Princeton University Press’s #NewBooks for this week

Books released during the week of October 14, 2014
Economic Interdependence and War<br>Dale C. Copeland Economic Interdependence and War
Dale C. Copeland

“A landmark study, Economic Interdependence and War presents a novel and compelling argument about trade expectations and the prospects for peace and war among the great powers. This well-written and accessible book buttresses its argument with an extraordinarily valuable historical analysis of great-power interactions from the 1790s to the present day, and a superior intellectual engagement of the quantitative literature.”–Joseph Grieco, Duke University

Relentless Reformer: Josephine Roche and Progressivism in Twentieth-Century America<br>Robyn Muncy Relentless Reformer
Josephine Roche and Progressivism in Twentieth-Century America
Robyn Muncy

“Josephine Roche finally has her due, thanks to Robyn Muncy’s sparkling political biography. Policewoman and business owner, labor-relations and public-health pioneer, political insider and female outsider, Roche emerges warts and all as a slayer of inequality. More than an exercise in recovery, Relentless Reformer challenges conventional wisdom on the detrimental impact of private welfare on public programs as it charts the persistence of a democratic, state-centric progressivism over the course of the twentieth century.”–Eileen Boris, Hull Professor of Feminist Studies, University of California, Santa Barbara

Congratulations to Jean Tirole, recipient of 2014 Nobel Prize in Economic Science

Around this time last year the Press could not have been more excited. Why? Two of the three 2013 Nobel Prize in Economic Sciences awards went to PUP authors Lars Peter Hansen and Robert J. Shiller, authors of Robustness and Irrational Exuberance, respectively. To see just how excited we were, click here, here, or here. Amazingly enough, there was no shortage of excitement at the Press following this year’s announcement of the 2014 Nobel Prize in Economic Sciences award as Jean Tirole, author of Financial Crises, Liquidity, and the International Monetary System, The Theory of Corporate Finance, and co-author of Balancing the Banks: Global Lessons from the Financial Crisis, is the sole recipient.


“If we had more researchers like Jean Tirole it would be a very good thing for the world.”


The official Nobel Prize press release states Jean Tirole, head of economics at Toulouse University in France, won The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2014, “for his analysis of market power and regulation,” but this is just a fraction of the contribution he has made to economic theory and its real world implications. In an interview (which can be seen below) Chairman of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel, Tore Ellingsen, praised Tirole for his tireless efforts to better understand and explain how governments could regulate industries dominated by monopolies. When asked if it was difficult to choose a winner for the award this year, Ellingsen explained, “Yes and no. It’s been clear for some time now that Jean Tirole is a worthy recipient, but the question has been for what, alone or with whom, and when?” The interview concludes with wishful thinking; “If we had more researches like Jean Tirole it would be a very good thing for the world.”

Tirole has been an active member and contributor to economic theory since the 1980′s, and although “his work is largely theoretical…it has translated easily to practical use.” As a New York Times article further notes, “[Tirole's] work is also wide ranging. A description of his influence published by the prize committee cited more than 60 papers, an unusually large number.”

Peter J. Dougherty, Director of Princeton University Press had the following to say about Tirole’s impact on the field of economics and his much deserved recognition. “Jean Tirole’s 2006 book, The Theory of Corporate Finance, marked an important moment in economics as well as in the history of Princeton’s economics list. We extend our most heartfelt congratulations to Professor Tirole on the occasion of his Nobel prize.”

Again, on behalf of all of us at PUP, we would like to congratulate and thank Jean Tirole for keeping the Nobel Prize in Economic Sciences award in house. And who knows, maybe next year we’ll be posting about a three-peat… fingers crossed!

Philip J. Cook and Chris Hayes of msnbc discuss American drinking spectrum

Philip J. Cook, author of Paying the Tab: The Costs and Benefits of Alcohol Control recently sat down with Chris Hayes of msnbc to talk about who in America drinks and how much they’re drinking. The conversation was kicked off by this graphic from his book which appeared on Wonkblog in late September.

drinks

Some of the numbers might come as a surprise. Nearly two-thirds of the population drinks less than one alcoholic beverage per week, but on the other end of the spectrum, ten percent of Americans claim to consume almost 75 drinks a week. You can check out the entire segment below.


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Paying the Tab:
The Costs and Benefits of Alcohol Control
Philip J. Cook

 

Princeton University Press’s #NewBooks for this week

Books released during the week of October 6, 2014
The <i>Bhagavad Gita</i>: A Biography<br>Richard H. Davis The Bhagavad Gita:
A Biography
Richard H. Davis


“This is an exciting book about an exciting book, namely, the Bhagavad Gita, a text in which Hinduism comes closest to possessing a universal scripture. Davis traces the varying course of its semantic trajectory through history with erudite clarity. A must-read for anyone interested in the Gita.”–Arvind Sharma, author of Gandhi: A Spiritual Biography
Biomolecular Feedback Systems<br>Domitilla Del Vecchio & Richard M. Murray Biomolecular Feedback Systems
Domitilla Del Vecchio & Richard M. Murray


