With 2014 in the history books and the media already predicting which books will be big in 2015, we are happy to look back at our best-selling titles for the year. It is a list noticeable for diversity of subject (fairy tales, math, ancient history, and birds all make an appearance) and for what it says about the longevity of some of our older titles, (say hello to stalwart books like On Bullshit, The I Ching, and The Box). We hope you find something wonderful to read on this list and if you’ve already read any of these books, let us know in the comments section below.
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Of particular interest is Climate Shock: The Economic Consequences of a Hotter Planet by Gernot Wagner and Martin Weitzman. If you had a 10 percent chance of having a fatal car accident, you’d take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you’d reevaluate your assets. So if we know the world is warming and there’s a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren’t we doing more about climate change right now? We insure our lives against an uncertain future—why not our planet?
In Climate Shock, Wagner and Weitzman explore in lively, clear terms the likely repercussions of a hotter planet, drawing on and expanding from work previously unavailable to general audiences. They show that the longer we wait to act, the more likely an extreme event will happen. A city might go underwater. A rogue nation might shoot particles into the Earth’s atmosphere, geoengineering cooler temperatures. Zeroing in on the unknown extreme risks that may yet dwarf all else, the authors look at how economic forces that make sensible climate policies difficult to enact, make radical would-be fixes like geoengineering all the more probable. What we know about climate change is alarming enough. What we don’t know about the extreme risks could be far more dangerous. Wagner and Weitzman help readers understand that we need to think about climate change in the same way that we think about insurance—as a risk management problem, only here on a global scale.
More of our leading 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!)
If you’re heading to the annual Allied Social Sciences Association meeting in Boston, MA January 3rd–5th, come visit us at booth 314.
Join us Sunday, January 4th at 4:00 p.m. for a glass of wine to celebrate the publication of Mastering ‘Metrics: The Path from Cause to Effect. See you there!
Fragile by Design, The Limits of Partnership, and others among Bloomberg Businessweek’s favorite books of 2014
It’s nearing the end of the year and that means everyone is taking a look back at the best and worst of the past twelve months. Bloomberg Businessweek recently published a “Best Books of ’14,” list to their site, and five Princeton University Press titles were selected as some of the best of the year!
Mervyn King, former governor of the Bank of England, got things going; “Charles Calomiris and Stephen Haber’s Fragile by Design is a magnificent study of the economics and politics of banking.”
Bjorn Wahlroos, Chairman of Nordea Bank AB (NDA), selected Edmund S. Phelps’s Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change and wrote, “[Phelps] redraws many political front lines and provides us with an answer to those who believe more public funding for investment and innovation is the road forward for our stagnant economies. It is a marvelous book that deserves to be read by everyone, but particularly by those entrusted with the design of the European future.”
Jeffrey Lacker, president of the Federal Reserve Bank of Richmond selected both Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Calomiris and Haber and Human Capitalism: How Economic Growth has Made Us Smarter–and More Unequal by Brink Lindsey as his must reads of the year.
“[Fragile by Design is] hands down the best single book for understanding the historical journey that laid the groundwork for the financial crisis.”
“[Lindsey] argues the case that economic inequality is more deeply intertwined with human capital accumulation and the process of economic growth than you thought.”
Dan Fuss, vice chairman of Loomis Sayles & Co., named The Limits of Partnership: U.S.-Russian Relations in the Twenty-First Century by Angela E. Stent as his choice for favorite book of 2014, while Satyajit Das, author of Traders, Guns, and Money selected The Transformation of the World: A Global History of the Nineteenth Century by Jürgen Osterhammel to round out the list of PUP titles. “Professor Jorgen Osterhammel’s fine book is anything but a linear recitation of events. Instead, it swoops, shimmies, and carves ellipses and spirals through the facts to give readers a remarkable picture of the 19th century, which has shaped much of the present world.”
Congratulations to all the PUP authors on the list! The rest of the article can be found, here.
Ian Goldin, co-author (with Mike Mariathasan) of The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do About It, voiced (or rather, wrote) his opinion on the Ebola outbreak and the role globalization has played thus far. In his PBS Newshour article, which can be read in its entirety, here, Goldin states, “globalization does not only lead to the spreading of ‘goods,’ such as economic opportunity and vaccines, but also to the spreading of ‘bads,’ such as diseases, financial crises and cyber attacks.” Ebola is just the most recent “bad” to come from greater globalization.
Goldin’s solution to prevent future infectious disease outbreaks (and other “bads”) may not be popular among government officials responsible for budgeting resources, but it may be the only option. Outbreaks, like we’ve seen with Ebola, might become more common in an age of higher population density and increased international travel, yet the organization most responsible for preventing the spread of these diseases, the World Health Organization (WHO), is terribly underfunded according to Goldin.
“A breakdown or absence of public health infrastructure is the driving factor in over 40 percent of infectious disease outbreaks internationally,” writes Goldin. He also notes that the international organizations–WHO, International Monetary Fund, World Bank and UN Security Council, to name a few–needed to handle international crises “lack the leadership, legitimacy or capability to manage the spill-overs of globalization or emergent threats” because “national governments have stymied vital reforms…and attempt[ed] to wrest power back from what they think are mysterious, distant institutions.”
Goldin concludes his article with an ultimatum: “In order to harvest the ‘goods’ of globalization we need to invest in the institutions that manage the ‘bads.'”
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!
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!
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.
This display will remain at Heffers well into October, so do pop in if you’re in the area.