Results by title

917 books match the query 'Economics' and 33 start with l

Sort by

L'hypothèse d'instabilité financière

Les processus capitalistes et le comportement de l'économie

Hyman P. Minsky

Diaphanes, 2013

Comment expliquer et prévoir l’instabilité qui caractérise le développement des systèmes économiques ? Comment appréhender les « marchés sauvages » qui constituent notre réalité actuelle ? Dès les années 1960, Hyman Minsky développe une théorie consacrée à l’instabilité des systèmes. Il démontre que le krach financier est un phénomène intervenant régulièrement, qui n’est dû ni à des causes externes, ni à des erreurs d’appréciation : C’est la logique des marchés financiers elle-même, bien plus que des secousses issues de la périphérie du système, qui serait à l’origine des crises. En présentant le texte central de la théorie économique d’Hyman P. Minsky, L’hypothèse d’instabilité financière offre au lecteur une première approche passionnante de cette œuvre dense, fondamentale et jusqu’à présent méconnue en France.

[more]

L.A. Story

Immigrant Workers and the Future of the U.S. Labor Movement

Ruth Milkman

Russell Sage Foundation, 2006

Sharp decreases in union membership over the last fifty years have caused many to dismiss organized labor as irrelevant in today's labor market. In the private sector, only 8 percent of workers today are union members, down from 24 percent as recently as 1973. Yet developments in Southern California—including the successful Justice for Janitors campaign—suggest that reports of organized labor's demise may have been exaggerated. In L.A. Story, sociologist and labor expert Ruth Milkman explains how Los Angeles, once known as a company town hostile to labor, became a hotbed for unionism, and how immigrant service workers emerged as the unlikely leaders in the battle for workers' rights. L.A. Story shatters many of the myths of modern labor with a close look at workers in four industries in Los Angeles: building maintenance, trucking, construction, and garment production. Though many blame deunionization and deteriorating working conditions on immigrants, Milkman shows that this conventional wisdom is wrong. Her analysis reveals that worsening work environments preceded the influx of foreign-born workers, who filled the positions only after native-born workers fled these suddenly undesirable jobs. Ironically, L.A. Story shows that immigrant workers, who many union leaders feared were incapable of being organized because of language constraints and fear of deportation, instead proved highly responsive to organizing efforts. As Milkman demonstrates, these mostly Latino workers came to their service jobs in the United States with a more group-oriented mentality than the American workers they replaced. Some also drew on experience in their native countries with labor and political struggles. This stock of fresh minds and new ideas, along with a physical distance from the east-coast centers of labor's old guard, made Los Angeles the center of a burgeoning workers' rights movement. Los Angeles' recent labor history highlights some of the key ingredients of the labor movement's resurgence—new leadership, latitude to experiment with organizing techniques, and a willingness to embrace both top-down and bottom-up strategies. L.A. Story's clear and thorough assessment of these developments points to an alternative, high-road national economic agenda that could provide workers with a way out of poverty and into the middle class.

[more]

Labor in the New Economy

Edited by Katharine G. Abraham, James R. Spletzer, and Michael Harper

University of Chicago Press, 2010

As the structure of the economy has changed over the past few decades, researchers and policy makers have been increasingly concerned with how these changes affect workers. In this book, leading economists examine a variety of important trends in the new economy, including inequality of earnings and other forms of compensation, job security, employer reliance on temporary and contract workers, hours of work, and workplace safety and health.

In order to better understand these vital issues, scholars must be able to accurately measure labor market activity. Thus, Labor in the New Economy also addresses a host of measurement issues: from the treatment of outliers, imputation methods, and weighting in the context of specific surveys to evaluating the strengths and weaknesses of data from different sources. At a time when employment is a central concern for individuals, businesses, and the government, this volume provides important insight into the recent past and will be a useful tool for researchers in the future.

[more]

Labor of Fire

The Ontology of Labor between Economy and Culture

Bruno Gullì

Temple University Press, 2005

In Labor of Fire, Bruno Gullì offers a timely and much needed re-examination of the concept of labor. Distinguishing between "productive labor" (working for money or subsistence) and "living labor" (working for artistic creation), Gullì convincingly argues for a definition of work that recognizes the importance of artistic and social creativity to our definition of labor and the self.