“This is an excellent compendium of the most important techniques and results in the application of feedback and control to biomolecular systems. Biomolecular Feedback Systems is very timely, and a must-read for students and researchers.”–Ernesto Estrada, University of Strathclyde
Birds of New Guinea: Second Edition<br>Thane K. Pratt & Bruce M. Beehler<br>Illustrated by John C. Anderton & Szabolcs Kókay Birds of New Guinea:
Second Edition
Thane K. Pratt & Bruce M. Beehler
Illustrated by John C. Anderton & Szabolcs Kókay


Praise for the first edition:”This book is not only indispensable to any bird-watcher visiting New Guinea and the adjacent islands, but, owing to the wealth of its information, it will be of great interest to anyone who is seriously interested in birds.”–American Scientist
Birds of Western Africa: Second Edition<br>Nik Borrow & Ron Demey Birds of Western Africa:
Second Edition
Nik Borrow & Ron Demey


Praise for the first edition:”Invaluable for serious birders and scientists working in or visiting the area. It would also make an excellent addition to a collection of field guides for home or office use.”–Condor
The Birth of Hedonism: The Cyrenaic Philosophers and Pleasure as a Way of Life<br>Kurt Lampe The Birth of Hedonism:
The Cyrenaic Philosophers and Pleasure as a Way of Life
Kurt Lampe


“The Cyrenaics were the earliest philosophical hedonists. Evidence for their views is limited, but Kurt Lampe combines expert historical scholarship and imaginative sympathy to offer a compelling account of what they believed, what it might have been like to inhabit their worldview, and why it matters today. His itinerary takes him in the end to Walter Pater, who offered late Victorians the profound experience and attractions of a ‘new Cyrenaicism.’ This is a learned and important book, in which Lampe, like Pater, brings aspects of a lost Greek philosophical past to life.”–Charles Martindale, University of Bristol and University of York
Change They Can't Believe In: The Tea Party and Reactionary Politics in America<br>Christopher S. Parker & Matt A. Barreto<br>With a new afterword by the authors Change They Can’t Believe In:
The Tea Party and Reactionary Politics in America
Christopher S. Parker & Matt A. Barreto
With a new afterword by the authors


“A scathing analysis of the Tea Party movement, linking it in spirit to the Ku Klux Klan and the John Birch Society. Taking today’s conservative populists to be dangerous and their ideas self-incriminating, the authors speculate that Tea Party supporters may perceive of social change as subversion. Based on research and interviews, they suggest racism, desire for social dominance . . . drives the Tea Party.”–Publishers Weekly
The Fourth Pig<br>Naomi Mitchison<br>With a new introduction by Marina Warner The Fourth Pig
Naomi Mitchison
With a new introduction by Marina Warner


“At her best, Naomi Mitchison is forthright and witty, writes with brio and passion and lucidity, and conveys a huge appetite for life, for people, for new adventures, and for breaking through barriers.”–From the introduction by Marina Warner
Genealogy of the Tragic: Greek Tragedy and German Philosophy<br>Joshua Billings Genealogy of the Tragic:
Greek Tragedy and German Philosophy
Joshua Billings


“There is no body of work as important for understanding the idea of the tragic as German Idealism, which fundamentally changed modernity’s notions of tragedy. I can think of no better guide to these formidable writings than Joshua Billings, who takes the reader through them with clarity, deep knowledge, and revelatory exposition. A great achievement, this is a book that scholars and students of tragedy have needed for years.”–Simon Goldhill, University of Cambridge
The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy<br>Michael Pettis<br>With a new preface by the author The Great Rebalancing:
Trade, Conflict, and the Perilous Road Ahead for the World Economy
Michael Pettis
With a new preface by the author


“[Michael Pettis is] a brilliant economic thinker.”–Edward Chancellor, Wall Street Journal
How to Solve It: A New Aspect of Mathematical Method<br>G. Polya<br>With a foreword by John Conway How to Solve It:
A New Aspect of Mathematical Method
G. Polya
With a foreword by John Conway


“Every prospective teacher should read it. In particular, graduate students will find it invaluable. The traditional mathematics professor who reads a paper before one of the Mathematical Societies might also learn something from the book: ‘He writes a, he says b, he means c; but it should be d.’”–E. T. Bell, Mathematical Monthly
Inheriting Abraham: The Legacy of the Patriarch in Judaism, Christianity, and Islam<br>Jon D. Levenson Inheriting Abraham:
The Legacy of the Patriarch in Judaism, Christianity, and Islam
Jon D. Levenson


“[T]he figure of Abraham has more often been a battleground than a meeting place. This is the brilliantly elaborated theme of Levenson’s book, which retells the Abraham story while examining the use made of Abraham in later Jewish, Christian, and (to a lesser extent) Muslim thought.”–Adam Kirsch, New York Review of Books
Latino Catholicism: Transformation in America's Largest Church<br>Timothy Matovina Latino Catholicism:
Transformation in America’s Largest Church
Timothy Matovina

