Drawing up alternate ways to “make a living” beyond capitalism
To live in this world is to be conditioned by capital. Once paired with Western democracy, unfettered capitalism has led to a shrinking economic system that squeezes out billions of people—creating a planet of surplus populations. Wageless Life is a manifesto for building a future beyond the toxic failures of late-stage capitalism. Daring to imagine new social relations, new modes of economic existence, and new collective worlds, the authors provide skills and tools for perceiving—and living in— a post-capitalist future.
Forerunners: Ideas First
Short books of thought-in-process scholarship, where intense analysis, questioning, and speculation take the lead
This book is a critique of the procedures used by the federal government to justify and evaluate public works in the water resource field. The methods of measuring benefits and costs that have been devised for projects in the fields of flood control, irrigation, navigation, and electric power are examined from the point of view of the theory of welfare economics. The major sources of bias are identified, and suggestions are made to improve the evaluation practices.
The author concludes that benefit-cost analysis could become a reliable test for measuring the effect of projects on economic welfare, but that the present procedures overstate benefits and understate costs to such an extent that the economic justification of many of the projects in the present program must be called into question. The suggestions for changes which are made are designed to raise the standards of project evaluation to a point where the public and the Congress can have some assurance that the projects will raise the economic welfare of the country.
Children from poor families generally do a lot worse than children from affluent families. They are more likely to develop behavior problems, to score lower on standardized tests, and to become adults in need of public assistance.
Susan Mayer asks whether income directly affects children's life chances, as many experts believe, or if the factors that cause parents to have low incomes also impede their children's life chances. She explores the question of causation with remarkable ingenuity. First, she compares the value of income from different sources to determine, for instance, if a dollar from welfare is as valuable as a dollar from wages. She then investigates whether parents' income after an event, such as teenage childbearing, can predict that event. If it can, this suggests that income is a proxy for unmeasured characteristics that affect both income and the event. Next she compares children living in states that pay high welfare benefits with children living in states with low benefits. Finally, she examines whether national income trends have the expected impact on children. Regardless of the research technique, the author finds that the effect of income on children's outcomes is smaller than many experts have thought.
Mayer then shows that the things families purchase as their income increases, such as cars and restaurant meals, seldom help children succeed. On the other hand, many of the things that do benefit children, such as books and educational outings, cost so little that their consumption depends on taste rather than income. Money alone, Mayer concludes, does not buy either the material or the psychological well-being that children require to succeed.
In a world where more people know who Princess Di was than who their own senators are, where Graceland draws more visitors per year than the White House, and where Michael Jordan is an industry unto himself, fame and celebrity are central currencies. In this intriguing book, Tyler Cowen explores and elucidates the economics of fame.
Fame motivates the talented and draws like-minded fans together. But it also may put profitability ahead of quality, visibility above subtlety, and privacy out of reach. The separation of fame and merit is one of the central dilemmas Cowen considers in his account of the modern market economy. He shows how fame is produced, outlines the principles that govern who becomes famous and why, and discusses whether fame-seeking behavior harmonizes individual and social interests or corrupts social discourse and degrades culture.
Most pertinently, Cowen considers the implications of modern fame for creativity, privacy, and morality. Where critics from Plato to Allan Bloom have decried the quest for fame, Cowen takes a more pragmatic, optimistic view. He identifies the benefits of a fame-intensive society and makes a persuasive case that however bad fame may turn out to be for the famous, it is generally good for society and culture.
Shortlisted for the Financial Times and McKinsey Business Book of the Year Award
A Financial Times Best Business Book of the Year
A Times Higher Education Book of the Week
Best Business Book of the Year, 800-CEO-READ
Gender equality is a moral and a business imperative. But unconscious bias holds us back, and de-biasing people’s minds has proven to be difficult and expensive. By de-biasing organizations instead of individuals, we can make smart changes that have big impacts. Presenting research-based solutions, Iris Bohnet hands us the tools we need to move the needle in classrooms and boardrooms, in hiring and promotion, benefiting businesses, governments, and the lives of millions.
