Watch Peter Schuck discuss his new book WHY GOVERNMENT FAILS SO OFTEN on The Daily Show — Extended Interview Part 1

Quick Questions for Ian Goldin, author of The Butterfly Defect

Goldin_Butterfly_au photoIan Goldin is Professor of Globalisation and Development and Director of the Oxford Martin School at the University of Oxford.  He has published 19 books, the most recent of which is The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It. Andy Haldane of the Bank of England describes globalization as, “the girl with the curl,” because “when it is good, it is very, very good, but when it is bad it is awful.” He praises The Butterfly Defect as an explanation of “why this opportunity-cum-threat calls for a radical new approach to the setting of public policy–an approach which to be successful needs to be every bit as hyperconnected as the world it is operating in.”

Now, on to the questions!

Why did you write The Butterfly Defect?

I wrote The Butterfly Defect, together with Mike Mariathasan, as I believe that globalization, by which I mean the growing openness and integration of societies, is a force for immense good. But, it also causes great harm. Unless we are able to mitigate the negative factors and harvest the positive elements more effectively, it will lead to growing instability and disastrous outcomes.


The financial crisis was the first of a new type of systemic crisis which will characterise the 21st century.


This is the last of my series of four books on globalization. The previous three identified the factors that could lead to better management and policies (Globalization for Development: Meeting New Challenges; Exceptional People: How migration shaped our world and will define our future; and Divided Nations: Why global governance is failing, and what we can do about it). The Butterfly Defect focuses on the systemic risks being generated by globalization. These threaten to unravel the progress made to date and lead to the rejection of integration and globalization. Rising protectionism, zenophobia, nationalism and other symptoms of the desire to reduce interdependence are manifestations of the concerns that citizens and politicians have that globalization is not working and that the risks associated with integration outweigh the benefits. The book identifies ways to manage and mitigate the risks.

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

The financial crisis represents a watershed in history. It is the first of a new type of systemic crisis which will characterise the 21st century. The four key failures which gave rise to the crisis are present in many other areas. Unless we can manage the new forms of systemic risk more effectively it will lead to growing global instability. Although the rising threat posed by pandemics, cyber attacks, widening inequality and political fracturing, environmental collapse and climate change, infrastructure weaknesses and supply chain disruptions and other systemic risks appear unrelated, they have the same underlying causes and solutions. These are:  accelerating integration and interdependency as a result of economic and political opening and new technological platforms; growing complexity and an inability to discern cause and effect in the blizzard of big data; technological revolutions leaping ahead of evolutionary institutional reforms; and, the growing gap between local management by divided nations of global and regional processes and systems.

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


Globalization has been the most powerful force for improvements in living standards, but it has also unleashed dangerous and potentially destabilising forces.


The book is the first to identify systemic risks as being an endemic feature of globalization.  It stresses that globalization has been the most powerful force for improvements in living standards around the world, but the engine of progress has also unleashed dangerous and potentially destabilising forces which could not only arrest the progress made, but lead to instability and reversals.  The book provides perspectives on how we can manage growing integration and complexity. It is unique in the breadth and depth of its analysis. It builds a bridge between the cutting edge of academic knowledge and the worlds of business and policy.

Who is the audience?

The book has been written for the widest possible audience.  It is rooted in scholarly research and provides a great deal of evidence and analysis of the theory.  However, the language is accessible and I have worked hard to reduce jargon and avoid equations and writing that cannot be widely understood.  My aim has been to write a book that will be by students, business people, policy makers and anyone concerned with a sustainable future for our planet.

How did you come up with the title, The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It?

The title arose in a discussion with a student at Oxford who was engaged as a research assistant for the book. It is a play on the concept of the butterfly effect, which is well known in complexity theory and physics, with the replacement of ‘effect’ by ‘defect’ seeking to highlight the risks associated with a highly interconnected world.  The subtitle tells readers what the book is about and highlights the fact that The Butterfly Defect goes beyond identifying the issues to provide practical lessons and tools to manage the systemic risks which globalization creates.

 


 Ian is the author of:

bookjacket The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It
Ian Goldin & Mike Mariathasan

Hardcover | $35.00 / £24.95 | ISBN: 9780691154701
320 pp. | 6 x 9 | 45 line illus. 5 tables.

eBook | ISBN: 9781400850204

Reviews

Table of Contents

Sample the Introduction[PDF]

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!

 

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

New documentary Ivory Tower explores the challenges of higher education in the 21st century

Watch this:

Then read this:

Delbanco_College

Andrew Delbanco recently attended Sundance Film Festival where he participated in a screening of Ivory Tower, a new documentary on the spiraling costs of higher education and the impact this has on students and their families. The director of the documentary is Andrew Rossi, who rose to prominence thanks to his earlier work Page One: Inside the New York Times. Delbanco is featured quite a bit in the movie which hopefully will have a greater distribution soon. In the meantime, to bone up on the challenges universities and colleges face, please check out College: What It Was, Is, and Should Be.

Diane Coyle becomes Manchester Professor

Coyle_GDP_author photo
Princeton author Diane Coyle, one of the UK’s leading economists, is to become a Professor at The University of Manchester. She will teach undergraduates at the university, give a public lecture each year and work with academic colleagues and policy makers. Diane, who is Vice Chair of the BBC Trust and a former Economics Editor of The Independent newspaper, will take on the part-time role in September 2014.

 

A Harvard PhD graduate, she runs the consultancy Enlightenment Economics.

Awarded an OBE in 2009, her books include ‘The Economics of Enoughand ‘The Soulful Science, as well as the forthcoming ‘GDP: A Brief but Affectionate History‘.

She said: “It’s a privilege for me to have this opportunity to teach undergraduates at Manchester, and I hope to offer them a distinctive perspective on economics from somebody who has been involved in the world of public policy as well as research and writing. Economics is particularly exciting and important when it engages with real world events, and I’m looking forward to debates with students as well as my new colleagues.”

Head of the University’s School of Social Sciences Professor Chris Orme said: “We are delighted that Diane has been able to accept this substantive academic appointment in Economics. Apart from the significant and important contribution to research and the wider current economic policy debates, she will also deliver her own research-informed economics teaching to undergraduates and assist us in curriculum innovation.”

 

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

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

New Economics and Finance Catalog!

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

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

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

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

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

 

Peter Dougherty and Robert Shiller off to the Nobel prize ceremony

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

dougherty nobel