What should the presidential candidates be reading? WSJ: Robert Gordon’s book

Election_Blog_Series_Banner2[1]gordon jacketAccording to this piece in the Wall Street Journal, “Every presidential candidate should be asked what policies he or she would offer to increase the pace of U.S. productivity growth and to narrow the widening gap between winners and losers in the economy. Bob Gordon’s list is a good place to start.”

What does Gordon say about growth? For starters, he challenges the view that economic growth can or will continue unabated. So how would today’s presidential candidates meet this challenge? Read the Wall Street Journal article here:

In his new book, “The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War,” Northwestern University economist Bob Gordon argues that the century between 1870 and 1970 was exceptionally good for U.S. households (particularly 1920 to 1950) but that the years since 1970 have been disappointing and the future looks disappointing too.

His postscript includes a few thoughts that deserve immediate attention in today’s economic policy debates: Whatever the causes of the distressing slowdown in the growth of productivity (the amount of stuff produced for each hour of work) and the increase in inequality, what policies might both increase productivity and decrease inequality?

Many years ago, economist Art Okun argued that we had to choose between policies that increased efficiency and those that increased equity. Perhaps. But  if there are policies that could achieve both, it’s time to try them.

Mr. Gordon lists several at the end of his book, some conventional and others less so.

To read what these policies are, continue reading the Wall Street Journal article here.

Robert J. Gordon is the Stanley G. Harris Professor in the Social Sciences at Northwestern University. His books include Productivity Growth, Inflation, and Unemployment and Macroeconomics. Gordon was included in the 2013 Bloomberg list of the nation’s most influential thinkers.

New Economics & Finance Catalog

Our Economics & Finance 2016 catalog is now available.

 

AkerlofShiller In Phishing for Phools, Nobel Prize-winning authors George A. Akerlof and Robert J. Shiller reveal the dark side of the free market, including the role that manipulation and deception play in it.
Gordon Robert J. Gordon explores the period of economic boom following the Civil War and the impact it had on society in The Rise and Fall of American Growth. Then, he argues that this era has now come to a close, analyzing the causes and effects of economic stagnation.
Sandbu Check out Europe’s Orphan by Martin Sandbu, a defense of the beleaguered euro and an analysis of what must be done to achieve prosperity in Europe.
Deaton Nobel prize-winning author Angus Deaton analyzes the remarkable progress that some nations have made over the course of the past 250 years and addresses what steps ought to be taken to aid those nations that have had less success in The Great Escape, now available in paperback.

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Finally, if you’re in San Francisco for the Allied Social Science Associations Meeting, visit PUP at booth #205.

Economist Diane Coyle on the role of the global University Press

We were thrilled to see that noted economist Diane Coyle mentioned Princeton University Press in a new post on her blog, The Enlightened Economist that touches on the role of the globalized university press, the coming “disruption” in higher education, and open access:

Last week I attended the European Advisory Board meeting of Princeton University Press, the theme of the discussion being the role of university presses in the globalized 21st century. A while ago Sam Leith had an interesting article in the Guardian praising university presses for their stewardship of non-fiction publishing at a time when many commercial publishers have become fearful ‘me-too’ merchants. It could seem paradoxical: the university presses’ freedom from short term commercial pressure has created the conditions for longer term success, at least for some. Happily, Princeton University Press is one of those that’s thriving. There is a huge appetite for ideas, and the scholarly presses publishing books that address a wider audience than only academics and their libraries have been there to meet it. The appetite is also global, and again a small group of university presses have addressed the global market (much of PUP’s recent growth has been outside its home market in the US).

The other question is what will the ‘university’ part of ‘global university press’ look like in a decade or two? Higher education is ripe for disruption. It seems clear now this will not take the form of MOOCs, although they will have their market. Yet who knows what shape exactly it will take. One of my advisory board colleagues suggested publishing could be able to provide the true interdisciplinarity modern global issues require, whereas traditional university departmental silos discourage it. My hunch is that keeping a clear focus on the ‘product’ being the provision of ideas and scholarship to readers of all kinds around the world, and being agnostic about the exact means of delivering those ideas, will be the way to ride out disruptive technologies. A ‘freemium’ approach looks a good bet too: for example, the open access Digital Einstein website alongside the Quotable Einstein along with many other of his books for sale. (I note by the way there’s a holiday discount at the moment on purchases via the PUP website!)