“Matovina gives a detailed examination of the different pastoral approaches that have been adopted to deal with the influx of Latino immigrants, with some advocating the need to assimilate quickly to American ways and others preferring to focus on preserving the religious and cultural heritage that the immigrants have brought with them. . . . Matovina’s book should be mandatory reading for all bishops, clergy, and lay leaders, and for anyone else who wants to understand the future of American Catholicism.”–Michael Sean Winters, New Republic
The Life of Roman Republicanism<br>Joy Connolly The Life of Roman Republicanism
Joy Connolly


“As a demonstration of how reading Roman literature becomes absorbing political argument, this book succeeds brilliantly. Joy Connolly possesses a keen mind and her approach is informed by an astonishing stock of contemporary intellectual perspectives. She is also a deeply imaginative reader with a gift for explaining complex ideas lucidly and compellingly. I learned a great deal from this book: about Hannah Arendt and Philip Pettit as well as about Cicero, Sallust, and Horace.”—Andrew Feldherr, Princeton University
The Meaning of Relativity: Including the Relativistic Theory of the Non-Symmetric Field (Fifth Edition)<br>Albert Einstein<br>With a new introduction by Brian Greene The Meaning of Relativity:
Including the Relativistic Theory of the Non-Symmetric Field (Fifth Edition)
Albert Einstein
With a new introduction by Brian Greene


“A condensed unified presentation intended for one who has already gone through a standard text and digested the mechanics of tensor theory and the physical basis of relativity. Einstein’s little book then serves as an excellent tying-together of loose ends and as a broad survey of the subject.”–Physics Today
Poetic Trespass: Writing between Hebrew and Arabic in Israel/Palestine<br>Lital Levy Poetic Trespass:
Writing between Hebrew and Arabic in Israel/Palestine
Lital Levy


“This is a work of immense accomplishment dedicated to understanding what it means to write in two languages about a condition of life that is, at once, both shared and separate. Lital Levy’s critical speculations are careful and courageous as her beautiful prose moves back and forth across the borderline of Israel/Palestine, forging a way of moving toward a solidarity built of sorrow and survival, failure and hope. Read Poetic Trespass and reflect anew on the ethical and poetic possibilities of a translational dialogue in a star-crossed region.”–Homi Bhabha, Harvard University
Power Lines: Phoenix and the Making of the Modern Southwest<br>Andrew Needham Power Lines:
Phoenix and the Making of the Modern Southwest
Andrew Needham


“Rarely does a work of history unite so many seemingly disconnected fields of inquiry in such new and exciting ways. Masterfully interweaving urban, Native American, and environmental history, Power Lines is a sobering assessment of Phoenix’s expansive postwar development. The legacies of the region’s coal-powered history continue to shape contemporary politics, spaces, and our shared environmental future, making Power Lines as timely as it is insightful.”–Ned Blackhawk, Yale University
QED: The Strange Theory of Light and Matter<br>Richard P. Feynman<br>With a new introduction by A. Zee QED:
The Strange Theory of Light and Matter
Richard P. Feynman
With a new introduction by A. Zee


“Physics Nobelist Feynman simply cannot help being original. In this quirky, fascinating book, he explains to laymen the quantum theory of light, a theory to which he made decisive contributions.”–The New Yorker
The Struggle for Equality: Abolitionists and the Negro in the Civil War and Reconstruction<br>James M. McPherson<br>With a new preface by the author The Struggle for Equality:
Abolitionists and the Negro in the Civil War and Reconstruction
James M. McPherson
With a new preface by the author


“Must surely be assigned an important place in the literature of the history of ideas and of race relations in the United States.”–The Times Literary Supplement
Theories of International Politics and Zombies: Revived Edition<br>Daniel W. Drezner Theories of International Politics and Zombies:
Revived Edition
Daniel W. Drezner


“Drezner . . . comes up with an intriguing intellectual conceit to explain various schools of international political theory. He imagines a world overrun with zombies and considers the likely responses of national governments, the U.N and other international organizations, and nongovernment organizations (NGOs). . . . This slim book is an imaginative and very helpful way to introduce its subject–who knew international relations could be this much fun?”–Publishers Weekly
Theory of Stellar Atmospheres: An Introduction to Astrophysical Non-equilibrium Quantitative Spectroscopic Analysis<br>Ivan Hubeny & Dimitri Mihalas Theory of Stellar Atmospheres:
An Introduction to Astrophysical Non-equilibrium Quantitative Spectroscopic Analysis
Ivan Hubeny & Dimitri Mihalas


“This eagerly anticipated book is an excellent guide for anyone interested in radiation transport in astrophysics, as well as for those wanting to make detailed analyses of astrophysical spectra. Comprehensive, lucid, and stimulating, Theory of Stellar Atmospheres is ideal for students and scientists alike.”–Bengt Gustafsson, Uppsala University
Told Again: Old Tales Told Again<br>Walter de la Mare<br>With a new introduction by Philip Pullman<br>Illustrated by A. H. Watson Told Again:
Old Tales Told Again
Walter de la Mare
With a new introduction by Philip Pullman
Illustrated by A. H. Watson