“Bohnet assembles an impressive assortment of studies that demonstrate how organizations can achieve gender equity in practice…What Works is stuffed with good ideas, many equally simple to implement.”
—Carol Tavris, Wall Street Journal
“A practical guide for any employer seeking to offset the unconscious bias holding back women in organizations, from orchestras to internet companies.”
—Andrew Hill, Financial Times
Bearing on fundamental issues of economic theory, history, and public policy, this volume elaborates and goes beyond themes enunciated in W. W. Rostow's previous works. The eight essays presented here are unified by the author's insistence that neo-Keynesian and neoclassical theory are an inadequate basis for economic analysis and policy prescription. Changes in technology and in the supply of energy, food, and raw materials, he contends, must be taken into account. The scale and character of the investments required to respond to these changes link his analysis back to conventional income analysis. Rostow outlines in several contexts the framework for a general, disaggregated theory of production and prices that meets this criterion.
The theoretical and historical essays include a review and unification of various long-cycle theories; a formal mathematical model of the Kondratieff cycle; a review of theories relating technology and the price system, including Rostow's own formulation of the appropriate linkage; a lengthy analysis of the pre-1914 relation between money and prices, including a detailed critique of modern monetarist interpretations; and an analysis of the proposition that economic growth assumes an S-shaped path of acceleration and deceleration.
The policy essays include an examination of the links between energy-related investment, full employment, and patterns of regional development in the United States; the discussion of an appropriate framework and procedure for North-South international economic negotiations; and the text of a 1965 talk on inflation that touches on the relations among economics, economists, and the performance of societies as a whole.
It may seem to the casual observer that women have made striking gains in their quest for equality with men since the early 1960s. But have they really improved their lot? Are they really better off economically? In this clear, compact, and controversial book Victor Fuchs makes plain that except for women who are young, white, unmarried, and well educated, today’s women have not gained economically at all relative to men. He shows that although women are earning a lot more, they have much less leisure time than they used to while men have more; the decline of marriage has made women more dependent on their own income, and their share of financial responsibility for children has grown.
Scrutinizing this relative lack of progress and the reasons for the persistence of occupational segregation, the infamous wage gap, and the unequal responsibility for housework and childcare, Fuchs shows that the standard explanations—discrimination and exploitation by employers—are not the most important causes. Women’s weaker economic position results primarily from conflicts between career and family, conflicts that are stronger for women than for men. Fuchs assembles many different kinds of evidence to suggest that, on average, women feel a stronger desire for children than men do, and have a greater concern for their welfare after they are born. This desire and concern create an economic disadvantage for women, even women who never marry and never have children.
The World Bank is a controversial organisation. It is widely viewed with suspicion, as the international economic arm of the US, in thrall to the President who is responsible for appointing the head of the Bank.
Eric Toussaint gives a highly readable account of just why the World Bank has become so powerful. In short, clear chapters he shows how the bank operates, who funds it, and what it sets out to promote.
The Bank's main purpose is to grant loans to all the newly independent states of the developing world, to help them on their journey to recovery after colonial occupation. In reality, the conditions imposed on these states -- including enforced privatisation of all public services, and enforced neo-liberal rules on trade -- mean that the Bank has become the new colonial authority in everything but name.
This is a perfect book for anyone looking for a critical introduction to the history of the Bank and its role in world affairs.
World Inequality Report 2018 is the most authoritative and up-to-date account of global trends in inequality. Researched, compiled, and written by a team of the world’s leading economists of inequality, it presents—with unrivaled clarity and depth—information and analysis that will be vital to policy makers and scholars everywhere.
Inequality has taken center stage in public debate as the wealthiest people in most parts of the world have seen their share of the economy soar relative to that of others, many of whom, especially in the West, have experienced stagnation. The resulting political and social pressures have posed harsh new challenges for governments and created a pressing demand for reliable data. The World Inequality Lab at the Paris School of Economics and the University of California, Berkeley, has answered this call by coordinating research into the latest trends in the accumulation and distribution of income and wealth on every continent. This inaugural report analyzes the Lab’s findings, which include data from major countries where information has traditionally been difficult to acquire, such as China, India, and Brazil. Among nations, inequality has been decreasing as traditionally poor countries’ economies have caught up with the West. The report shows, however, that inequality has been steadily deepening within almost every nation, though national trajectories vary, suggesting the importance of institutional and policy frameworks in shaping inequality.