My latest three books have been published by Princeton, and I’m delighted to be associated with such a distinguished purveyor of ideas to the world.

Thanks, Diane! Suffice to say, we’re delighted too. Read more on The Enlightened Economist.


 

Diane Coyle is the author of a number of books, including GDP: A Brief but Affectionate History, The Economics of Enough and The Soulful Science: What Economists Really Do and Why It Matters (both Princeton). She holds a PhD in economics from Harvard and is a visiting research fellow at the University of Oxford’s Smith School of Enterprise and the Environment.

 

The Process Matters: Joel Brockner critiques Twitter’s most recent layoff method

Process Matters coverAccording to Joel Brockner, author of The Process Matters: Engaging and Equipping People for Success, an overemphasis on “results only” in the workplace is as widespread as it is detrimental. As Brockner aims to demonstrate in his opinion piece in Fortune magazine, the process managers use to reach their goals is itself critical. He critiques Twitter’s recent decision to block employee email accounts as a way of notifying staff of layoffs, while professing the highest respect and consideration for its employees. Brockner explains:

While the generous exit package may have been well-intended, the message of utmost respect fell by the wayside because the approach Twitter took was a process disaster… Given Twitter’s professed intentions, it seems that they could have found a more dignified way to tell people that they were being let go. But Twitter isn’t alone in process dysfunction.

Brockner continues to discuss the potential reasons for such a managerial mishap: perhaps the misstep isn’t obvious, or the managers are simply unaware of its unintended consequences. Yet he maintains that executives should prioritize improving managerial-employee processes, because ultimately the company will, “pay now or pay (a lot more) later.”

Read the full opinion piece in Fortune here.

Joel Brockner is the Phillip Hettleman Professor of Business at the Columbia Business School. He is the author of A Contemporary Look at Organizational Justice: Multiplying Insult Times Injury and Self-Esteem at Work, and the coauthor of Entrapment in Escalating Conflicts.

Conversations on Climate: Economists consider a hotter planet on PBS Newshour

NEW climate picIn Climate Shock, economists Gernot Wagner and Martin Weitzman tackle the likely prospect of a hotter planet as a risk management problem on a global scale. As 150 world leaders meet in Paris for the UN Conference on Climate Change, both took the time to speak to PBS Newshour about what we know and don’t know about global warming:


Everyone is talking about 2 degrees Celsius. Why? What happens if the planet warms by 2 degrees Celsius?

Martin L. Weitzman: Two degrees Celsius has turned into an iconic threshold of sorts, a political target, if you will. And for good reason. Many scientists have looked at so-called tipping points with huge potential changes to the climate system: methane being released from the frozen tundra at rapid rates, the Gulfstream shutting down and freezing over Northern Europe, the Amazon rainforest dying off. The short answer is we just don’t — can’t — know with 100 percent certainty when and how these tipping points will, in fact, occur. But there seems to be a lot of evidence that things can go horribly wrong once the planet crosses that 2 degree threshold.

In “Climate Shock,” you write that we need to insure ourselves against climate change. What do you mean by that?

Gernot Wagner: At the end of the day, climate is a risk management problem. It’s the small risk of a huge catastrophe that ultimately ought to drive the final analysis. Averages are bad enough. But those risks — the “tail risks” — are what puts the “shock” into “Climate Shock.”

Martin L. Weitzman: Coming back to your 2 degree question, it’s also important to note that the world has already warmed by around 0.85 degrees since before we started burning coal en masse. So that 2 degree threshold is getting closer and closer. Much too close for comfort.

What do you see happening in Paris right now? What steps are countries taking to combat climate change?