Praise for previous editions: “Walter de la Mare has given the familiar old tales so much sparkle and humor and romance that they are like new stories.”–Horn Book Magazine
The Two-Mile Time Machine: Ice Cores, Abrupt Climate Change, and Our Future<br>Richard B. Alley<br>With a new preface by the author The Two-Mile Time Machine:
Ice Cores, Abrupt Climate Change, and Our Future
Richard B. Alley
With a new preface by the author


“Although not all scientists will agree with Alley’s conclusions, [this] engaging book–a brilliant combination of scientific thriller, memoir and environmental science–provides instructive glimpses into our climatic past and global future . . . “–Publisher’s Weekly
Worldly Philosopher: The Odyssey of Albert O. Hirschman<br>Jeremy Adelman Worldly Philosopher:
The Odyssey of Albert O. Hirschman
Jeremy Adelman


“[A] biography worthy of the man. Adelman brilliantly and beautifully brings Hirschman to life, giving us an unforgettable portrait of one of the twentieth century’s most extraordinary intellectuals. . . . [M]agnificent.”–Malcolm Gladwell, New Yorker

Throwback Thursday #TBT: Richard D. McKinzie’s The New Deal for Artists (1973)

McKinzie, The New Deal for Artists

Hello again, folks! It’s time for another installment of Throwback Thursday! On this week’s #TBT, we’ll be discussing The New Deal for Artists by Richard D. McKinzie.

As for the rest of America, the Great Depression proved to be a trying time for America’s artists. Great innovators like Willem de Koonig, Arshille Gorky, Jackson Pollock, and Adolf Gottlieb found themselves producing rather conventional work under the patronage of the Roosevelt administration, struggling to maintain their integrity and stay afloat financially. This book traces the struggles, triumphs, and setbacks of America’s Depression-era artists under New Deal policies as they navigated through the worst economic turmoil the country has ever faced.

We hope you’ve enjoyed this edition of #TBT! Don’t forget to check out next week’s installment!

Princeton at Heffers Bookshop

Heffers Bookshop in Cambridge (UK) is looking very “Princeton” right now. Heffers, which has been selling books in Cambridge for over 130 years, is currently displaying 7 “subject bays” of Princeton books: Economics, History, Maths, Natural History, Philosophy, Politics, and Popular Science. With 20 titles on offer per bay (and 20% off all Princeton titles), there’s bound to be something for everyone.

Princeton at Heffers_1

This display  will remain at Heffers well into October, so do pop in if you’re in the area.

Princeton at Heffers_3

Book trailer for Atlas of Cities edited by Paul Knox


Princeton University Press senior designer Jason Alejandro created this book trailer for Atlas of Cities edited by Paul Knox. (The catchy song in the background is the aptly named “Weekend in the City” by Silent Partner.)

8-7 Atlas of Cities Atlas of Cities
Edited by Paul Knox

 

Quick Questions for Nigel Dodd, author of The Social Life of Money

Nigel Dodd  is a professor in the Sociology Department at the London School of Economics (LSE). Dodd’s  interest in the sociology of money has led him to author The Sociology of Money: Economics, reason, and contemporary society (1994) and Social Theory and Modernity (1999), but it is his new book, The Social Life of Money, that we will discuss today. Besides teaching courses in Classical, Modern, and Contemporary Social Thought at the LSE, Dodd is also editor-in-chief of the British Journal of Sociology, and he has made several appearances on BBC World Service to discuss “various aspects of the 2007-9 financial crisis.”

Referring often to George Simmel’s Philosophy of Money (1907), The Social Life of Money is Dodd’s attempt to better understand and define the rapid and ever changing field of “money.” By reexamining the nature of money in the aftermath of the global economic crisis and by including thinkers such as Nietzsche, Benjamin, Bataille, Deleuze and Guattari, Baudrillard, Derrida, and Hardt and Negri—all of whom  fall outside the field of monetary theory—Dodd lays down the framework for understanding money in a different way.

Now, on to the questions!

Why did you write The Social Life of Money?

In the first instance, I wrote the book because although I could see what a varied and energetic field ‘money’ had become outside of economics, there were too many scholars who were simply not engaging with each other, but limiting their engagements to their own niche within the field. I even found that there were disagreements about terminology – for example, what some scholars claimed was ‘money’, others said was merely ‘currency’, and sorting out a way through this conceptual thicket wasn’t easy. So I wanted to write a book that brought this field together into a more coherent shape – not by synthesizing everything into one basic approach, but by providing a framework in which different approaches can speak to each other, and their relative insights brought to bear on important questions. I would describe myself as a ‘monetary pluralist’ – not wedded to a single theory of money but convinced that different theories work well according to context. So I wanted to write a book that gave expression to this, which was in a way a ‘celebration’ of intellectual multiplicity in monetary scholarship. Then, as I started to write the book as the financial crisis unfolded, I began to see this pluralism in a more practical way – these were not just different ways of theorizing money, but different ways of organizing it too that could make a serious contribution to debates about how our monetary systems could (or should) be changed in response to the crisis. I found that whereas money was being ‘blamed’ for the crisis by many mainstream commentators, it is in fact an important opportunity, a focal point for rethinking its role in society. However, while most debates about this are concerned with finding a single set of solutions, I sense that the best way forward is pluralism – we need not one ‘improved’ monetary system, but rather a range of different monetary forms that can address the many different problems (about financial exclusion, the dominance of big banks, monetary freedom, debt etc.) that the financial crisis exposed. So what started out as conceptual pluralism took on an increasingly practical character.


