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917 books match the query 'Economics' and 42 start with r

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Big Data in Political Economy

Howard Rosenthal

Russell Sage Foundation, 2016

Rapid technological advances since the 1980s have revolutionized data gathering and changed the nature of many day-to-day transactions. Today, nearly every economic and financial transaction is recorded and can be linked to the individuals involved. This proliferation of “big data” makes it possible for economists and political scientists to empirically analyze the spending behavior of far greater numbers of individuals and firms, over much longer periods of time, than ever before. In “Big Data in Political Economy,” edited by Atif Mian and Howard Rosenthal, a group of quantitative researchers explore the possibilities and challenges of this data boom for the social sciences, focusing on how big data can help us gain new insights into such issues as social inequality, political polarization, and the influence of money in politics.

Among other topics, the articles in this issue demonstrate how large-scale data sources can be used to analyze campaign contributions and political participation. Adam Bonica outlines the development of a comprehensive “map” of the American political system that collects, processes, and organizes data on politicians’ campaign finances, policy positions, and voting records, and makes such information available to voters. Drew Dimmery and Andrew Peterson show how web-based data-gathering techniques can augment such a map to include political contributions made by nonprofits, which are often overlooked or not fully transparent. Deniz Igan links campaign contribution data to both policymakers’ voting records and financial institutions’ lending behavior and shows that legislators who were heavily lobbied by institutions engaging in risky lending, such as subprime lenders, were more likely to vote for deregulation. Chris Tausanovitch connects big data on voters’ income and policy preferences to the voting records of their congressional representatives in order to study how effectively the political system represents voters of different income levels. And Sharyn O’Halloran and coauthors discuss how big data can augment traditional observational research by replacing tedious hand coding of volumes of text with automated procedures.

As research in political economy increasingly focuses on the role of money in shaping the outcomes of elections and policymaking, new methods of aggregating and examining financial data have become central. Together, the papers in this volume show how big data provides unprecedented opportunities for social scientists to better understand the links between politics and markets.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Financial Reform: Preventing the Next Crisis

Michael S. Barr

Russell Sage Foundation, 2017

The 2008 financial crash and the ensuing Great Recession resulted from decades of unconstrained excess and failures of risk management on Wall Street and complacency in Washington. While the 2010 Dodd-Frank Act sought to curtail these abuses, more work remains to be done. This issue of RSF, edited by Michael S. Barr, sets out proposals for comprehensive financial reform. Contributors suggest how to improve financial regulation, make markets more resilient, and increase protections for consumers and investors in order to lower the likelihood of a future crisis.

Several contributors evaluate the Dodd-Frank bill which mandated greater federal oversight of banks, increased regulation of credit rating agencies, and established the Consumer Financial Protection Bureau (CFPB), among other measures. Martin Baily and coauthors conclude that measures that require greater transparency and oversight in derivatives transactions have made financial institutions more resilient. Yet, the bill’s attempts to consolidate the fragmented financial regulatory system have not gone far enough.

Lauren Willis argues that instead of simply issuing disclosures, financial service providers should be required to meet more rigorous performance standards, such as proving through third-party testing that customers understand their fees and surcharges. John Macey advocates reforms that would afford home mortgage borrowers the same protections as investors in the securities market, including regulations that prevent brokers from encouraging borrowers to refinance their mortgages to collect fees.

The issue also addresses global financial regulation. Viral Achara examines the financial sectors in the U.S., Europe, and Asia, and assesses their vulnerability to capital shortfalls in the event of a future crisis. Niamh Moloney finds that institutions established in the wake of the crash, such as the European Supervisory Authorities, have improved European-level prudential and consumer financial regulations and have the potential to increase the EU’s influence in international financial governance.

The effects of the financial crisis continue to reverberate around the world today. Together, the articles in this issue document the steps necessary for creating a more robust financial system that works better for all consumers, investors and the financial system itself.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: New Immigrant Labor Market Niches

Susan Eckstein

Russell Sage Foundation, 2018

Today there are over 40 million immigrants living in the United States, most of whom come seeking work to improve their earnings and living conditions. Depending on their education and skills, their social networks, government regulations, and other factors, immigrant groups tend to concentrate in specific sectors of the labor market. The articles in this issue of RSF, edited by sociologist Susan Eckstein and economist Giovanni Peri, explore how new immigrant groups navigate the opportunities and constraints presented by various niches in the labor market and how they influence the economic and social fabric of American society.

Several articles survey the history of immigrant labor market niches and how they have affected local economies. Siobhan O’Keefe and Sarah Quincy investigate a labor niche—farming—created by Russian Jews in rural New Jersey in the nineteenth century that revitalized local markets and reduced the outmigration of natives from the area. Zai Liang and Bo Zhou study the occupational niches held by Chinese immigrants from the turn of the century to present day. They show that restaurants have historically provided, and continue to provide, a major source of employment for low-skilled Chinese immigrants and that these immigrants tend to use new job-finding services such as employment agencies and internet advertising. These services have also allowed Chinese-owned restaurants to expand into new geographical locations.

Other contributors analyze the divisions between high and low-skill labor market niches. In his ethnographic study of restaurants in Los Angeles, Eli Wilson finds that Mexican immigrants primarily work “back of the house” jobs performing low-wage manual labor with few opportunities for advancement, while English-speaking whites hold higher-paid “front of the house” jobs interacting with customers. However, bilingual second-generation Latinos are often able to bridge these two roles, increasing their chances for promotions and greater job responsibilities. Yasmin Ortiga explores the effects of programs designed to recruit middle-skill nurses from the Philippines. She finds that because the United States only accepts a certain number of nurses, these programs have contributed to an oversupply of trained nurses in the Philippines and increased joblessness and underemployment there.