Gullì lays the groundwork for his book by offering a critique of productive labor, and then maps out his productive/living labor distinction in detail, reviewing the work of Marx and others.

[more]

Laboring Below the Line

The New Ethnography of Poverty, Low-Wage Work, and Survival in the Global Economy

Frank Munger

Russell Sage Foundation, 2002

As the distribution of wealth between rich and poor in the United States grew more and more unequal over the past twenty years, this economic gap assumed a life of its own in the popular culture. The news and entertainment media increasingly portrayed the lives of the poor with such stereotypes as the lazy welfare mother and the thuggish teen, offering Americans few ways to learn how the "other half" really lives. Laboring Below the Line works to bridge this gap by synthesizing a wide range of qualitative scholarship on the working poor. The result is a coherent, nuanced portrait of how life is lived below the poverty line, and a compelling analysis of the systemic forces in which poverty is embedded, and through which it is perpetuated. Laboring Below the Line explores the role of interpretive research in understanding the causes and effects of poverty. Drawing on perspectives of the working poor, welfare recipients, and marginally employed men and women, the contributors—an interdisciplinary roster of ethnographers, oral historians, qualitative sociologists, and narrative analysts—dissect the life circumstances that affect the personal outlook, ability to work, and expectations for the future of these people. For example, Carol Stack views the work aspirations of an Oakland teenager for whom a job is important, even though it strains her academic performance. And Ruth Buchanan looks at low-wage telemarketing workers who are attempting to move up the economic ladder while balancing family, education, and other important commitments. What emerges is a compelling picture of low-wage workers—one that illustrates the precarious circumstances of individuals struggling with the economic conditions and institutions that surround them Each chapter also explores the capacity for economic survival from a different angle, with ancillary commentary complementing the ethnographies with perspectives from other fields of study, such as economics. At this moment of governmental retrenchment, ethnography's complex, nonstereotypical portraits of individual people fighting against poverty are especially important. Laboring Below the Line reveals the ambiguities of real lives, the potential for individuals to change in unexpected ways, and the even greater intricacy of the collective life of a community.

[more]

Labyrinths of Prosperity

Economic Follies, Democratic Remedies

Reuven Brenner

University of Michigan Press, 1994

Labyrinths of Prosperity: Economic Follies, Democratic Remedies by Reuven Brenner explores the cyclical shifts in economic thought, specifically focusing on the myths of macroeconomics and their impact on policy-making and prosperity. Brenner questions the scientific legitimacy of macroeconomic theories, highlighting their contradictions and the misleading confidence with which they are presented. He critiques the use of national statistics and macroeconomic aggregates—such as the GDP and unemployment rates—as unreliable bases for policy-making due to their frequent revisions and inherent inaccuracies. The book argues that true prosperity emanates from trade and financial practices that allow individuals to take risks and leverage opportunities, rather than from macroeconomic policies that claim to fine-tune economies around aggregated statistics. Brenner suggests that public policy should shift towards fostering environments where entrepreneurial endeavors can thrive, through mechanisms such as referenda and direct political engagement, to prevent policy errors from persisting unchallenged. By advocating for decentralization, Brenner assigns the responsibility of curbing government excess and sustaining prosperity to the ingenuity and innovation of individuals, thus promoting a political climate that encourages adaptation and economic freedom over rigid statutory prescriptions.

[more]

Land and the Given Economy

The Hermeneutics and Phenomenology of Dwelling

Todd S. Mei

Northwestern University Press, 2017

Alarming environmental degradation makes ever more urgent the reconciliation of political economy and sustainability. Land and the Given Economy examines how the landed basis of human existence converges with economics, and it offers a persuasive new conception of land that transcends the flawed and inadequate accounts in classical and neoclassical economics.

Todd S. Mei grounds this work in a rigorous review of problematic economic conceptions of land in the work of John Locke, Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, Henry George, Alfred Marshall, and Thorstein Veblen.