Gernot Wagner: There’s a lot happening — a lot of positive steps being taken. More than 150 countries, including most major emitters, have come to Paris with their plans of action. President Obama, for example, came with overall emissions reductions targets for the U.S. and more concretely, the Clean Power Plan, our nation’s first ever limit on greenhouse gases from the electricity sector. And earlier this year, Chinese President Xi Jinping announced a nation-wide cap on emissions from energy and key industrial sectors commencing in 2017.

It’s equally clear, of course, that we won’t be solving climate change in Paris. The climate negotiations are all about building the right foundation for countries to act and put the right policies in place like the Chinese cap-and-trade system.

How will reigning in greenhouse gases as much President Obama suggests affect our economy? After all, we’re so reliant on fossil fuels.

Gernot Wagner: That’s what makes this problem such a tough one. There are costs. They are real. In some sense, if there weren’t any, we wouldn’t be talking about climate change to begin with. The problem would solve itself. So yes, the Clean Power Plan overall isn’t a free lunch. But the benefits of acting vastly outweigh the costs. That’s what’s important to keep in mind here. There are trade-offs, as there always are in life. But when the benefits of action vastly outweigh the costs, the answer is simple: act. And that’s precisely what Obama is doing here.

Read the rest on the PBS Newshour blog.

Wagner coverGernot Wagner is lead senior economist at the Environmental Defense Fund. He is the author of But Will the Planet Notice? (Hill & Wang). Martin L. Weitzman is professor of economics at Harvard University. His books include Income, Wealth, and the Maximum Principle. For more, see www.gwagner.com and scholar.harvard.edu/weitzman.

 

What do these Nobel prize winning economists have in common?

Princeton Makes. Stockholm Takes.

Princeton University Press is proud to be the publisher of these Nobel Prize-winning economists


2015
Angus DeatonThe Great Escape jacket

The Great Escape: Health, Wealth, and the Origins of Inequality

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.

 

The Theory of Corporate Finance jacket2014 Jean Tirole

The Theory of Corporate Finance

Tirole conveys the organizing principles that structure the analysis of today’s key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages.

2013 Lars Peter HansenRobustness jacket

Robustness

What should a decision maker do if the model cannot be trusted? This book adapts robust control techniques and applies them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics.

Irrational Exuberance jacket2013 Robert J. Shiller

Irrational Exuberance

In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read it.

Handbook of Experimental Economics jacket2012 Alvin E. Roth

The Handbook of Experimental Economics (Edited with John H. Kagel)

This book presents a comprehensive critical survey of the results and methods of laboratory experiments in economics:public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making.

2012 Lloyd S. Shapley

Advances in Game Theory (AM-52) (Edited with Melvin Dresher & Albert William Tucker)

Shapley considers Cooperative Game Theory when discerning various match methods that result in stable matches. In this book, Shapley defines stable matches as no two entities that would prefer one another over their counterparts and recognizes processes to achieve these matches.

2011 Thomas J. SargentConquest of American Inflation jacket

The Conquest of American Inflation

Sargent examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation.

2010 Peter DiamondBehavioral Economics and Its Applications

Behavioral Economics and Its Applications (Edited with Hannu Vartiainen)

In this volume, some of the world’s leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated–public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics.

Understanding Institutional Diversity jacket

2009 Elinor Ostrom

Understanding Institutional Diversity

Concentrating primarily on the rules aspect of the IAD framework, this book provides empirical evidence about the diversity of rules, the calculation process used by participants in changing rules, and the design principles that characterize robust, self-organized resource governance institutions.

Mass Flourishing jacket2006 Edmund S. Phelps

Mass Flourishing

Phelps argues that the modern values underlying the modern economy are under threat by a resurgence of traditional, corporatist values that put the community and state over the individual. The ultimate fate of modern values is now the most pressing question for the West: will Western nations recommit themselves to modernity, grassroots dynamism, indigenous innovation, and widespread personal fulfillment, or will we go on with a narrowed innovation that limits flourishing to a few?