Together, the studies in this issue contribute to a deeper understanding of how and why new immigrants gravitate to specific lines of work. They also reveal how these labor niches influence markets both within the United States and abroad.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Opportunity, Mobility, and Increased Inequality

Katharine Bradbury

Russell Sage Foundation, 2016

Equality of opportunity—the idea that everyone should have the same chance at success, regardless of family background—has long been a bedrock American belief. Yet, as economic inequality has increased over the last several decades, it has become harder for many to climb the economic ladder. This issue of RSF, edited by Katharine Bradbury and Robert K. Triest of the Federal Reserve Bank of Boston, brings together a distinguished group of the nation’s leading social scientists to examine the extent of and the barriers to opportunity that exist today.

Several contributors investigate how rising inequality in parental investments in children, lack of public resources for low-income families, and the high cost of postsecondary education limit the futures of many. Janet L. Yellen, Chair of the Federal Reserve Board, reviews trends in income and wealth inequality since the 1980s and shows how lack of access to key resources such as high-quality childhood education, affordable college, private business ownership, and inheritances for those in the lower half of the wealth distribution has significantly restricted economic opportunity in the U.S. Isabel Sawhill and Richard Reeves find that the socioeconomic status of one’s parents strongly predicts where one will end up on the income ladder as an adult, particularly for those at the very bottom and top of the income distribution. Timothy Smeeding shows that black men, children of never-married mothers, and children of parents lacking high school diplomas are likely to both begin life in the bottom quartile of the income distribution and remain there as adults.

Other contributors explore how inequality of opportunity begins in childhood, where family conditions and neighborhood quality influence children’s life outcomes. Katherine Magnuson and Greg Duncan show that even prior to kindergarten, low-income children lag behind their affluent peers in math and reading skills, in part because they lack access to high-quality preschool education. Greg Duncan and Richard Murnane find that affluent children’s advantages are further amplified during their school years, in part because their parents invest more time and resources in their educational and extra-curricular activities. They also show that increased residential segregation has led to higher concentrations of children with behavioral problems in low-income areas, which negatively affects their classmates’ ability to learn. Patrick Sharkey reviews research on the correlation between child neighborhood conditions and adult economic outcomes and confirms that the longer low-income children reside in bad neighborhoods, the more their disadvantages are compounded.

This issue of RSF offers new insights into how, despite our persistent belief in the American Dream, economic opportunity and mobility have stagnated for a growing number of citizens.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Severe Deprivation in America

Matthew Desmond is associate professor of sociology and social sciences at Harvard University and codirector of the Justice and Poverty Project.

Russell Sage Foundation, 2015

Copy refers to RSF, Volume 1, issues 1 & 2

Widening inequality has received much attention recently, but most of the focus has been on the top one percent or the middle class. The problems of those at the very bottom of society remain largely invisible. Along with the Great Recession, factors such as rising housing costs, welfare reform, mass incarceration, suppressed wages, and pervasive joblessness have contributed to deepening poverty in America. In this inaugural double issue of RSF: The Russell Sage Foundation Journal of the Social Sciences, a distinguished roster of poverty scholars from multiple disciplines focuses on families experiencing “severe deprivation”: acute, compounded, and persistent economic hardship.

Over twenty million families in America live in deep poverty, on incomes below half the federal poverty threshold, yet Liana Fox and colleagues find that government taxes and transfers lift millions of families out of deep poverty each year. Searching even further below the poverty line, Luke Shaefer, Kathryn Edin, and Elizabeth Talbert find that the number of children in households experiencing chronic extreme poverty—living on $2 or less per day—increased by over 240 percent between 1996 and 2012. Focusing on the elderly, Helen Levy shows that failing health exacerbates low-income seniors’ hardship by driving up their out-of-pocket medical spending. Other contributors examine the relationship between violence and severe deprivation.

Through longitudinal interviews with former prisoners in Boston, Bruce Western reveals the ubiquity of violence in the life course of disadvantaged young men. And Laurence Ralph draws on years of ethnography in Chicago to document how families and communities cope with the trauma of gun violence. Other studies in this
issue show that mass incarceration has changed the nature of poverty in recent decades, with consequences ranging from increased levels of deprivation among children of incarcerated parents to housing insecurity among parolees, which increases their risk for recidivism. Finally, several papers devise novel methods and concepts relevant to the study of severe deprivation. Kristin Perkin and Robert Sampson develop an innovative measure of “compounded disadvantage” that groups individual and ecological hardship, while Megan Comfort and colleagues pioneer a new approach to ethnographic fieldwork that combines embedded social work with participant observation.

This issue provides in-depth analyses of the causes and human costs of extreme disadvantage in one of the richest countries in the world and offers a new paradigm for understanding the changing face of poverty in America. In an age of economic extremes, understanding how and why severe deprivation persists will be vital for policymakers and practitioners attempting to deliver relief to the nation’s most marginalized families.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Severe Deprivation in America

Matthew Desmond is associate professor of sociology and social sciences at Harvard University and codirector of the Justice and Poverty Project.