World Inequality Report 2018 will be a key document for anyone concerned about one of the most imperative and contentious subjects in contemporary politics and economics.
Produced by a team of world-leading economists, this is the benchmark account of recent and historical trends in inequality.
World Inequality Report 2022 is the most authoritative and comprehensive account available of global trends in inequality. Researched, compiled, and written by a team of world-leading economists, the report builds on the pioneering edition of 2018 to provide policy makers and scholars everywhere up-to-date information about an ever broader range of countries and about forms of inequality that researchers have previously ignored or found hard to trace.
Over the past decade, inequality has taken center stage in public debate as the wealthiest people in most parts of the world have seen their share of the economy soar relative to that of others. The resulting political and social pressures have posed harsh new challenges for governments and created a pressing demand for reliable data. The World Inequality Lab, housed at the Paris School of Economics and the University of California, Berkeley, has answered this call by coordinating research into the latest trends in the accumulation and distribution of income and wealth on every continent. This new report not only extends the lab’s international reach but provides crucial new information about the history of inequality, gender inequality, environmental inequalities, and trends in international tax reform and redistribution.
World Inequality Report 2022 will be a key document for anyone concerned about one of the most imperative and contentious subjects in contemporary politics and economics.
This intellectually bold but accessible book seeks to go beyond limitations of the reigning neoclassical and institutional paradigms in explaining the organization of economic activity. It does this by construing “non-economic” factors such as institutions, cultures, and social practices as conventions, which coordinate economic actors by defining specific “frameworks of economic action.” In these conventional frameworks, the standard distinction between economic and non-economic no longer exists. The authors explore in detail four basic frameworks—or “possible worlds of production”—which underpin the mobilization of economic resources, the organization of production systems and factor markets, patterns of economic decision making, and forms of profitability. The case studies examine how these possible worlds act to support innovative production complexes in a variety of sectors in several countries.
Michael Storper and Robert Salais show that economic actors coordinate actions with one another and interpret what others are doing in ways that are constructed by convention. The principal challenge to economic policy today, they argue, is to reconcile internally coherent conventions with the external tests of product and financial markets, which tend increasingly to escape jurisdictional borders. There is no single model of growth and efficiency that brings these two sides together around the world today, even in narrowly defined product markets. If policies are to deal effectively with an increasingly unified global system of flows of commodities, money, and people, they must be aware of the diverse, economically viable action frameworks found in different industries, regions, and nations.
Nuclear bombs in suitcases, anthrax bacilli in ventilators, tsunamis and meteors, avian flu, scorchingly hot temperatures: nightmares that were once the plot of Hollywood movies are now frighteningly real possibilities. How can we steer a path between willful inaction and reckless overreaction?
Cass Sunstein explores these and other worst-case scenarios and how we might best prevent them in this vivid, illuminating, and highly original analysis. Singling out the problems of terrorism and climate change, Sunstein explores our susceptibility to two opposite and unhelpful reactions: panic and utter neglect. He shows how private individuals and public officials might best respond to low-probability risks of disaster—emphasizing the need to know what we will lose from precautions as well as from inaction. Finally, he offers an understanding of the uses and limits of cost–benefit analysis, especially when current generations are imposing risks on future generations.
Throughout, Sunstein uses climate change as a defining case, because it dramatically illustrates the underlying principles. But he also discusses terrorism, depletion of the ozone layer, genetic modification of food, hurricanes, and worst-case scenarios faced in our ordinary lives. Sunstein concludes that if we can avoid the twin dangers of overreaction and apathy, we will be able to ameliorate if not avoid future catastrophes, retaining our sanity as well as scarce resources that can be devoted to more constructive ends.
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