“I would describe myself as a ‘monetary pluralist’ – not wedded to a single theory of money but convinced that different theories work well according to context.”


What was the most interesting thing you learned from writing this book?

I learned three key things. First, I learned about an extraordinary range of brilliant work that has been undertaken by scholars from right across the social sciences into the nature of money. Since I first worked in this field in the early 1990s, there has been a tremendous explosion of interest in money as a social, political and cultural – not just an economic – phenomenon. There are some fantastic scholars working on money, and I hope that my book reflects the energy of an ever-changing field. Second, I learned that perhaps the greatest shift in our perception of money has been that it is increasingly being regarded by scholars as a force for positive social transformation. Whereas classical scholars tended to see money as something negative that was likely to disturb societies and communities, contemporary scholars are keen to view money as something that can be organized in such a way as to make a positive contribution to social change. This intellectually challenging as well as empowering. Third, I encountered hugely interesting writing about money in some very unexpected places, which I have tried to bring to the book as much as I can. So while the book covers the ‘usual suspects’ in the monetary field, it also looks to less common sources for its ideas, such as Nietzsche, Benjamin, Derrida and Bataille. None of these is a ‘monetary theorist’, but if anything this makes what they say about money even more interesting and worth hearing.

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

The book examines a very wide range of theories about the nature and purpose of money, and therefore presents readers with a tremendous variety of ideas about how money can be used and organized. This is hugely important today because the era in which ‘money’ was mainly what was defined and organized by the state is coming to an end. Alternative currencies – from electronic currencies such as Bitcoin to local currencies such as the Bristol and Brixton pound to forms of social lending – are growing at an astonishing rate today, and we need a greater range of conceptual tools in order to understand them. We also need to understand – and the book argues very strongly for this – that there are myriad ways of organizing our money, not just one ‘correct’ way. Money can be organized differently – by small groups and communities, nations or groups of nations, private organizations, and so on – according to what it is needed for. Some forms of money are designed to counter forms of social (and, specifically, financial) exclusion, while others are designed to bring communities together – or, in the case of Bitcoin, to bypass the constraints associated with major institutions such as banks and the states. There isn’t one ‘money’ that can do all of these things. In the future, we will become more and more used to interacting with a variety of different monies.

What is your next project?

I am excited by the idea that money can be used to transform society in a positive way, so I am embarking on a project that looks into the links between money and utopian thought and practice. This builds on the final chapter of The Social Life of Money. Once you start examining different theories of money, it becomes clear that almost all of them have a utopian strain. What I mean by this is that money gets associated with idealized forms of social and economic existence. The Euro was a recent – albeit flawed – example of this, because it was conceived as a means of uniting Europe socially, politically and culturally. There are lots of problems with this, of course: the idea that something like money might be used to bring people closer together, to forge a common identity, is quite problematic. But there is nothing new about this, there is a fascinating history of ways in which money has been used to achieve – or at least try to achieve – political and social ideals. Even Bitcoin could be described as utopian, because it is premised on the ideal of a currency that does not need to be regulated, does not need a sovereign authority in order to be valued, and is not controlled by large banks. The image of society behind Bitcoin, which is broadly libertarian, is troubling for some, inspiring for others. But again, here is an instance where money is being allied to broader ideals about freedom, identity and justice. So that will be my next project, to understand these links between money and utopianism in more depth.

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

There were two main challenges. The first challenge was controlling the material, I had a huge amount of literature to go through and it kept on growing. I tried a number of different ways of organizing the chapters, and as a result, the book’s structure took a very long time to stabilize, indeed it didn’t really take its final shape until the last few months of writing. This made the writing process exhausting and stressful, because I was never really sure about how much progress I was making. I’m sure this isn’t unique; many colleagues seem to have had similar experiences. But there were periods when I felt the project would never come together. As it stands, I really like the group of chapters, and the order of chapters, that I came up with. Having a strong theme for each chapter – such as ‘guilt’ and ‘waste’, for example – provides a great focus. The second main challenge was in dealing with a fast-moving world. I started the book just as the financial crisis was in full swing, and this had an effect on the writing process that was both exhilarating and unsettling. I was very easily distracted at first, and found myself framing the book too closely in accordance with themes that were emerging from discussion of the crisis. There was also a vast amount being written about various aspects of the monetary and financial system, so I had to keep up with that literature as I was writing. Finally, there were prevailing uncertainties to deal with: once the Euro crisis was in full swing, I was writing about a currency that many commentators were saying could collapse any time soon. So, money was very much a moving target. I coped with this challenge by taking the arguments back to their theoretical core as much as possible.