Russell Sage Foundation, 2015

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RSF

The Russell Sage Foundation Journal of the Social Sciences: The Socioeconomic Impacts of the COVID-19 Pandemic

Schneider, Daniel

Russell Sage Foundation, 2023

The COVID-19 pandemic laid bare stark structural inequalities in the United States. Federal, state, and local governments responded with policies to help mitigate the potential devastation with varying success. In this issue of RSF, co-published with the JPB Foundation, public policy scholar Steven Raphael, sociologist Daniel Schneider, and an interdisciplinary group of contributors examine the effectiveness of government response on the socioeconomic consequences of the pandemic.

The 11 articles in this issue examine the impacts of the COVID-19 pandemic and federal and local responses to the crisis on social safety net usage, unemployment insurance (UI) recipiency, parenting and gender disparities, housing, and experiences with the criminal justice system. Marianne P. Bitler and colleagues find that during the pandemic, participation in the Supplemental Nutrition Assistance Program (SNAP) increased more in counties that experienced larger employment shocks, however, the SNAP pandemic benefit increases were less generous to Black and Hispanic SNAP participants as compared to White participants. Alex Bell and colleagues show while the UI recipiency rate increased substantially across the U.S. during the pandemic, wealthier states had higher recipiency rates and states with higher shares of Black residents had lower recipiency rates. Liana Christin Landivar and colleagues reveal that remote schooling was associated with reduced employment among mothers compared to fathers and women without children, with Black mothers experiencing the largest reduction in employment. Vincent J. Reina and Yeonhwa Lee find that low-income renters who received emergency rental assistance during the pandemic had lower arrears, a lower likelihood of having rent-related debt, and a lower likelihood of experiencing debilitating anxiety. Samantha Plummer and colleagues show that individuals leaving jail or who had criminal cases during the early phase of the pandemic suffered high levels of housing and food insecurity as well as joblessness, but those with co-occurring mental illness and substance abuse problems experienced the highest levels of material hardship.

This issue of RSF sheds light on how the pandemic and the corresponding government response have both reinforced and reshaped socioeconomic inequality in the United States.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: The U.S. Labor Market During and After the Great Recession

Arne L. Kalleberg

Russell Sage Foundation, 2017

The Great Recession was the most disastrous economic upheaval in the U.S. since the Great Depression. Nearly nine million jobs were lost, median family incomes declined by about 8 percent, and the rate of long-term unemployment reached historic highs. Although the recession was officially declared over in June 2009, its effects on the labor market lingered long after. In this issue of RSF, edited by Arne L. Kalleberg and Till M. von Wachter, scholars analyze the longer-term impacts of the Great Recession on jobs, workers, and economic security.

Contributors explore a number of changes to the labor market and union density during and after the Great Recession. Jesse Rothstein investigates the factors contributing to persistently high unemployment and finds that reduced employer demand for workers was more important than labor mismatch—or unemployed workers lacking the appropriate skills for available jobs. Ruth Milkman and Stephanie Luce find increased hostility to unions among employers and steep job losses in traditionally unionized industries, both of which constricted organized labor during and after the Great Recession.

Other articles examine the effects of job loss on unemployed individuals’ mental health and family lives. Kelsey J. O’Connor finds that declining income and rising unemployment contributed to the lowest level of reported happiness in 2010, particularly for men, older people, and Hispanics. William Dickens and coauthors evaluate families’ ability to weather job losses during the Great Recession by relying on savings and find that most had insufficient wealth to buffer large earnings losses for more than a short period of time. Gokce Basbug and Ofer Sharone explore the extent to which the negative emotional toll of long-term unemployment is shaped by gender and marital status. They find that marriage tends to boost the well-being of both men and women during times of unemployment. Among married men, however, this benefit disappeared when controlling for household income, suggesting that the benefits of marriage are related more to additional income than to other forms of intangible or emotional support.

The duration and severity of the Great Recession sets it apart from earlier economic downturns and, as this issue shows, it has had long-term consequences for workers and their families.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Three Decades Since 'Making Ends Meet': What We Know about How Single Mothers Survive Today

Elizabeth O. Ananat

Russell Sage Foundation, 2026

In their seminal 1995 book Making Ends Meet: How Low-Income Single Mothers Survive Welfare and Low-Wage Employment, Kathryn Edin and Laura Lein laid bare the strategies and challenges of low-income single mothers who were struggling to provide for their families. Even in an era when cash welfare was a federal entitlement, these women struggled to get by. In the thirty years since the book’s publication, many single parents wrestle with volatility and precarious resources from work, informal and formal supports. In this double issue of RSF, economist Elizabeth O. Ananat, political scientist and public policy scholar Carolyn Y. Barnes, sociologists Sandra K. Danziger and Kathryn Edin, and an interdisciplinary group of contributors examine how the policy landscape has changed since welfare reform and how it impacts low-income single mothers’ ability to make ends meet today.

Issue 1 has 8 articles that examine how the traditional safety net has evolved and new supports that have been developed since Making Ends Meet. For example, Sarah K. Bruch and colleagues assess changes to the social safety net since welfare reform in the 1990s and find that benefits have become more exclusive, have more constraints, and are less generous. Kelley Fong and Nora McCarthy reveal that, in an attempt to decrease child maltreatment, the child welfare system increasingly provides material resources to system-involved parents, including in-kind donations and assistance accessing childcare. However, parents often avoid obtaining resources through the system because it opens them up to increased state surveillance. Heather D. Hill and colleagues show that access to paid family and medical leave (PFML) varies greatly for single mothers, with two-thirds of single mothers living in states without PMFL. For those who live in states with PFML, the accessibility and generosity of benefits vary greatly.