2005 Robert J. Aumann

Values of Non-Atomic Games

This book extends the value concept to certain classes of non-atomic games, which are infinite-person games in which no individual player has significance. It is primarily a book of mathematics—a study of non-additive set functions and associated linear operators.

Anticipating Correlations jacket2003 Robert F. Engle III

Anticipating Correlations:A New Paradigm for Risk Management

Engle demonstrates the role of correlations in financial decision making, and addresses the economic underpinnings and theoretical properties of correlations and their relation to other measures of dependence.


2003
Clive W.J. Granger

Spectral Analysis of Economic Time Series (PSME-1) (with Michio Hatanaka)

Spectral Analysis of Economic Time Series expands and implements on innovative statistical methods based on Granger’s differentiating process, “cointegration”. Granger analyzes and compares short-term alterations with long-term patterns.

Identity Economics jacket2001 George A. Akerlof

Identity Economics: How Our Identities Shape Our Work, Wages, and Well-Being (with Rachel E. Kranton)

Identity Economics provides an important and compelling new way to understand human behavior, revealing how our identities–and not just economic incentives–influence our decisions.The authors explain how our conception of who we are and who we want to be may shape our economic lives more than any other factor, affecting how hard we work, and how we learn, spend, and save.

Lectures on Public Economics jacket2001 Joseph Stiglit

Lectures on Public Economics (with Anthony B. Atkinson)

The lectures presented here examine the behavioral responses of households and firms to tax changes. The book then delves into normative questions such as the design of tax systems, optimal taxation, public sector pricing, and public goods, including local public goods.

New Anthropology Catalog 2016

We invite you to scroll through our latest Anthropology catalog.

MushroomCheck out The Mushroom at the End of the World by Anna Lowenhaupt Tsing, an investigation of Matsutake, the most valuable mushroom in the world and its amazing ability to survive and, indeed, thrive in human-disrupted landscapes. Using the mushroom as an example, she sheds light on the relationship between the darker side of capitalism and collaborative survival.

 

 

 

 

 

RighteousIn Righteous Transgressions, Lihi Ben Shitrit examines how women in conservative religious societies find ways to circumvent strict ideas about their role to engage in the political arena using four groups as examples: the Jewish settlers in the West Bank, the ultra-Orthodox Shas, the Islamic Movement in Israel, and the Palestinian Hamas.

 

 

 

 

 

YoungFinally, Avi Max Spiegel examines the competition among established Arab Muslim groups to gain the support of the growing population of youths among their ranks in Young Islam. He focuses not only on the work of established Muslim thinkers, but also the growing body of writing from the younger generation to make the case that the nature of Islamist movements is changing.

 

 

 

If you’d like updates on new titles, you can subscribe to our newsletter.

PUP will be at the American Anthropological Association Annual Meeting from November 18 to November 22 in Denver—visit us at booth #310!

Finally, for a limited time we are offering 30% off on select print titles.

ssfall30

Hamburgers in Paradise: 12 Facts

FrescoDepictions of paradise can be found throughout the centuries, portrayed as an impossible, unchanging ecosystem in perpetual motion that provides an abundance of food, water, and shade to sustain humans and animals in perfect harmony with no effort required. In Hamburgers in Paradise, Louise O. Fresco argues that the idea of paradise as an impossibly stable, diverse, and productive ecosystem has had a profound effect on our thinking about nature, farming, and food, and remains a powerful influence even today. Despite secularization, paradise is a frame of reference for what we think and do in relation to food.

Today at 2:30, Fresco will be presenting her book to Kenneth Quinn, the World Food Prize ambassador, at the 2015 Borlaug Dialogue, hosted by The World Food Prize. You can view the live stream online, and you can join the conversation online using #WorldFoodPrize.