Mei then draws on the thought of Martin Heidegger to posit a philosophical clarification of the meaning of land—its ontological nature. He argues that central to rethinking land is recognizing its unique manner of being, described as its "givenness." Concluding with a discussion of ground rent, Mei reflects on specific strategies for incorporating the philosophical account of land into contemporary economic policies.

Revivifying economic frameworks that fail to resolve the impasse between economic development and sustainability, Land and the Given Economy offers much of interest to scholars and readers of philosophy, environmentalism, and the full spectrum of political economy.

[more]

Latin American Macroeconomic Reforms

The Second Stage

Edited by José Antonio González, Vittorio Corbo, Anne O. Krueger, and Aaron Tornell

University of Chicago Press, 2003

Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together prominent economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy.

Contributors also work to identify future concerns and erect clear signposts for future reforms. For instance, now that inflation rates have been stabilized, one suggested "second stage" monetary reform would be to focus on reducing rates from high to low single digits. Financial sector reforms, it is suggested, should center on improving regulation and supervision. And, contributors argue, since fiscal stability has already been achieved in most countries, new fiscal reforms need to concentrate on institutionalizing fiscal discipline, improving the efficiency and equity of tax collection, and modifying institutional arrangements to deal with increasingly decentralized federal systems.

The analysis and commentary in this volume-authored not only by academic observers but by key Latin American policymakers with decades of firsthand experience-will prove important to anyone with an interest in the future of Latin American's continuing economic development and reform.

Contributors to this volume:

José Antonio González, Stanford University
Anne O. Krueger, International Monetary Fund
Vittorio Corbo, Pontifical Catholic University, Chile
Klaus Schmidt-Hebbel, Central Bank of Chile
Alejandro Werner, Bank of Mexico
Márcio G. P. Garcia, Pontifical Catholic University, Rio
Tatiana Didier, World Bank
Gustavo H. B. Franco, former president, Central Bank of Brazil
Francisco Gil Díaz, Minister of the Treasury, Mexico
Roberto Zahler, former governor, Central Bank of Chile
Ricardo J. Caballero, Massachusetts Institute of Technology
Philip L. Brock, University of Washington
Stephen Haber, Stanford University
Pablo E. Guidotti, Universidad Torcuato Di Tella, Buenos Aires
Vito Tanzi, International Monetary Fund
Enrique Dávila, Ministry of Finance, Mexico
Santiago Levy, Mexican Social Security Institute
Ricardo Fenochietto, private consultant, Buenos Aires
Rogério L. F. Werneck, Pontifical Catholic University, Rio
Carola Pessino, Universidad Torcuato di Tella, Buenos Aires
Michael Michaely, Hebrew University of Jerusalem

[more]

Law and Happiness

Edited by Eric A. Posner and Cass R. Sunstein

University of Chicago Press, 2010

Since the earliest days of philosophy, thinkers have debated the meaning of the term happiness and the nature of the good life. But it is only in recent years that the study of happiness—or “hedonics”—has developed into a formal field of inquiry, cutting across a broad range of disciplines and offering insights into a variety of crucial questions of law and public policy.

Law and Happinessbrings together the best and most influential thinkers in the field to explore the question of what makes up happiness—and what factors can be demonstrated to increase or decrease it. Martha Nussbaum offers an account of the way that hedonics can productively be applied to psychology, Cass R. Sunstein considers the unexpected relationship between happiness and health problems, Matthew Adler and Eric A. Posner view hedonics through the lens of cost-benefit analysis, David A. Weisbach considers the relationship between happiness and taxation, and Mark A. Cohen examines the role crime—and fear of crime—can play in people’s assessment of their happiness, and much more.

The result is a kaleidoscopic overview of this increasingly prominent field, offering surprising new perspectives and incisive analyses that will have profound implications on public policy.

[more]

Law, Legislation and Liberty, Volume 1

Rules and Order

F. A. Hayek

University of Chicago Press, 1978

This volume represents the first section of F. A. Hayek's comprehensive three-part study of the relations between law and liberty. Rules and Order constructs the framework necessary for a critical analysis of prevailing theories of justice and of the conditions which a constitution securing personal liberty would have to satisfy.