Issue 2 has 5 articles that look at lessons that can be learned from COVID Era policies, how single mothers currently try to make ends meet, and men’s contributions to families. For example, Natasha V. Pilkauskas and Kevin Bruey find that low-income single mothers, with and without employment, utilize a variety of public and private resources to make ends meet. Despite this, both groups face high levels of material hardship, including food and housing insecurity. Hope Harvey examines how members of doubled up households understand their economic and social relationships and reveals that there are often disagreements about shared resources, such as money and food. However, it is not just the precise contributions that cause conflict, but how the exchanges are interpreted within the context of household members’ relationships. Allison Dwyer Emory and colleagues show that nonresident fathers often have trouble making ends meet themselves and are unable to make up for the loss of cash support post-welfare reform.

This double issue of RSF showcases the persistence of precarity that low-income families face since Making Ends Meet.

Note: This copy refers to both issues of the journal double issue.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Three Decades Since 'Making Ends Meet': What We Know about How Single Mothers Survive Today

Elizabeth O. Ananat

Russell Sage Foundation, 2026

This double issue of RSF showcases the persistence of precarity that low-income families face since Making Ends Meet.

Note: This copy refers to both issues of the journal double issue.

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RSF

The Russell Sage Foundation Journal of the Social Sciences: Wealth Inequality: Economic and Social Dimensions

Fabian T. Pfeffer

Russell Sage Foundation, 2016

It is widely acknowledged that over the last several decades wealth has become more concentrated at the very top. Less appreciated is the fact that wealth inequality is increasing across all households: extremely wealthy households are pulling away from the top, top households are pulling away from the middle, and middle households are pulling away from the bottom. This development has far-reaching implications for nearly all aspects of the economic and social lives of Americans. In this issue of RSF, edited by Fabian T. Pfeffer and Robert F. Schoeni, leading social scientists investigate the causes of wealth inequality and explore its consequences for social mobility, racial equity, education, marriage, and family well-being.

Several contributors investigate the growing chasm in wealth between the rich and the middle class. Edward Wolff attributes much of the recent wealth loss among the middle class to the housing market crash, as housing accounts for a much greater share of their total wealth than it does for the rich. Jonathan Fisher and coauthors show that wealth inequality is far higher than inequality in income and consumption, and argue that because wealth acts as a buffer to income changes, it is perhaps the most relevant measure of economic inequality. Others explore the persistent racial wealth gap. Alexandra Killewald and Brielle Bryan show that the average wealth return on home ownership for African Americans is only a quarter of the return for whites. Bryan Sykes and Michelle Maroto find that the incarceration of a family member is associated with reduced family wealth, exacerbating the racial wealth gap because of racial disparities in incarceration.

Other articles focus on the effects of wealth inequality on families and relationships. Emily Rauscher finds that that parents’ financial support for their children’s education, which has positive effects on children’s educational attainment, is increasingly connected to parental wealth, tightening the link between wealth inequality and inequality of opportunity. And Alicia Eads and Laura Tach find that while greater family wealth is associated with more stable marriages, lack of wealth—particularly in the form of unsecured debt—is associated with marital instability.

As wealth inequality has increased, it is increasingly important to understand its origins and manifold social and economic consequences for current and future generations.

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Race, Ethnicity, and Economic Statistics for the 21st Century

Edited by Randall Akee, Lawrence F. Katz, and Mark A. Loewenstein

University of Chicago Press, 2026

Categorizing race and ethnicity for twenty-first-century statistics and economics.

The increasing racial and ethnic diversity of the US population raises the question of whether the race and ethnicity categories and definitions used by federal statistical agencies to create demographic statistics on which government officials, business decision-makers, and private citizens rely fully reflect the changing population. Official definitions of existing race and ethnic groups do not always command wide agreement, and over time, some definitions that were once widely accepted may become less so based on political, legal, and social factors. Comparable measures of race and ethnicity over time are needed to accurately track historical changes in economic and social outcomes, as well as racial and ethnic segregation.

This volume explores the production of economic statistics that accurately depict the complex racial and ethnic diversity of the US population in the twenty-first century. The chapters examine the consequences for economic analyses of different measurement choices concerning race and ethnicity, assess the likely implications of the 2024 changes in federal race and ethnicity measurement standards, introduce new data sets with richer demographic information, and compare measures of race and ethnicity in administrative versus survey data. They also apply existing data in creative ways to develop alternative characterizations of the changing US workforce and to illuminate important policy questions related to criminal justice, immigration, labor market discrimination, the social safety net, health care, and child welfare.

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Race, Liberalism, and Economics

David Colander, Robert E. Prasch, and Falguni A. Sheth, Editors

University of Michigan Press, 2009

Noneconomists often think that economists' approach to race is almost exclusively one of laissez-faire. Racism, Liberalism, and Economics argues that economists' ideas are more complicated. The book considers economists' support of markets in relation to the challenge of race and race relations and argues that their support of laissez-faire has traditionally been based upon a broader philosophical foundation of liberalism and history: what markets have and have not achieved in the past, and how that past relates to the future. The book discusses the concepts of liberalism and racism, the history and use of these terms, and how that history relates to policy issues. It argues that liberalism is consistent with a wide variety of policies and that the broader philosophical issues are central in choosing policies.