What is the most influential book you’ve read?

In the money field it would have to be Georg Simmel’s Philosophy of Money (1907), which is a vast text that is packed with ideas. I first read it in 1988, and have been consulting it regularly ever since and finding new things to think about every time that I do. Simmel’s book plays quite a big role in The Social Life of Money. This is partly because I use his description of money as a ‘claim upon society’ to organize a number of the key arguments of the book. Once we realize that Simmel did not mean ‘society’ in the sense of a nation-state society, but rather had more fluid and flexible understanding of social life in mind – he uses the term ‘sociation’ to describe this – then one starts to see how his arguments can be used to frame the idea that money gains its value not from states and big banks, but rather from the multi-faceted practices of its users. In this sense, Simmel’s book is very much of ‘our’ time, because it resonates with arguments about wresting control of money away from large unwieldy institutions and restoring it to the ‘ownership’ of the people who use it. This explains why I was keen in the book to portray Simmel in a different way. We have become used to thinking of him as a critic of money, as someone who portrayed money as largely damaging to society, because of its cold and anonymous qualities. While such ideas are undoubtedly present in Simmel’s book, there are plenty of other ideas too, where he portrays money as culturally rich. Simmel was also something of a utopian, as I argue in the book’s final chapter. So one of the things I hope people gain from reading The Social Life of Money is a whole new perspective on a book they may have thought they could categorize in just one way.


 

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The Social Life of Money
Nigel Dodd

News of the World — August 11, 2014

NewsOfTheWorld_Banner

Each week we post a round-up of some of our most exciting national and international PUP book coverage. Reviews, interviews, events, articles–this is the spot for coverage of all things “PUP books” that took place in the last week. Enjoy!


now 8.11

 40 YEARS OF EVOLUTION

What if you could witness evolution in real time? Researchers Peter and Rosemary Grant, who have spent time on the Galápagos Island named Daphne Major each year since 1973, have found that changes are happening–right now. The Grants are featured in a recent New York Times piece that details their years of research and the incredible discoveries that they have made. Jonathan Weiner writes:

Charles Darwin spent only five weeks on the Galápagos Islands, and at first, the British biologists Peter and Rosemary Grant didn’t plan to stay very long either — a few years at most.

They landed in 1973 on the tiny uninhabited island of Daphne Major, the cinder cone of an extinct volcano. (Darwin himself never set foot there.) Daphne is as steep as a roof, with cliffs running all around the base, and just one small spot on the outer slope flat enough to pitch a tent.

Their goal, as they relate in their new book, “40 Years of Evolution,” was to study finches in the genus Geospiza — the birds that gave Darwin some of his first inklings of evolution by natural selection — and to try to reconstruct part of their evolutionary history. Instead, they made an amazing discovery.

After several years of meticulous measurements, the Grants and their students realized that the finches’ dimensions were changing before their eyes. Their beaks and bodies were evolving and adapting from year to year, sometimes slowly, sometimes strikingly, generation after generation. The researchers were watching evolution in real time, evolution in the flesh.

Check out the full article, entitled “In Darwin’s Footsteps” in the New York Times.

daphne640h

In the richly illustrated 40 YEARS OF EVOLUTION: Darwin’s Finches on Daphne Major Island, the authors explore evolution taking place on a contemporary scale. By continuously tracking finch populations over a period of four decades, they uncover the causes and consequences of significant events leading to evolutionary changes in species.

The authors used a vast and unparalleled range of ecological, behavioral, and genetic data–including song recordings, DNA analyses, and feeding and breeding behavior–to measure changes in finch populations on the small island of Daphne Major in the Galápagos archipelago. They find that natural selection happens repeatedly, that finches hybridize and exchange genes rarely, and that they compete for scarce food in times of drought, with the remarkable result that the finch populations today differ significantly in average beak size and shape from those of forty years ago.

The authors’ most spectacular discovery is the initiation and establishment of a new lineage that now behaves as a new species, differing from others in size, song, and other characteristics. The authors emphasize the immeasurable value of continuous long-term studies of natural populations and of critical opportunities for detecting and understanding rare but significant events. By following the fates of finches for several generations, 40 YEARS OF EVOLUTION offers unparalleled insights into ecological and evolutionary changes in natural environments.

View Chapter One of 40 YEARS OF EVOLUTION for yourself.

 THE BANKERS’ NEW CLOTHES

For PUP author Anat Admati, American banks are doing it all wrong — and the status quo needs to change.

Admati, who was named one of Time Magazine’s 100 Most Influential People for 2014, argues that banks are as fragile as they are not because they must be, but because they want to be–and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks. Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the crisis have not been learned.

These arguments and her recent progress are highlighted in a recent NYT feature entitled “When She Talks, Banks Shudder.” The article begins by discussing Admati’s tenacity:

Bankers are nearly unanimous on the subject of Anat R. Admati, the Stanford finance professor and persistent industry gadfly: Her ideas are wildly impractical, bad for the American economy and not to be taken seriously.