[more]

Law, Legislation and Liberty, Volume 2

The Mirage of Social Justice

F. A. Hayek

University of Chicago Press, 1977

F. A. Hayek made many valuable contributions to the field of economics as well as to the disciplines of philosophy and politics. This volume represents the second of Hayek's comprehensive three-part study of the relations between law and liberty. Here, Hayek expounds his conviction that he continued unexamined pursuit of "social justice" will contribute to the erosion of personal liberties and encourage the advent of totalitarianism.

[more]

Law, Legislation and Liberty, Volume 3

The Political Order of a Free People

F. A. Hayek

University of Chicago Press, 1981

Incisive, straightforward, and eloquent, this third and concluding volume of F. A. Hayek's comprehensive assessment of the basic political principles which order and sustain free societies contains the clearest and most uncompromising exposition of the political philosophy of one of the world's foremost economists.

[more]

Law, Legislation, and Liberty, Volume 19

F. A. Hayek

University of Chicago Press, 2021

A new edition of F. A. Hayek’s three-part opus Law, Legislation, and Liberty, collated in a single volume
In this critical entry in the University of Chicago’s Collected Works of F. A. Hayek series, political philosopher Jeremy Shearmur collates Hayek’s three-part study of law and liberty and places Hayek’s writings in careful historical context. Incisive and unrestrained, Law, Legislation, and Liberty is Hayek at his late-life best, making it essential reading for understanding the philosopher’s politics and worldview.

These three volumes constitute a scaling up of the framework offered in Hayek’s famed The Road to Serfdom. Volume 1, Rules and Order, espouses the virtues of classical liberalism; Volume 2, The Mirage of Social Justice, examines the societal forces that undermine liberalism and, with it, liberalism’s capacity to induce “spontaneous order”; and Volume 3, The Political Order of a Free People, proposes alternatives and interventions against emerging anti-liberal movements, including a rule of law that resides in stasis with personal freedom.

Shearmur’s treatment of this challenging work—including an immersive new introduction, a conversion of Hayek’s copious endnotes to footnotes, corrections to Hayek’s references and quotations, and the provision of translations to material that Hayek cited only in languages other than English—lends it new importance and accessibility. Rendered anew for the next generations of scholars, this revision of Hayek’s Law, Legislation, and Liberty is sure to become the standard.

[more]

Lawsuits in a Market Economy

The Evolution of Civil Litigation

Stephen C. Yeazell

University of Chicago Press, 2018

Some describe civil litigation as little more than a drag on the economy; Others hail it as the solution to most of the country’s problems. Stephen C. Yeazell argues that both positions are wrong. Deeply embedded in our political and economic systems, civil litigation is both a system for resolving disputes and a successful business model, a fact that both its opponents and its fans do their best to conceal.

Lawsuits in a Market Economy explains how contemporary civil litigation in the United States works and how it has changed over the past century. The book corrects common misconceptions—some of which have proved remarkably durable even in the face of contrary evidence—and explores how our constitutional structure, an evolving economy, and developments in procedural rules and litigation financing systems have moved us from expecting that lawsuits end in trial and judgments to expecting that they will end in settlements. Yeazell argues that today’s system has in some ways overcome—albeit inconsistently—disparities between the rich and poor in access to civil justice. Once upon a time, might regularly triumphed over right. That is slightly less likely today—even though we continue to witness enormous disparities in wealth and power.

The book concludes with an evaluation of recent changes and their possible consequences.

