A Financial Times Book of the Year
“The strongest documentation I have seen for the many ways in which inequality is harmful to economic growth.”
—Jason Furman
“A timely and very useful guide…Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift.”
—New Yorker
Do we have to choose between equality and prosperity? Decisions made over the past fifty years have created underlying fragilities in our society that make our economy less effective in good times and less resilient to shocks, such as today’s coronavirus pandemic. Many think tackling inequality would require such heavy-handed interference that it would stifle economic growth. But a careful look at the data suggests nothing could be further from the truth—and that reducing inequality is in fact key to delivering future prosperity.
Presenting cutting-edge economics with verve, Heather Boushey shows how rising inequality is a drain on talent, ideas, and innovation, leading to a concentration of capital and a damaging under-investment in schools, infrastructure, and other public goods. We know inequality is fueling social unrest. Boushey shows persuasively that it is also a serious drag on growth.
“In this outstanding book, Heather Boushey…shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit.”
—Martin Wolf, Financial Times
“Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong.”
—David Rotman, MIT Technology Review
On December 5, 2004, the still-developing blogosphere took one of its biggest steps toward mainstream credibility, as Nobel Prize–winning economist Gary S. Becker and renowned jurist and legal scholar Richard A. Posner announced the formation of the Becker-Posner Blog.
In no time, the blog had established a wide readership and reputation as a reliable source of lively, thought-provoking commentary on current events, its pithy and profound weekly essays highlighting the value of economic reasoning when applied to unexpected topics. Uncommon Sense gathers the most important and innovative entries from the blog, arranged by topic, along with updates and even reconsiderations when subsequent events have shed new light on a question. Whether it’s Posner making the economic case for the legalization of gay marriage, Becker arguing in favor of the sale of human organs for transplant, or even the pair of scholars vigorously disagreeing about the utility of collective punishment, the writing is always clear, the interplay energetic, and the resulting discussion deeply informed and intellectually substantial.
To have a single thinker of the stature of a Becker or Posner addressing questions of this nature would make for fascinating reading; to have both, writing and responding to each other, is an exceptionally rare treat. With Uncommon Sense, they invite the adventurous reader to join them on a whirlwind intellectual journey. All they ask is that you leave your preconceptions behind.
Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications. All of the topics in the three volumes of Capital are included, providing the reader with a complete view of Marxist economics.
Foley begins with a helpful discussion of philosophical problems readers often encounter in tackling Marx, including questions of epistemology, explanation, prediction, determinism, and dialectics. In an original extension of theory, he develops the often neglected concept of the circuit of capital to analyze Marx’s theory of the reproduction of capital. He also takes up central problems in the capitalist economy: equalization of the rates of profit (the “transformation problem”); productive and unproductive labor and the division of surplus value; and the falling rate of profit. He concludes with a discussion of the theory of capitalist crisis and of the relation of Marx’s critique of capitalism to his conception of socialism.
Through a careful treatment of the theory of money in relation to the labor theory of value, Foley clarifies the relation of prices to value and of Marx’s categories of analysis to conventional business and national income accounts, enabling readers to use Marx’s theory as a tool for the analysis of practical problems. The text is closely keyed throughout to the relevant chapters in Capital and includes suggestions for further reading on the topics discussed.
The notion that groups form and act in ways that respond to objective, external costs and benefits has long been the key to accounting for social change processes driven by collective action. Yet this same notion seems to fall apart when we try to explain how collectivities emerge out of the choices of individuals. This book overcomes that dilemma by offering an analysis of collective action that, while rooted in individual decision making, also brings out the way in which objective costs and benefits can impede or foster social coordination. The resulting approach enables us to address the causes and consequences of collective action with the help of the tools of modern economic theory. To illustrate this, the book applies the tools it develops to the study of specific collective action problems such as clientelism, focusing on its connections with economic development and political redistribution; and wage bargaining, showing its economic determinants and its relevance for the political economy of the welfare state.
"Medina's study is a great step forward in the analytics of collective action. He shows the inadequacies of currently standard models and shows that straightforward revisions reconcile rational-choice and structural viewpoints. It will influence all future work."
—Kenneth Arrow, Stanford University
"Olson, Schelling, and now Medina. A Unified Theory deepens our understanding of collective action and contributes to the foundations of our field. A major work."
—Robert H. Bates, Harvard University
"Medina thinks that the main problem of social action is not whether or not to cooperate but how to do it. To this end he has produced an imaginative approach to analyzing strategic coordination problems that produces plausible predictions in a range of circumstances."
—John Ferejohn, Stanford University
Luis Fernando Medina is Associate Professor in the Department of Politics at the University of Virginia.
What makes American labor unions distinctive from others in advanced Western countries is neither as simple as their wanting “more” nor as philosophical as their operating in an open-class society. Through a comprehensive analysis of the United Brotherhood of Carpenters—the largest union before the 1930s and the pioneer—Walter Galenson details the reasons for the union’s success. He finds that the Carpenters survived the vicissitudes of rapid industrialization and modernization because it was a conservative, business union.
From its inception in 1881, the Carpenters’ union embraced the capitalist system and worked to improve productivity. This resulted in a higher wage scale, greater leisure time, use of technology to stretch construction work over the winter months, increased fringe benefits, job security during jurisdictional disputes, and more than normal advances by minorities and blacks. Galenson’s book is based on a vast sampling of archival materials, including union records, diaries, minutes of local and affiliate unions, and AFL and CIO primary sources. The author blends narrative with shrewd intuitive analysis to provide an indispensable source for labor and economic historians and students of labor movements.
A Financial Times Best Book of the Year
A hardheaded book that confronts and outlines possible solutions to a seemingly intractable problem: that helping the poor often hurts the environment, and vice versa.
Can we fight poverty and inequality while protecting the environment? The challenges are obvious. To rise out of poverty is to consume more resources, almost by definition. And many measures to combat pollution lead to job losses and higher prices that mainly hurt the poor. In Unsustainable Inequalities, economist Lucas Chancel confronts these difficulties head-on, arguing that the goals of social justice and a greener world can be compatible, but that progress requires substantial changes in public policy.
Chancel begins by reviewing the problems. Human actions have put the natural world under unprecedented pressure. The poor are least to blame but suffer the most—forced to live with pollutants that the polluters themselves pay to avoid. But Chancel shows that policy pioneers worldwide are charting a way forward. Building on their success, governments and other large-scale organizations must start by doing much more simply to measure and map environmental inequalities. We need to break down the walls between traditional social policy and environmental protection—making sure, for example, that the poor benefit most from carbon taxes. And we need much better coordination between the center, where policies are set, and local authorities on the front lines of deprivation and contamination.
A rare work that combines the quantitative skills of an economist with the argumentative rigor of a philosopher, Unsustainable Inequalities shows that there is still hope for solving even seemingly intractable social problems.
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