered view of the economy, in this case showing the dominance of the Morgan banking interests and Rockefeller’s Standard Oil. Moody wrote at the top of the chart, “The large circle in the center of the chart indicates the dominant position of the Trust-formed industries of the Nation; directly linked to and representing this dominant force we find two groups of capitalists, the Standard Oil, or Rockefeller, and the Morgan groups.” Moody’s diagram resembled something of a family tree of capitalism.

Source John Moody, The Truth about The Trusts: A Description and Analysis of the American Trust Movement (New York: Moody Publishing Company, 1904), between pages viii and ix.

James H. Brookmire’s Barometer, close-up

James H. Brookmire’s Barometer depicted three indexes of economic sectors—business activity, the stock market (an index of thirty-two stocks), and banking resources. The small print reads, “Condition of business, banking, and the stock market in February, 1907, foretelling the panic of October, 9 months later.”

Source: The Brookmire Economic Chart Company, A Graphic Record of Fundamental, Financial and Business Conditions Since 1885 (St. Louis: Brookmire, 1913).

Brookmire’s Barometer Chart

Here, Brookmire combined his barometer with a chart of values over time for general business (a black line), average stocks (in shaded line), and banking (in sold red).

Source: The Brookmire Economic Chart Company, A Graphic Record of Fundamental, Financial and Business Conditions Since 1885 (St. Louis: Brookmire, 1913).

Harvard Economic Service Chart

Harvard Economic Service Chart, like Brookmire’s Barometer, was a leading indicator model. Persons believed that Group A (representing stocks) forecast Group B (representing business activity); in turn Group B forecasted Group C (representing banking). In this way, the three indexes together created a view of overall business conditions and, in Person’s words, “future tendencies.” The graph above showed historical values from 1903 to 1908.

Source: Warren M. Persons, “The Index: A Statement of Results,” Review of Economic Statistics 1:2 (April 1919): 112.

Karl Karsten’s “Map of Business Conditions”

Economist Karl Karsten showed American states in relative proportion to their population and shaded according to condition of “business activity,” with the darkest states (New Hampshire and Vermont) representing poor levels. The chart revealed the relative geographic distribution of business activity and population—still very weighted toward New England, Pennsylvania (with the rise of the steel industry in Pittsburgh), and Illinois (with the growth of Chicago and its meatpacking plants and grain industry).

Source: Karl Karsten Papers, Library of Congress, Washington, D.C.

Brookmire’s Cycle Chart of Business and Banking

This chart shows how the ups and downs of business activity tended to deplete and then free up banking resources. As business activity ran from “normal” to “prostrate,” banking resources climbed from “normal” to “abundant” and even “plethoric.” When business activity subsequently climbed to “feverish” and “hazardous,” at the peak of the cycle, banking resources fell to “overextended” and even “critical.”

Source: The Brookmire Economic Chart Company, A Graphic Record of Fundamental, Financial and Business Conditions Since 1885 (St. Louis: Brookmire, 1913).

Malcolm Rorty’s depiction of the business cycle

In this graph, capitalist economies had four discernible phases: revival, prosperity, liquidation, and depression. Above each of these four, Rorty included a list of economic conditions common to each to help readers determine the end of one phase and the start of the next. Note that the chart showed an especially sharp drop of business activity during times of liquidation or crisis.

Source Rorty, Some Problems in Current Economics (1922).

Babson’s Map of the United States for Merchants and Bankers, 1911

The map showed regions where failures were increasing (shown in squares) and business declining (shown in circles).

Brookmire’s survey of business conditions in the United States

Regions were color-coded to indicate whether crop production was good, fair, or poor. Cities were marked with stars if they were numerous business failures, with diamonds if they held dull opportunities for salesmen, and ampersands if the opportunities for salesmen were improving.

Source: The Brookmire Economic Chart Company, A Graphic Record of Fundamental, Financial and Business Conditions Since 1885 (St. Louis, Mo., 1912).

Fortune Tellers 2 thumbnail
Fortune Tellers 1 thumbnail
1 The Babson Compositplot, 1921 thumbnail
2 Irving Fisher's Diagram of the Equation of Exchange, 1912 thumbnail
3 Irving Fisher's Diagram of the Equation of Exchange, 1912 thumbnail
4 John Moody's View of the Economy, 1904 thumbnail
5 James H Brookmire's Barometer, 1907 thumbnail
6 Brookmire's Barometer Chart thumbnail
7 Harvard Economic Service Chart thumbnail
Karl Karsten's Map of Business Conditions thumbnail
9 Brookmire's Cycle Chart of Business and Banking thumbnail
10 Malcolm Rorty's Depiction of the Business Cycle thumbnail
11 Babson's Map of the United States for Merchants and Bankers, 1911 thumbnail
12 Brookmire's survey of business conditions in the United States thumbnail

 

 

Princeton University Press’s best-selling books for the first quarter of 2014 are…

In a slight departure, we are going to celebrate the end of our first quarter of sales in 2014 with a longer list than usual. Here are the top 30 books for the last three months, according to combined BookScan and eBooks sales.