[more]

Learning to Work

The Case for Reintegrating Job Training and Education

W. Norton Grubb

Russell Sage Foundation, 1996

"Grubb's powerful vision of a workforce development system connected by vertical ladders for upward mobility adds an important new dimension to our continued efforts at system reform. The unfortunate reality is that neither our first-chance education system nor our second-chance job training system have succeeded in creating clear pathways out of poverty for many of our citizens. Grubb's message deserves a serious hearing by policy makers and practitioners alike." —Evelyn Ganzglass, National Governors' Association Over the past three decades, job training programs have proliferated in response to mounting problems of unemployment, poverty, and expanding welfare rolls. These programs and the institutions that administer them have grown to a number and complexity that make it increasingly difficult for policymakers to interpret their effectiveness. Learning to Work offers a comprehensive assessment of efforts to move individuals into the workforce, and explains why their success has been limited. Learning to Work offers a complete history of job training in the United States, beginning with the Department of Labor's manpower development programs in the1960s and detailing the expansion of services through the Comprehensive Employment and Training Act in the 1970s and the Job Training Partnership Act in the 1980s.Other programs have sprung from the welfare system or were designed to meet the needs of various state and corporate development initiatives. The result is a complex mosaic of welfare-to-work, second-chance training, and experimental programs, all with their own goals, methodology, institutional administration, and funding. Learning to Work examines the findings of the most recent and sophisticated job training evaluations and what they reveal for each type of program. Which agendas prove most effective? Do their effects last over time? How well do programs benefit various populations, from welfare recipients to youths to displaced employees in need of retraining? The results are not encouraging. Many programs increase employment and reduce welfare dependence, but by meager increments, and the results are often temporary. On average most programs boosted earnings by only $200 to $500 per year, and even these small effects tended to decay after four or five years.Overall, job training programs moved very few individuals permanently off welfare, and provided no entry into a middle-class occupation or income. Learning to Work provides possible explanations for these poor results, citing the limited scope of individual programs, their lack of linkages to other programs or job-related opportunities, the absence of academic content or solid instructional methods, and their vulnerability to local political interference. Author Norton Grubb traces the root of these problems to the inherent separation of job training programs from the more successful educational system. He proposes consolidating the two domains into a clearly defined hierarchy of programs that combine school- and work-based instruction and employ proven methods of student-centered, project-based teaching. By linking programs tailored to every level of need and replacing short-term job training with long-term education, a system could be created to enable individuals to achieve increasing levels of economic success. The problems that job training programs address are too serious too ignore. Learning to Work tells us what's wrong with job training today, and offers a practical vision for reform.

[more]

Leave Me Alone and I'll Make You Rich

How the Bourgeois Deal Enriched the World

Deirdre Nansen McCloskey and Art Carden

University of Chicago Press, 2020

The economist and historian Deirdre Nansen McCloskey has been best known recently for her Bourgeois Era trilogy, a vigorous defense, unrivaled in scope, of commercially tested betterment. Its massive volumes, The Bourgeois Virtues, Bourgeois Dignity, and Bourgeois Equality, solve Adam Smith’s puzzle of the nature and causes of the wealth of nations, and of the moral sentiments of modernity. The world got rich, she argues, not chiefly by material causes but by an idea and a sentiment, a new admiration for the middle class and its egalitarian liberalism.

For readers looking for a distillation of McCloskey’s magisterial work, Leave Me Alone and I’ll Make You Rich is what you’ve been waiting for. In this lively volume, McCloskey and the economist and journalist Carden bring together the trilogy’s key ideas and its most provocative arguments. The rise of the west, and now the rest, is the story of the rise of ordinary people to a dignity and liberty inspiring them to have a go. The outcome was an explosion of innovation after 1800, and a rise of real income by an astounding 3,000 percent. The Great Enrichment, well beyond the conventional Industrial Revolution, did not, McCloskey and Carden show, come from the usual suspects, capital accumulation or class struggle. It came from the idea of economic liberty in Holland and the Anglosphere, then Sweden and Japan, then Italy and Israel and China and India, an idea that bids fair in the next few generations to raise up the wretched of the earth. The original shift to liberalism arose from 1517 to 1789 from theological and political revolutions in northwest Europe, upending ancient hierarchies. McCloskey and Carden contend further that liberalism and “innovism” made us better humans as well as richer ones. Not matter but ideas. Not corruption but improvement.

Leave Me Alone and I’ll Make You Rich draws in entertaining fashion on history, economics, literature, philosophy, and popular culture, from growth theory to the Simpsons. It is the perfect introduction for a broad audience to McCloskey’s influential explanation of how we got rich. At a time when confidence in the economic system is under challenge, the book mounts an optimistic and persuasive defense of liberal innovism, and of the modern world it has wrought.