The contributors show how the evolution of racist ideas has been a subtle process that is woven into larger movements in the development of scientific thought; economic thinking is embedded in a larger social milieu. Previous discussions of policies toward race have been constrained by that social milieu, and, since World War II, have largely focused on ending legislated and state-sanctioned discrimination. In the past decade, the broader policy debate has moved on to questions about the existence and relative importance of intangible sources of inequality, including market structure, information asymmetries, cumulative processes, and cultural and/or social capital. This book is a product of, and a contribution to, this modern discussion. It is uniquely transdisciplinary, with contributions by and discussions among economists, philosophers, anthropologists, and literature scholars.

The volume first examines the early history of work on race by economists and social scientists more generally. It continues by surveying American economists on race and featuring contributions that embody more modern approaches to race within economics. Finally it explores several important policy issues that follow from the discussion.

". . . adds new insights that contribute significantly to the debate on racial economic inequality in the U.S. The differing opinions of the contributors provide the broad perspective needed to examine this extremely complex issue."
--James Peoples, University of Wisconsin-Milwaukee

"There is an immense economic literature on racial discrimination, employing a variety of models and decomposition methods. This volume makes a unique contribution by focusing on the philosophical assumptions at the root of this analysis and by presenting many sides of the very vigorous debate surrounding these controversial issues."
--Thomas Maloney, University of Utah

"By focusing upon the progress of analytical technique, historians of economic thought have grossly neglected the symbiotic relation of economics to public policy and ideology. This collection of essays offers a most welcome breach of disciplinary apartheid. Seizing upon recent research in the almost forgotten writings about race of Classical economists and their contemporaries, it relates nineteenth-century ideas to current debates about economic discrimination and other manifestations of racism. As the writing is both learned and lively, the book should appeal both to the generally educated reader and to teachers of courses in multiculturalism."
--Melvin Reder, Isidore Brown and Gladys J. Brown Professor Emeritus of Urban and Labor Economics, University of Chicago

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Race, Nation, and Market

Economic Culture in Porfirian Mexico

Richard Weiner

University of Arizona Press, 2004

Prior to the Revolution of 1910, economic ideals were a dominant mode of political and social discourse in Mexico. Scholars have focused considerable attention on the expansion of the market economy during this period—particularly its political, economic, and social importance. Richard Weiner now enhances our understanding of the emergence of modern Mexico by exploring the market's immense symbolic significance. Race, Nation, and Market traces the intellectual strands of economic thought during the late Porfiriato. Even in the face of Díaz's political reign, the market became the dominant theme in national discourse as contemporaries of all political persuasions underscored its social and cultural effects. This work documents the ways in which liberals, radicals, and conservatives employed market rhetoric to establish their political identities and map out their courses of action, and it shows how the market became an emblem linked to the identity of each group. Weiner explains how the dominant political interests—the científicos, the Mexican Liberal Party, and the social Catholics—each conceived economic issues, and he compares how they rhetorically used their conceptions of the market to promote their political objectives. Some worshiped it as a deity that created social peace, political harmony, and material abundance, while others demonized it as a source of social destruction. Weiner delineates their approaches and reveals how distinct notions of race, gender, community, and nationality informed economic culture and contradicted a laissez-faire conception of society and economy. By focusing on these rhetorical contests, Race, Nation, and Market offers a new perspective on social mobilization in late nineteenth-century Mexico as it also explores the related field of Porfirian economic culture and thought, about which little thus far has been written. In the face of today's controversy over globalization, it offers a unique historical perspective on the market's long-standing significance to political activism.

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Rational Choice

Edited by Robin M. Hogarth and Melvin W. Reder

University of Chicago Press, 1987

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Rational Expectations and Econometric Practice

Volume 1

Robert E. Lucas Jr. and Thomas J. Sargent, Editors

University of Minnesota Press, 1981

Rational Expectations and Econometric Practice was first published in 1981. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.

Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine of rational expectations uses standard economic methods to explain how those expectations are formed.

This work collects the papers that have made significant contributions to formulating the idea of rational expectations. Most of the papers deal with the connections between observed economic behavior and the evaluation of alternative economic policies.

Robert E. Lucas, Jr., is professor of economics at the University of Chicago. Thomas J. Sargent is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minnesota.

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Readings in Public Choice Economics

Jac C. Heckelman, Editor

University of Michigan Press, 2004

The first classroom book for undergraduate courses in public choice analysis, covering both political economy and social choice issues

Public choice analysis applies the methodology of economics to issues in political science and the policy process. The readings in this anthology cover topics in both institutional political economy and social choice theory and are comprehensible to nonspecialists and advanced undergraduates with a background in basic economic theory. Readings are taken from academic journals and book chapters and are reproduced in their entirety. They are selected to ensure they contain a minimal amount of notation and are free of advanced econometrics.

The anthology contains two to three readings each to explore the areas of rent seeking, collective action, bureaucracy, elections and the economy, choosing decision rules, majority rule, alternative voting procedures, and the calculus of voting. Each part contains a brief introduction to the general theme, and questions are presented as a guide to each reading. Additional suggested readings are provided to develop these concepts further.

Jac C. Heckelman is Associate Professor of Economics, Wake Forest University.

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Realizing Equality in Policy

Edited by Alexander Kaufman

University of Michigan Press, 2025

Economic and social inequality have become defining features of the world economy in the late twentieth and early twenty-first centuries. While increased inequality has been particularly pronounced in the United States, a similar phenomenon of increasing inequality of incomes and wealth has emerged in the economies of most major western European states. Realizing Equality in Policy brings together leading scholars to address current issues relating to rising inequality as it affects policy in the areas of education, health care, anti-poverty, employment, and economic policy.