But after years of quixotic advocacy, Ms. Admati is reaching some very prominent ears. Last month, President Obama invited her and five other economists to a private lunch to discuss their ideas. She left him with a copy of “The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It,” a 2013 book she co-authored. A few weeks later, she testified for the first time before the Senate Banking Committee. And, in a recent speech, Stanley Fischer, vice chairman of the Federal Reserve, praised her “vigorous campaign.”

Dennis Kelleher, chief executive of Better Markets, a nonprofit that advocates stronger financial regulation, said Ms. Admati has emerged as one of the most effective advocates of the view that regulatory changes since the 2008 crisis remain insufficient. “She has been, as one must be,” Mr. Kelleher said, “dogged from the West Coast to the East Coast to Europe and back again and over again.”

Read the full article in the New York Times.

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 — now available in paperback — examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.

Admati and co-author Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They 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.

Check out the new preface from the paperback edition of THE BANKERS’ NEW CLOTHES. And for more, watch Admati’s TED talk from earlier this year:

THE YOGA SUTRA OF PATANJALI

Yoga practitioners — is what you think you know about ancient yoga philosophy actually incorrect? PUP author David Gordon White brings us an exhaustively researched book that demonstrates why the yoga of India’s past bears little resemblance to the yoga practiced today.

Consisting of fewer than two hundred verses written in an obscure if not impenetrable language and style, Patanjali’s Yoga Sutra is today extolled by the yoga establishment as a perennial classic and guide to yoga practice. As David Gordon White demonstrates in this groundbreaking study, both of these assumptions are incorrect. Virtually forgotten in India for hundreds of years and maligned when it was first discovered in the West, the Yoga Sutra has been elevated to its present iconic status—and translated into more than forty languages—only in the course of the past forty years.

THE YOGA SUTRA OF PATANJALI: A Biography received great attention recently in three different publications. The book was reviewed in both Tricycle Magazine as well as in Shambhala Sun, which describes the book:

A lively account of this sutra’s unlikely history and how it has variously been interpreted, reinterpreted, ignored, and hailed. The colorful characters on these pages include Vivekananda and Krishnamacharya, two giants in modern yoga, as well as literary figures such as T.S. Eliot. There is also Alberuni, a Muslim scientist and scholar who translated a commentary on the Yoga Sutra a thousand years ago, and the outrageous Madame Helena Petrovna Blavatsky, who fused the principles of the Yoga Sutra with Western ideas of the occult.

Check out this author Q&A with David Gordon White for more on why he chose his area of study, and view Chapter One of THE YOGA SUTRA OF PATANJALI.

Foreign Editions of John Quiggin’s “Zombie Economics”

While you’re waiting for Timothy Verstynen and Bradley Voytek’s Do Zombies Dream of Undead Sheep? A Neuroscientific View of the Zombie Brain and Colin Adams’s Zombies and Calculus to come out this fall, be sure to check out these foreign editions of John Quiggin’s Zombie Economics: How Dead Ideas Still Walk among Us.

Quiggin’s book examines the fallout of the recent financial crisis, and suggests how we might avoid another one. Though the recession apparently invalidated many of the assumptions behind market liberalism, and demonstrated the instability of speculative investments, Quiggin shows how these ideas still live in the minds of politicians, economists, and the public. He argues that the only way to avoid the dangers of these “zombie economics” is to find an adequate replacement for the market liberalism that has dominated popular economic thought for decades. Zombie Economics was also co-winner of Axiom Business’s 2012 Gold Medal Book Award in Economics.

Photos courtesy of John Quiggin.

USA:

AmericanZombie

China:

ChineseZombie ChineseZombie2

Japan:

JapaneseZombie

Korea:

KoreanZombie

Finland:

FinnishZombie

Italy:

ItalianZombie

France:

FrenchZombie

Other undead enthusiasts may enjoy Daniel W. Drezner’s Theories of International Politics and Zombies. Drezner’s 2011 book imagines the responses of the world’s governments to a global zombie pandemic, imaginatively using the supernatural to examine real-world political concerns. The book earned an honorable mention for the Association of American Publishers’ 2011 PROSE Award in Government and Politics. A new “Revived Edition” will be out this October, featuring a heavily updated text and a new epilogue examining the cultural significance of zombies in the public sphere.

Recommended Reading:

 cover_zombieeconomics Zombie Economics: How Dead Ideas Still Walk among Us by John Quiggin
 4-10 Drezner_TheoriesZombies_cvr Theories of International Politics and Zombies by Daniel W. Drezner
 DoZombiesDreamOfUndeadSheep Do Zombies Dream of Undead Sheep? A Neuroscientific View of the Zombie Brain by Timothy Verstynen and Bradley Voytek
7-18 Zombies Zombies and Calculus by Colin Adams

 

And the REAL World Cup Winner is…

IPHWell, surely everybody knows by now – the 2014 World Cup is over, and Germany went home with the trophy.