[more]

Leaving Science

Anne E. Preston

Russell Sage Foundation, 2004

The past thirty years have witnessed a dramatic decline in the number of U.S. students pursuing advanced degrees in science and an equally dramatic increase in the number of professionals leaving scientific careers. Leaving Science provides the first significant examination of this worrisome new trend. Economist Anne E. Preston examines a wide range of important questions: Why do professionals who have invested extensive time and money on a rigorous scientific education leave the field? Where do these scientists go and what do they do? What policies might aid in retaining and improving the quality of life for science personnel? Based on data from a large national survey of nearly 1,700 people who received university degrees in the natural sciences or engineering between 1965 and 1990 and a subsequent in-depth follow-up survey, Leaving Science provides a comprehensive portrait of the career trajectories of men and women who have earned science degrees. Alarmingly, by the end of the follow-up survey, only 51 percent of the original respondents were still working in science. During this time, federal funding for scientific research decreased dramatically relative to private funding. Consequently, the direction of scientific research has increasingly been dictated by market forces, and many scientists have left academic research for income and opportunity in business and industry. Preston identifies the main reasons for people leaving scientific careers as dissatisfaction with compensation and career advancement, difficulties balancing family and career responsibilities, and changing professional interests. Highlighting the difference between male and female exit patterns, Preston shows that most men left because they found scientific salaries low relative to perceived alternatives in other fields, while most women left scientific careers in response to feelings of alienation due to lack of career guidance, difficulty relating to their work, and insufficient time for their family obligations. Leaving Science contains a unique blend of rigorous statistical analysis with voices of individual scientists, ensuring a rich and detailed understanding of an issue with profound consequences for the nation's future. A better understanding of why professionals leave science can help lead to changes in scientific education and occupations and make the scientific workplace more attractive and hospitable to career men and women.

[more]

Legacies, Logics, Logistics

Essays in the Anthropology of the Platform Economy

Jane I. Guyer

University of Chicago Press, 2016

Legacies, Logics, Logistics brings together a set of essays, written both before and after the financial crisis of 2007–08, by eminent Africanist and economic anthropologist Jane I. Guyer. Each was written initially for a conference on a defined theme. When they are brought together and interpreted as a whole by Guyer, these varied essays show how an anthropological and socio-historical approach to economic practices—both in the West and elsewhere—can illuminate deep facets of economic life that the big theories and models may fail to capture.

Focusing on economic actors—whether ordinary consumers or financial experts—Guyer traces how people and institutions hold together past experiences (legacies), imagined scenarios and models (logics), and situational challenges (logistics) in a way that makes the performance of economic life (on platforms made of these legacies, logics, and logistics) work in practice. Individual essays explore a number of topics—including time frames and the future, the use of percentages in observations and judgments, the explanation of prices, the coexistence of different world currencies, the reapplication of longtime economic theories in new settings, and, crucially, how we talk about the economy, how we use stable terms to describe a turbulent system. Valuable as standalone pieces, the essays build into a cogent method of economic anthropology.

[more]

Legal Secrets

Equality and Efficiency in the Common Law

Kim Lane Scheppele

University of Chicago Press, 1988

Does the seller of a house have to tell the buyer that the water is turned off twelve hours a day? Does the buyer of a great quantity of tobacco have to inform the seller that the military blockade of the local port, which had depressed tobacco sales and lowered prices, is about to end? Courts say yes in the first case, no in the second. How can we understand the difference in judgments? And what does it say about whether the psychiatrist should disclose to his patient's girlfriend that the patient wants to kill her?

Kim Lane Scheppele answers the question, Which secrets are legal secrets and what makes them so? She challenges the economic theory of law, which argues that judges decide cases in ways that maximize efficiency, and she shows that judges use equality as an important principle in their decisions. In the course of thinking about secrets, Scheppele also explores broader questions about judicial reasoning—how judges find meaning in legal texts and how they infuse every fact summary with the values of their legal culture. Finally, the specific insights about secrecy are shown to be consistent with a general moral theory of law that indicates what the content of law should be if the law is to be legitimate, a theory that sees legal justification as the opportunity to attract consent.