With contributions from scholars of both luck and relational egalitarianism, the essays reexamine a number of basic assumptions regarding social and economic policy from an egalitarian perspective. They explore gender-based discrimination, international justice, and the possibility for engagement between socialist and left-liberal thought. Rather than focusing on the subtle distinctions that divide egalitarian views, this volume shows that both views have the potential to offer important insights about how differences might be overcome and gaps might be closed. In offering new directions for solving wealth inequality through policy, Realizing Equality in Policy contributes to ongoing conversations in political theory, economic theory, and moral philosophy.

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Recasting Welfare Capitalism

Economic Adjustment in Contemporary France and Germany

Mark I. Vail

Temple University Press, 2009

In Recasting Welfare Capitalism, Mark Vail employs a sophisticated and original theoretical approach to compare welfare states and political-economic adjustment in Germany and France. He examines how and why institutional change takes place and what factors characterize economic evolution when moving from times of prosperity to more austere periods and back again. Covering the 1970s to the present, Vail analyzes social and economic reforms, including labor policy, social-insurance, and anti-poverty programs. He focuses on the tactics and actions of key political players, and demolishes the stagnation argument that suggests that France and Germany have largely frozen political economies, incapable of reform.

Vail finds that these respective evolutions involve interrelated changes in social and economic policies and are characterized by political relationships that are continuously renegotiated—often in unpredictable ways. In the process, he presents a compelling reconceptualization of change in both the welfare state and the broader political economy during an age of globalization.

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Reclaiming the State

A Progressive Vision of Sovereignty for a Post-Neoliberal World

William Mitchell and Thomas Fazi

Pluto Press, 2017

Trump. Brexit. The alt-right. It’s increasingly apparent that old political notions—believed to be consigned to the dustbin of history—are now resurrected. The neonationalist, anti-globalization, and anti-establishment attitude engulfing the United States and United Kingdom hints suspiciously at a yearning for national sovereignty. Reclaiming the State offers an urgent and prescient political analysis and economic program for the Left who are strategizing for these uncertain times.

Many of our assumptions—about ideology, democracy, trade, and globalization—are being thrown into doubt, deposed by populism, nationalism, and racism. In response to these challenging times, economist Bill Mitchell and political theorist Thomas Fazi propose a reconceptualization of the sovereign state as a vehicle for change. They offer a progressive view of sovereignty based not on the demonization of the other, but as a way to bring the economy back under democratic control. With nationalism gaining support across the United States with each passing week, Reclaiaming the State provides innovative ideas to mobilize and reenergize a tired, divided Left.

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Reducing Inflation

Motivation and Strategy

Edited by Christina D. Romer and David H. Romer

University of Chicago Press, 1997

While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation.

Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries.

This timely volume should be read by anyone who studies or conducts monetary policy.

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Reforming the Welfare State

Recovery and Beyond in Sweden

Edited by Richard B. Freeman, Birgitta Swedenborg, and Robert H. Topel

University of Chicago Press, 2010

Over the course of the twentieth century, Sweden carried out one of the most ambitious experiments by a capitalist market economy in developing a large and active welfare state. Sweden's generous social programs and the economic equality they fostered became an example for other countries to emulate. Of late, Sweden has also been much discussed as a model of how to deal with financial and economic crisis, due to the country's recovery from a banking crisis in the mid-1990s. At that time economists heatedly debated whether the welfare state caused Sweden's crisis and should be reformed—a debate with clear parallels to current concerns over capitalism.

Bringing together leading economists, Reforming the Welfare State examines Sweden's policies in response to the mid-1990s crisis and the implications for the subsequent recovery. Among the issues investigated are the way changes in the labor market, tax and benefit policies, local government policy, industrial structure, and international trade affected Sweden's recovery. The way that Sweden addressed its economic challenges provides valuable insight into the viability of large welfare states, and more broadly, into the way modern economies deal with crisis.

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Regional and Global Capital Flows

Macroeconomic Causes and Consequences

Edited by Takatoshi Ito and Anne O. Krueger

University of Chicago Press, 2001

The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of scholars who address different types of capital flows—bank lending, bonds, direct foreign investment—and the implications they hold for economic performance. With its particular focus on the Asian financial crises, this work presents a new model for policy makers everywhere in thinking about the role of private capital flows.

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Regulation versus Litigation

Perspectives from Economics and Law

Edited by Daniel P. Kessler

University of Chicago Press, 2010

The efficacy of various political institutions is the subject of intense debate between proponents of broad legislative standards enforced through litigation and those who prefer regulation by administrative agencies. This book explores the trade-offs between litigation and regulation, the circumstances in which one approach may outperform the other, and the principles that affect the choice between addressing particular economic activities with one system or the other. Combining theoretical analysis with empirical investigation in a range of industries, including public health, financial markets, medical care, and workplace safety, Regulation versus Litigation sheds light on the costs and benefits of two important instruments of economic policy.

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Regulatory Justice

Implementing a Wage-Price Freeze

Robert A. Kagan

Russell Sage Foundation, 1978

Regulatory Justice is based on a case study of two closely linked federal agencies—the Cost of Living Council (CLC) and the Office of Emergency Preparedness (OEP)—which administered a nationwide wage-price freeze in 1971.

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Reinventing the Welfare State

Digital Platforms and Public Policies

Ursula Huws

Pluto Press, 2020

The Covid-19 pandemic has tragically exposed how today’s welfare state cannot properly protect its citizens. Despite the valiant efforts of public sector workers, from under-resourced hospitals to a shortage of housing and affordable social care, the pandemic has tragically shown how decades of neglect has caused hundreds to die. In this bold new book, leading policy analyst Ursula Huws shows how we can create a welfare state that is fair, affordable, and offers security for all.