But there’s another “winner” worth mentioning: Princeton University Press author and London School of Economics professor Ignacio Palacios-Huerta, whose latest book, Beautiful Game Theory: How Soccer Can Help Economics, garnered some wonderful press over the course of the tournament. Mr. Palacios-Heurta not only received a mention in the Science section of the New York Times and was the subject of a full-length article in strategy+business; he also penned an op-ed for the New York Times’s Sunday Review and was featured in stories in both the Financial Times and Worldcrunch.

Sure, he can’t rally like Ronaldo or kick it like Klose; but this fùtbol fanatic’s research presents advantages that extend far beyond the pitch.

Palacios-Huerta is unique in that he utilizes soccer data to test economic theories. In his op-ed in the Times, Palacios-Huerta lays out the basics of this experiment by explaining its origins in the Nash Equilibrium, which analyzes how people should behave in “strategic situations” and stresses that, in order to “win,” they shouldn’t repeat their choices. He says that, “according to Mr. Nash’s theory, in a zero-sum game (i.e., where a win for one player entails a corresponding loss for the other) the best approach is to vary your moves unpredictably and in such proportions that your probability of winning is the same for each move.”

He chooses penalty kicks to demonstrate this theory because they’re zero-sum games, wherein it’s ill-advised to use a strategy repeatedly. The explanation for this is relatively simple: a player’s shots become predictable if he always kicks to the same side of the net, making them easier to block. A lot of legwork (pun somewhat-intended) has gone into proving this idea: Palacios-Huerta analyzed 9,017 penalty kicks between 1995 and 2012, to find that successful players typically distributed their shots unpredictably and in just the right proportions. We won’t get into the numbers here, but they’re abundant in both the book and the op-ed.


Other research by me and others has shown that data from soccer can shed light on the economics of discrimination, fear, corruption and the dark side of incentives in organizations. In other words, aspects of the beautiful game that are less than beautiful from a fan’s perspective can still be illuminating for economists.”


And penalty kicks are just one handy example. Data from soccer can also illuminate one of the most prominent theories of the stock market: the efficient-market hypothesis, which essentially posits that the market processes economic data so quickly that any news relating to a stock is incorporated into its price before anyone can even act on it, diminishing the risk of insider trading.

We’re excited to see more of what these soccer stats can do to advance economic theory, and more importantly, how Palacios-Huerta can translate something so complicated, using something so, well…beautiful.

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Ignacio Palacios-Huerta is the author of:

BGT Beautiful Game Theory: How Soccer Can Help Economics by Ignacio Palacios-Huerta
Hardcover | 2014 | $35.00 / £24.95 | ISBN: 9780691144023
224 pp. | 6 x 9 | 30 line illus. | eBook | ISBN: 9781400850310 | Reviews Table of Contents   Introduction[PDF] 

Gregory Clark, Author of The Son Also Rises, on PBS: “Birth is Fate”

7-18 Gregory ClarkGregory Clark, professor of Economics at UC Davis and author of The Son Also Rises: Surnames and the History of Social Mobility can see into your future.

Well, maybe not in the conventional sense – but, based on the research featured in his latest book, Clark thinks it’s much easier to predict the trajectory of one’s life based on the social status of his or her parents. Social mobility is a far more stalwart characteristic than we thought, an issue that Clark discusses at great length in this recent op-ed for PBS Newshour. In a country that’s founded on the ideal of the “American Dream” and the possibility of rising in society, these revelations take on enormous importance and are subject to influence future public policy decisions.


“We can predict the majority of status variation among people at birth just from their lineage,” Clark writes. In other words, our society’s divergence of fortunes — which as Clark points out, isn’t just about income, but also social status – is relatively fixed. That’s something no one ever wants to talk about.”


Clark says that, “underlying social status is inherited from parents as strongly and mechanically as height,” and explains that rates of social mobility are reflected by the degree of similarity between children’s social outcomes and those of their parents – a melange of earnings, education, wealth, and health.  A family whose generations possess a weaker correlation between these factors thus places less emphasis on lineage, race, and ethnicity for the next generation, when children become free to produce a fresh set of social outcomes. Alternately, a family in which children and their parents possess greater similarities is more capable of predicting the social status of its progeny. 

Clark’s essential point lingers on the incredibly slow nature of social mobility. Fortunately, though, he’s able to leave off with some encouraging news: there is “considerable evidence that the biological inheritance of talent and drive is what underlies most of the correlation between the social status of parents and children,” and that “whatever the social system — Communist China or Republican Texas — families of greater social competence will navigate themselves to the better social positions.” Change is uniquely possible for those with the tools and motivation to enact it. 

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Gregory Clark is the author of:

7-18 SonAlsoRises The Son Also Rises: Surnames and the History of Social Mobility by Gregory Clark
Hardcover | 2014 | $29.95 / £19.95 | ISBN: 9780691162546
384 pp. | 6 x 9 | 15 halftones. 111 line illus. 50 tables. 7 maps. | eBook | ISBN: 9781400851096 | Reviews Table of Contents Introduction[PDF]