This is more than a book about secrets. It is also a book about the limits of an economic view of law. Ultimately, it is a work in constructive legal theory, one that draws on moral philosophy, sociology, economics, and political theory to develop a new view of legal interpretation and legal morality.

[more]

Leveraged

The New Economics of Debt and Financial Fragility

Edited by Moritz Schularick

University of Chicago Press, 2022

An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking.

The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often?

For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse.

The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

[more]

Liberalism's Last Man

Hayek in the Age of Political Capitalism

Vikash Yadav

University of Chicago Press, 2023

A modern reframing of Friedrich Hayek’s most famous work for the 21st century.

Friedrich Hayek’s The Road to Serfdom was both an intellectual milestone and a source of political division, spurring fiery debates around capitalism and its discontents. In the ensuing discord, Hayek’s true message was lost: liberalism is a thing to be protected above all else, and its alternatives are perilous.

In Liberalism’s Last Man, Vikash Yadav revives the core of Hayek’s famed work to map today’s primary political anxiety: the tenuous state of liberal meritocratic capitalism—particularly in North America, Europe, and Asia—in the face of strengthening political-capitalist powers like China, Vietnam, and Singapore. As open societies struggle to match the economic productivity of authoritarian-capitalist economies, the promises of a meritocracy fade; Yadav channels Hayek to articulate how liberalism’s moral backbone is its greatest defense against repressive social structures.

[more]

Liberalism's Last Man

Hayek in the Age of Political Capitalism

Vikash Yadav

University of Chicago Press, 2023

A modern reframing of Friedrich Hayek’s most famous work for the 21st century.

[more]

Liberating Economics

Feminist Perspectives on Families, Work, and Globalization

Drucilla K. Barker and Susan F. Feiner

University of Michigan Press, 2004

Liberating Economics draws on central concepts from women's studies scholarship to construct a feminist understanding of the economic roles of families, caring labor, motherhood, paid and unpaid labor, poverty, the feminization of labor, and the consequences of globalization. Barker and Feiner consistently recognize the importance of social location -- gender, race, class, sexual identity, and nationality -- in economic processes shaping the home, paid employment, market relations, and the global economy. Throughout they connect women's economic status in the industrialized nations to the economic circumstances surrounding women in the global South.

Rooted in the two disciplines, this book draws on the rich tradition of interdisciplinary work in feminist social science scholarship to construct a parallel between the notions that the "personal is political" and "the personal is economic."

Drucilla K. Barker is Professor of Economics and Women's Studies, Hollins University.

Susan F. Feiner is Associate Professor of Economics and Women's Studies, University of Southern Maine.

[more]

Lie Of The Land

Migrant Workers and the California Landscape

Don Mitchell

University of Minnesota Press, 1996

A hard-hitting look at the story behind California's famous scenery.

The beauty of the California landscape is integral to its place in the imagination of generations of people around the world. In The Lie of the Land, geographer Don Mitchell looks at the human costs associated with this famous scenery. Through an account of the labor history of the state, Mitchell examines the material and ideological struggles over living and working conditions that played a large part in the construction of the contemporary California landscape.

The Lie of the Land examines the way the California landscape was built on the backs of migrant workers, focusing on migratory labor and agribusiness before World War II. The book relates the historical geography of California to the processes of labor that made it, discussing not only significant strikes but also on the everyday existence of migrant workers in the labor camps, fields, and “Hoovervilles” where they lived. Mitchell places class struggle at the heart of social development, demonstrating concretely how farm workers affected their social and material environment, as well as exploring how farm owners responded to their workers’ efforts to improve their living and working conditions. Mitchell also places “reformers” in context, revealing the actual nature of their role in relation to migrant workers’ efforts—that of undermining the struggle for genuine social change. In addition, this volume captures the significance of the changing composition of the agricultural workforce, particularly in racial terms, as the class struggle evolved over a period of decades. Mitchell has written a narrative history that describes the intimate connection between landscape representations and the material form of geography. The Lie of the Land places people squarely in the middle of the landscapes they inhabit, shedding light on the complex and seemingly contradictory interactions between progressive state agents, radical workers, and California growers as they seek to remake the land in their own image.