Huws focuses on some of the key issues of our time – the gig economy, universal, free healthcare, and social care, to criticize the current state of welfare provision. Drawing on a lifetime of research on these topics, she clearly explains why we need to radically rethink how it could change. With positivity and rigor, she proposes new and original policy ideas, including critical discussions of Universal Basic Income and new legislation for universal workers' rights.

She also outlines a 'digital welfare state' for the 21st century. This would involve a repurposing of online platform technologies under public control to modernize and expand public services, and improve accessibility.

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Religion and Economic Justice

edited by Michael Zweig

Temple University Press, 1992

As Eastern European economies move to capitalism, many people there hope for a better life. But capitalism is no guarantee of prosperity. Economic deprivation, war, social marginalization, and powerlessness mark the lives of millions and spark social movements for economic justice aimed at correcting these conditions. Often these movements are based in religious communities, their activists motivated by religious commitment to human dignity and the need for personal empowerment. Although the new theology contains an economic critique, little dialogue has taken place between the religious and economic communities on matters of economic analysis. Religion and Economic Justice seeks to develop this exchange.

This book contains original essays by distinguished contributors from economics, religious ethics, and biblical studies. The authors provide a powerful critique of the individualism which underlies mainstream economic analysis and which fragments our communities, a critique that extends to the values implicit in the market system. The authors also show how social marginalization and economic deprivation are the consequences of economic organization, not simply the failings of individuals.

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Remittance as Belonging

Global Migration, Transnationalism, and the Quest for Home

Hasan Mahmud

Rutgers University Press, 2025

Remittance as Belonging: Global Migration, Transnationalism, and the Quest for Home argues that migrants' remittances express their sense of belonging and connectedness to their home country of origin, making an integral part of both migrants’ ethnic identity and sense of what they call home. Drawing on three and a half years of ethnographic fieldwork with Bangladeshi migrants in Tokyo and Los Angeles, Hasan Mahmud demonstrates that while migrants go abroad for various reasons, they do not travel alone. Although they leave behind their families in Bangladesh, they move abroad essentially as members of their family and community and maintain their belonging to home through transnational practices, including remittance sending. By conceptualizing remittance as an expression of migrants’ belonging, this book presents detailed accounts of the emergence, growth, decline, and revival of remittances as a function of transformations in migrants’ sense of belonging to home.

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Reputation

Studies in the Voluntary Elicitation of Good Conduct

Daniel B. Klein, Editor

University of Michigan Press, 1997

"Tricks and treachery are the practice of fools that have not wit enough to be honest," wrote Benjamin Franklin. This volume explores ways in which the honest establish trust and enjoy good fortune, even without policing. The central mechanism at work is reputation. To work, information about the individual's conduct must be observed, interpreted, recorded, stored, and transmitted. Different forms of "seals of approval" develop to communicate the quality of an individual's reputation to others.

The studies in this volume reveal how vast information systems like Dun & Bradstreet and TRW generate reputation and beneficial exchange, and how brand names, middlemen, and dealers give their own sort of seal of approval. One chapter describes the origins of Underwriters' Laboratories, an organization that sells its inspection services and mark of approval for product safety. Another argues that J. P. Morgan's investment banking service was in large part applying astute judgment in granting the Morgan seal of approval to firms in need of capital. Other, less formal, reputational mechanisms such as gossip, customary law, and written correspondence are also explored. Contexts range from trust among merchants in Medieval Europe, social control in small communities, and good conduct in a vast anonymous society such as our own.

Throughout these broad-ranging studies, the central theme of the volume emerges: in an open, competitive environment, honesty can recruit cleverness to assert itself and to drive out the dishonest. Contributors include Bruce Benson, Harry Chase Brearly, J. Benson De Long, Avner Greif, Benjamin Klein, Keith B. Leffler, Sally Engle Merry, Paul R. Milgrom, J. Wilson Newman, Douglass C. North, Marc Ryser, Adam Smith, Gordon Tullock, and Barry R. Weingast.

Daniel B. Klein is Assistant Professor of Economics, University of California, Irvine.

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Rereading Marx in the Age of Digital Capitalism

Christian Fuchs

Pluto Press, 2019

The 'end of history' has not taken place. Ideological and economic crisis and the status quo of neoliberal capitalism since 2008 demand a renewed engagement with Marx. But if we are to effectively resist capitalism we must truly understand Marx: Marxism today must theorise how communication technologies, media representation and digitalisation have come to define contemporary capitalism. There is an urgent need for critical, Marxian-inspired knowledge as a foundation for changing the world and the way we communicate from digital capitalism towards communicative socialism and digital communism. Rereading Marx in the Age of Digital Capitalism does exactly this. Delving into Marx's most influential works, such as Capital, The Grundrisse, Economic and Philosophic Manuscripts, The German Ideology and The Communist Manifesto, Christian Fuchs draws out Marx's concepts of machinery, technology, communication and ideology, all of which anticipate major themes of the digital age. A concise and coherent work of Marxist media and communication theory, the book ultimately demonstrates the relevance of Marx to an age of digital and communicative capitalism.