 

A few facts from the book that may surprise you:

  • In most Western European countries, life expectancy tripled in the period 1750-2000, when food began to be available in large quantities.
  • The history of tens of thousands of years of food scarcity explains our preference for foods high in calories, proteins, and other essential nutrients.
  • All religions attribute moral and psychological properties to food. For example, the kingfisher has been seen as a symbol of abundance and prosperity, and so it was not to be eaten. In many religions fasting, or the resistance of temptation for food, is seen as the highest virtue.
  • In the U.S., the tasteless bun of a hamburger is not the norm because Americans don’t know how to bake bread, but because a certain consistency is needed to bring out the juiciness of the meat. The bun is wrapping, plate, and napkin first and a source of carbohydrates to balance out the protein of the meat second.
  • The earliest archaeological evidence of farming comes from 9,500 years ago.
  • Dependence on food introduced from elsewhere is an ancient phenomenon, reflected in the names used and the confusion surrounding them. For example, in Italian corn is called “grano turco” or “Turkish grain,” the word “Turkey” signifying oriental or exotic and not its actual origin since corn comes from Central America.
  • Without the influence of humans, neither wheat, corn, apples, nor lettuce would ever have evolved from their wild ancestors.
  • 30% of the surface of the earth is used as farmland or pasture.
  • Bread can be a symbol of plenty, but it can also be a symbol of want. There are countless examples in literature of the proverbial poor thief who steals a loaf for his family. Victor Hugo used this trope to great effect in Les Misérables.
  • Bread was so important in Ancient Rome that the killing of a baker was punished three times as severely as the killing of an ordinary citizen.
  • Archaeological remains of sieves suggest that cheese may have been made in the Alps more than 5,000 years ago.
  • In the Netherlands no more than 4.5% of people are vegetarians, in Germany perhaps 9%, and in Italy 10%.

Anat Admati on the stark reality of post-2008 banking

Admati-BankersNewClothes_pbkThere are a few lessons still unlearned from the 2008 financial recession, according to Anat Admati, co-author of The Banker’s New Clothes: What’s Wrong with Banking and What to Do about it. “After such a major trauma, we want to believe all is well again,” Admati wrote in her Bloomberg piece on Monday. “But the reality in banking is different and stark.”

Admati turns her attention to former chair of the Federal Reserve, Ben Bernanke’s new book, The Courage to Act. While she applauds Bernanke for appreciating the significance of “equity capital in protecting the economy from financial shocks”, she is skeptical of the supposed progress resulting from regulations implemented by the Federal Reserve post-2008. Admati writes in Bloomberg:

A clear lesson is that banks need much more capital, specifically in the form of equity. In this area, the reforms engendered by the crisis have fallen far short. Regulators focus on “risk-weighted” and accounting-based capital ratios that, among their many flaws, rely on banks to assess the riskiness of their assets. Using off-balance-sheet accounting, derivatives and other tools, banks have become adept at manipulating these ratios. Annual stress tests aren’t much better: They employ the same flawed measures and cannot reliably predict how an actual crisis, which may come from an unexpected direction, would play out in an opaque and interconnected financial system.

Admati argues that a larger amount of equity given to banks would offer substantial benefits to society with minimal costs, halting the precarious practice of creditors allowing the largest banks in the world to borrow money under the assumption of government intervention in dire situations.

Read the rest of Admati’s analysis here .

Anat Admati is the George G. C. Parker Professor of Finance and Economics at Stanford’s Graduate School of Business.

PUP author Angus Deaton wins the 2015 Nobel Prize in Economics

The Great EscapeCongratulations to Princeton Professor Angus Deaton from his proud publisher, Princeton University Press, on his 2015 Nobel Prize in Economics.  Deaton’s 2013 PUP book received admirable notices near and far, including this one by none other than Bill Gates: “If you want to learn about why human welfare overall has gone up so much over time, you should read The Great Escape: Health, Wealth, and the Origins of Inequality.”   We couldn’t agree more.

Peter J. Dougherty
Director

From the Nobel committee, as reported in The New York Times:

“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,” the committee that awarded the prize said in a statement. “More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics and development economics.”

You can watch a Financial Times interview with Angus Deaton, where he discusses global inequality with John McDermott here.