[more]

Lincoln and the Economics of the American Dream

Gabor S. Boritt

University of Illinois Press, 1994

This unique exploration of Lincoln's economic beliefs shows how they helped shape his view of slavery, his conduct of the war, and most fundamentally his understanding of what the United States was and could become.

[more]

Lone Pursuit

Distrust and Defensive Individualism Among the Black Poor

Sandra Susan Smith

Russell Sage Foundation, 2007

Unemployment among black Americans is twice that of whites. Myriad theories have been put forward to explain the persistent employment gap between blacks and whites in the U.S. Structural theorists point to factors such as employer discrimination and the decline of urban manufacturing. Other researchers argue that African-American residents living in urban neighborhoods of concentrated poverty lack social networks that can connect them to employers. Still others believe that African-American culture fosters attitudes of defeatism and resistance to work. In Lone Pursuit, sociologist Sandra Susan Smith cuts through this thicket of competing explanations to examine the actual process of job searching in depth. Lone Pursuit reveals that unemployed African Americans living in the inner city are being let down by jobholding peers and government agencies who could help them find work, but choose not to. Lone Pursuit is a pioneering ethnographic study of the experiences of low-skilled, black urban residents in Michigan as both jobseekers and jobholders. Smith surveyed 105 African-American men and women between the ages of 20 and 40, each of whom had no more than a high school diploma. She finds that mutual distrust thwarts cooperation between jobseekers and jobholders. Jobseekers do not lack social capital per se, but are often unable to make use of the network ties they have. Most jobholders express reluctance about referring their friends and relatives for jobs, fearful of jeopardizing their own reputations with employers. Rather than finding a culture of dependency, Smith discovered that her underprivileged subjects engage in a discourse of individualism. To justify denying assistance to their friends and relatives, jobholders characterize their unemployed peers as lacking in motivation and stress the importance of individual responsibility. As a result, many jobseekers, wary of being demeaned for their needy condition, hesitate to seek referrals from their peers. In a low-skill labor market where employers rely heavily on personal referrals, this go-it-alone approach is profoundly self-defeating. In her observations of a state job center, Smith finds similar distrust and non-cooperation between jobseekers and center staff members, who assume that young black men are unwilling to make an effort to find work. As private contractors hired by the state, the job center also seeks to meet performance quotas by screening out the riskiest prospects—black male and female jobseekers who face the biggest obstacles to employment and thus need the most help. The problem of chronic black joblessness has resisted both the concerted efforts of policymakers and the proliferation of theories offered by researchers. By examining the roots of the African-American unemployment crisis from the vantage point of the everyday job-searching experiences of the urban poor, Lone Pursuit provides a novel answer to this decades-old puzzle.

[more]

Long-Term Care around the World

Edited by Jonathan Gruber and Kathleen McGarry

University of Chicago Press, 2025

A comparative analysis of both formal and informal long-term care in ten of the world’s wealthiest countries.

Nations throughout the world are in the midst of an enormous demographic transition, with life expectancy increasing and fertility falling, leading to a rapidly aging population and critical implications for long-term care around the world. This volume documents and compares long-term care programs in ten wealthy countries.

Analyses of survey data and government statistics show that the costs of long-term care are beyond the financial means of a large fraction of the elderly population in most countries, particularly the oldest and most disabled. As a result, public systems bear most of the cost of formal long-term care, such as care in an institution or paid home care. Most countries spend more on nursing homes than on home care, but this relationship varies widely as does the mix of care needs and resources used to define eligibility for public funding. At the same time, most care is provided informally through family or unpaid caregivers. The costs of informal care, including the foregone earnings of caregivers, are estimated to account for at least one-third of all long-term care spending in every country. Thus, any estimate of the social costs of long-term care must account for the implicit costs of informal care.

[more]