What is remarkable about this list is that it encompasses new releases like 1177 B.C. and GDP; perennial best-sellers like On Bullshit and This Time is Different; course reading for economics and calculus; biographies of Nicola Tesla, Martin Gardner, and Maimonides; and bird guides like The Warbler Guide. It truly represents the strength, subjects, and longevity of the books we publish. This is also a list of some really terrific reads, so click through and sample free excerpts for each book.

 

Tesla: Inventor of the Electrical Age by W. Bernard Carlson Tesla: Inventor of the Electrical Age by W. Bernard Carlson
The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson
On Bullshit by Harry G. Frankfurt
the 5 Elements of Effective Thinking by Edward Burger and Michael Starbird
The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton
The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup by Noam Wasserman
Beautiful Geometry by Eli Maor and Eugen Jost
Rare Birds of North America by Steve Howell, Ian Lewington, and Will Russell
The Son Also Rises: Surnames and the History of Social Mobility by Gregory Clark
What W. H. Auden Can Do for You by Alexander McCall Smith
1177 B.C.: The Year Civilization Collapsed by Eric Cline
The Limits of Partnership: U.S.-Russian Relations in the Twenty-First Century by Angela Stent
The New York Nobody Knows: Walking 6,000 Miles in the City by William Helmreich
The Warbler Guide by Tom Stephenson and Scott Whittle
QED: The Strange Theory of Light and Matter by Richard Phillips Feynman
Maimonides: Life and Thought by Moshe Halbertal
Undiluted Hocus-Pocus: The Autobiography of Martin Gardner by Martin Gardner
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris & Stephen H. Haber
The I Ching or Book of Changes edited by Hellmut Wilhelm
How to Solve It: A New Aspect of Mathematical Method by G. Polya
The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance by Eswar S. Prasad
GDP: A Brief but Affectionate History by Diane Coyle
Oxygen: A Four Billion Year History by Donald E. Canfield
Mostly Harmless Econometrics: An Empiricist’s Companion by Joshua D. Angrist & Jörn-Steffen Pischke
This Time Is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart & Kenneth S. Rogoff
Would You Kill the Fat Man?: The Trolley Problem and What Your Answer Tells Us about Right and Wrong by David Edmonds
Einstein and the Quantum: The Quest of the Valiant Swabian by A. Douglas Stone
The Princeton Dictionary of Buddhism by Robert E. Buswell Jr. & Donald S. Lopez Jr.
The Calculus Lifesaver: All the Tools You Need to Excel at Calculus by Adrian Banner
The Best Writing on Mathematics 2013 edited by Mircea Pitici

Princeton University Press’s best-selling titles for the last week

These are the best-selling books for the past week.

 

GDP: A Brief but Affectionate History by Diane Coyle
Tesla: Inventor of the Electrical Age by W. Bernard Carlson Tesla: Inventor of the Electrical Age by W. Bernard Carlson
On Bullshit by Harry G. Frankfurt
The Limits of Partnership: U.S.-Russian Relations in the Twenty-First Century by Angela E. Stent
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris & Stephen H. Haber
1177 BC: The Year Civilization Collapsed by Eric H. Cline
Rare Birds of North America by Steve Howell, Ian Lewington, and Will Russell
Revolutionary Ideas: An Intellectual History of the French Revolution from The Rights of Man to Robespierre by Jonathan Israel
The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance by Eswar S. Prasad
The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson

The Princeton in Europe Lecture 2014

Diarmaid MacCulloch (c) Chris Gibbons SMALLER RESWe are delighted to announce that The Princeton in Europe Lecture 2014 will be given by Sir Diarmaid MacCulloch. Professor MacCulloch is at the Faculty of Theology and Religion, University of Oxford, and has a special interest in the history of Christianity. The author of numerous books on the history of religion, Diarmaid MacCulloch has also presented BBC documentaries, such as A History of Christianity and, most recently, How God Made the English. This year’s Princeton in Europe Lecture, which will be held at the British Academy, is entitled:

“What if Arianism had won?: A reformation historian looks at medieval Europe”

This event is open to the general public and is free to attend, but please register in advance by emailing Hannah Paul: hpaul@pupress.co.uk.

Wolfson Auditorium at the British Academy  *  Tuesday 8th April 2014  * Drinks will be served from 5.30pm, and the lecture will begin at 6.30pm * We look forward to seeing you there.

* Photograph (c) Chris Gibbons