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Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the overall competitiveness of corporations. But is this endless cycle of fluctuation really so bad for America? Might something positive be going on in the economy as a result of it?

In this penetrating work, three esteemed economists seek to answer these questions by exploring the real impact of volatility on American workers and businesses alike. According to the authors, while any number of events--shifts in consumer demand, changes in technology, mergers and acquisitions, or increased competition--can contribute to economic turbulence, our economy as a whole is, by and large, stronger for it, because these processes of creation and destruction make it more flexible and adaptable. The authors also acknowledge and document the adverse consequences of this turbulence on different groups of workers and firms and discuss the resulting policy challenges. Basing their argument on an up-close look into the dealings and practices of five key industries—financial services, retail food services, trucking, semiconductors, and software—the authors demonstrate the positive effects of turbulence on career paths, employee earnings, and firm performance.

The first substantial attempt to disentangle and make clear the complexities of this phenomenon in the United States, Economic Turbulence will be viewed as a major achievement and the centerpiece of any discussion on the subject for years to come.

The popular notion of a lone scientist privately toiling long hours in a laboratory, striking upon a great discovery, and announcing it to the world is a romanticized fiction. Vincent Kiernan's Embargoed Science reveals the true process behind science news: an elite few scholarly journals control press coverage through a mechanism known as an embargo. The journals distribute advance copies of their articles to hundreds and sometimes thousands of journalists around the world, on the condition that journalists agree not to report their stories until a common time, several days later. When the embargo lifts, airwaves and newspaper pages are flooded with stories based on the journal's latest issue.

In addition to divulging the realities behind this collusive practice, Kiernan offers an unprecedented exploration of the embargo's impact on public and academic knowledge of science and medical issues. He surveys twenty five daily U.S. newspapers and relates his in-depth interviews with reporters to examine the inner workings of the embargo and how it structures our understanding of news about science. Kiernan ultimately argues that this system fosters "pack journalism" and creates an unhealthy shield against journalistic competition. The result is the uncritical reporting of science and medical news according to the dictates of a few key sources.

Norway and Sweden are among the biggest consumers of energy per capita, yet the Nordic nations also lead the world in clean power production and have ambitious goals of decarbonizing their energy systems by 2050. Denmark, Norway, Sweden, Finland, and Iceland vary drastically in geography and the availability of natural resources, but each consistently generates electricity from renewable sources at multiple times the average rate of other high-income countries.

Mogens Rüdiger and Anna Åberg present a concise and timely history of energy production, trade, and consumption in Norden, starting with a review of the regional energy mix—from wind, solar, tide and wave, geothermal, biomass, nuclear, coal, and gas sources. Brief chapters describe the diversity of Nordic energy markets, assess how far the green transition has come, and explore what comes next as global crises, domestic politics, and technological developments present novel challenges and opportunities. Energy infrastructures and economic activities, Rüdiger and Åberg argue, serve as unique cultural focal points in the region. The coauthors summarize the national policy frameworks for the sector as well as the key energy and economic indicators used in infrastructure planning, regulation, and the opening of the electricity and gas markets to free competition. 

Energy in the Nordic World is the essential primer to the power markets at the heart of Europe’s energy transition.

Rigorous, careful, and nonpartisan research with a high policy impact on environmental and energy economics.

Environmental and Energy Policy and the Economy focuses on the effective and efficient management of environmental and energy challenges. Research papers offer new evidence on the intended and unintended consequences, the market and nonmarket effects, and the incentive and distributional impacts of policy initiatives and market developments.

This volume presents six new papers on environmental and energy economics and policy. Judson Boomhower and Meredith Fowlie illustrate the distributional consequences of improving risk pricing efficiency in wildfire insurance markets. Claire Brunel and Arik Levinson develop a conceptual framework for understanding the economic and environmental consequences of taxes on imports of goods based on their carbon content. Karen Clay, Danae Hernandez-Cortes, Akshaya Jha, Joshua Lewis, Noah Miller, and Edson Severnini study the long-run distributional implications of US power plant sitings over more than a century. Todd Gerarden, Mar Reguant, and Daniel Xu provide a comprehensive overview of industrial policy in the renewable energy sector, with comparisons across the US, EU, and China. Jamie Hansen-Lewis and Michelle Marcus show how failure to account for behavioral responses can affect policy predictions regarding maritime emissions. Finally, Richard Sweeney and Joseph Wilske estimate the externalities associated with correlated intermittency in electricity generation from US wind power investments. 

The first detailed analysis of Native metalworking in the Protohistoric/Contact Period

From the time of their earliest encounters with European explorers and missionaries, Native peoples of eastern North America acquired metal trinkets and utilitarian items and traded them to other aboriginal communities. As Native consumption of European products increased, their material culture repertoires shifted from ones made up exclusively of items produced from their own craft industries to ones substantially reconstituted by active appropriation, manipulation, and use of foreign goods. These material transformations took place during the same time that escalating historical, political, economic, and demographic influences (such as epidemics, new types of living arrangements, intergroup hostilities, new political alliances, missionization and conversion, changes in subsistence modes, etc.) disrupted Native systems.

Ehrhardt's research addresses the early technological responses of one particular group, the Late Protohistoric Illinois Indians, to the availability of European-introduced metal objects. To do so, she applied a complementary suite of archaeometric methods to a sample of 806 copper-based metal artifacts excavated from securely dated domestic contexts at the Illiniwek Village Historic Site in Clark County, Missouri.

Ehrhardt's scientific findings are integrated with observations from historical, archaeological, and archival research to place metal use by this group in a broad social context and to critique the acculturation perspective at other Contact Period sites. In revealing actual Native practice, from material selection and procurement to ultimate discard, the author challenges technocentric explanations for Native material and cultural change at contact.