An interview with Edmund Fawcett about “Liberalism: The Life of an Idea”

Fawcett jacketIs liberal democracy in need of a serious overhaul? As we release the paperback of Liberalism: The Life of an Idea, (which includes a new preface), Edmund Fawcett took the time to answer some questions about his book, including whether liberalism means different things in Europe than it does in America, where exactly liberal democracy comes from, and what about it is in need of repair.

Why liberalism and why a history?

EF: My book’s topical for a simple reason. Where liberal democracy exists, it badly needs repair. Where it doesn’t, it is losing appeal. Nobody disputes that. What’s harder is to say what liberal democracy is and why it matters. Oddly, few books tell us. Mine does both. We need to see where liberal democracy come from. We need to see what we risk losing. As history, my book looks ahead by looking back.

What makes your book on liberalism different?

EF: It looks past disputed, misleading labels like “freedom” or “the individual” to what liberals really care about and aim for. It combines history and ideas. It foregrounds French and German liberals, too often ignored. It handles tricky academic disputes–in politics, economics and philosophy–in a readable, non-academic way. It holds a complicated, 200-year story together through lives and thoughts of exemplary thinkers and politicians.

Don’t Europeans and Americans mean different things by “liberal”?

EF: Not really. On the American right, it’s true, “liberal” is a term of abuse. On the European left, “liberal” means a lackey of neo-capitalism. We can’t, though, let sloganeers hog the argument. France, Germany and the US are liberal democracies. China and Russia are not. Everybody understands what those two sentences mean. Nobody seriously disputes that they are true. The meaning problem with “liberal” is a side issue.

Some reviewers found your liberal tent too big, your idea of liberalism too loose.

EF: Funny complaints for a book on liberalism. It’s not a sect or creed. Inclusiveness ought to be a liberal virtue. Seriously, Liberalism set out four key ideas that unite liberals and tell them apart from their rivals, then and now: resistance to power, faith in progress, equal respect for people and acceptance that social conflict was inevitable, but containable. I distinguished liberalism from democracy, often confused, and described how in the 20th century liberal democracy grew out of historic compromises between the two.

In your big cast of more than 50 characters, name some favorites.

EF: In the 19th century, the thinker John Stuart Mill, for trying hardest to hold together liberal conflicting elements together. Lincoln for his power of liberal words. In the 20th century, Lyndon Johnson for the liberal capacity to change and Germany’s Willy Brandt for the ability to admit national wrong. And now? It’s hard to see one’s own time. Giants are only visible looking back. A fair guess: today’s liberal giants won’t all be white, US-European and male.

What is new in your preface to the paperback?

EF: I answer criticisms, some fair, some not fair. I clarify points of mine that led to misunderstandings. I stress that why I wrote the book–challenges to liberal democracy from inside and out–strikes me as even more pressing now than when I began. I explain that I left out critics and alternatives to liberalism from right and left. Those topics were too vast for one book, though I’m turning to conservatism now.

Edmund Fawcett worked at The Economist for more than three decades, serving as chief correspondent in Washington, Paris, and Berlin, as well as European and literary editor. His writing has also appeared in the New York Times, the Los Angeles Times, and the Guardian, among other publications.

Facebook YEAR OF BOOKS live Q&A with authors of “Portfolios of the Poor”

Collins jacketPortfolios of the Poor: How the World’s Poor Live on $2 a Day by Daryl Collins, Jonathan Morduch, Stuart Rutherford & Orlanda Ruthven is a recent choice by Mark Zuckerberg for his Year of Books project. An unusual investigation of the staggering problem of global poverty, the authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa. This morning the authors are taking part in a live Q&A on the Year of Books Facebook page to share the surprising and systematic methods these families used to survive on an income that is, for many, unimaginably small.

Mark Zuckerberg announced the book’s selection on his personal Facebook page with the following thoughts:

It’s mind-blowing that almost half the world — almost 3 billion people — live on $2.50 a day or less. More than one billion people live on $1 a day or less.

This book explains how these families invest their money to best support themselves.

I hope reading this provides some insight into ways we can all work to support them better as well.

You can follow the discussion here.