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Research Findings in the Economics of Aging

Edited by David A. Wise

University of Chicago Press, 2010

The baby boom generation's entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in Research Findings in the Economics of Aging, a group of leading researchers takes an eclectic view of the subject. Among the broad topics discussed are work and retirement behavior, disability, and their relationship to the structure of retirement and disability policies.

While choices about when to retire are made by individuals, these decisions are influenced by a set of incentives, including retirement benefits and health care, and this volume includes cross-national analyses of the effects of such programs on these decisions. Furthermore, the volume also offers in-depth analysis of the effects of retirement plans, employer contributions, and housing prices on retirement. It explores well-established relationships among economic circumstances, health, and mortality, as well as the effects of poverty and lower levels of economic development on health and life satisfaction. By combining micro and macro evidence, this volume continues a tradition of expanding the research agenda on the economics of aging.

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Resource Allocation in Higher Education

William F. Massy, Editor

University of Michigan Press, 1996

Resource Allocation in Higher Education describes how colleges, universities, and government agencies can use budgeting processes to improve program planning and productivity. Drawn from the contributors' direct experiences as well as research findings, it blends conceptual foundations with practical insights. Many resource allocation processes in higher education need reform, and this volume will stimulate and assist that effort. Beginning with the economic theory of nonprofits, the essays examine current budgeting systems in both theoretical and practical terms. Resource allocation systems from other domains such as health care are explored for relevant insights. Throughout, decentralization remains a major theme. Topics range from the eminently practical—how to establish a global accounting system or choose an endowment spending rate—to the more abstract—the theory of how various nonprofit enterprises balance academic values against market pressures. The volume ends by proposing value responsibility budgeting, which offers institutions a potentially better way of pursuing their academic values while remaining responsive to market pressures. Those within higher education institutions who are responsible for resource allocation, such as provosts, chief financial officers, or budget directors, will find much that speaks to them. While mostly in the domain of higher education economics, management, and planning, the essays are written for any serious reader concerned with the problem of reform in higher education.

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Rethinking Money, Debt, and Finance after the Crisis

Melinda Cooper and Martijn Konings, special issue editors

Duke University Press, 0

The financial crisis of 2007–8 has been widely understood as a result of the financial system’s exceeding its proper place in society; the system became unbalanced, unsustainable, and deprived of a solid foundation. Even as capitalist finance seeks to reinvent itself in the wake of massive upheaval, critics continue to portray the financial system as fundamentally irrational—an unstable, destructive inventor of fictitious money. Characterizing finance in this way, however, neglects the growing connection between the worlds of high finance and consumer credit. The essays in this special issue take the financial crisis as an opportunity for much-needed conceptual innovation. Its contributors move beyond strictly moralistic criticisms of financialization to rethink core economic categories such as money, speculation, measure, value, and the wage, as well as the relationship among labor, finance, and money.

Melinda Cooper is an Australian Research Council Future Fellow in the Department of Sociology and Social Policy at the University of Sydney. She is the author of Clinical Labor: Tissue Donors and Research Subjects in the Global Bioeconomy, also published by Duke University Press. Martijn Konings is Senior Lecturer and Australian Research Council DECRA Fellow in the Department of Political Economy at the University of Sydney. He is the author of The Development of American Finance.

Contributors: Lisa Adkins, Fiona Allon, Dick Bryan, Melinda Cooper, Marieke de Goede, Chris Jefferis, Martijn Konings, Randy Martin, Michael Rafferty

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Rethinking Workplace Regulation

Beyond the Standard Contract of Employment

Katherine V.W. Stone

Russell Sage Foundation, 2013

During the middle third of the 20th century, workers in most industrialized countries secured a substantial measure of job security, whether through legislation, contract or social practice. This “standard employment contract,” as it was known, became the foundation of an impressive array of rights and entitlements, including social insurance and pensions, protection against unsociable working conditions, and the right to bargain collectively. Recent changes in technology and the global economy, however, have dramatically eroded this traditional form of employment. Employers now value flexibility over stability, and increasingly hire employees for short-term or temporary work. Many countries have also repealed labor laws, relaxed employee protections, and reduced state-provided benefits. As the old system of worker protection declines, how can labor regulation be improved to protect workers? In Rethinking Workplace Regulation, nineteen leading scholars from ten countries and half a dozen disciplines present a sweeping tour of the latest policy experiments across the world that attempt to balance worker security and the new flexible employment paradigm. Edited by noted socio-legal scholars Katherine V.W. Stone and Harry Arthurs, Rethinking Workplace Regulation presents case studies on new forms of dispute resolution, job training programs, social insurance and collective representation that could serve as policy models in the contemporary industrialized world. The volume leads with an intriguing set of essays on legal attempts to update the employment contract. For example, Bruno Caruso reports on efforts in the European Union to “constitutionalize” employment and other contracts to better preserve protective principles for workers and to extend their legal impact. The volume then turns to the field of labor relations, where promising regulatory strategies have emerged. Sociologist Jelle Visser offers a fresh assessment of the Dutch version of the ‘flexicurity’ model, which attempts to balance the rise in nonstandard employment with improved social protection by indexing the minimum wage and strengthening rights of access to health insurance, pensions, and training. Sociologist Ida Regalia provides an engaging account of experimental local and regional “pacts” in Italy and France that allow several employers to share temporary workers, thereby providing workers job security within the group rather than with an individual firm. The volume also illustrates the power of governments to influence labor market institutions. Legal scholars John Howe and Michael Rawling discuss Australia's innovative legislation on supply chains that holds companies at the top of the supply chain responsible for employment law violations of their subcontractors. Contributors also analyze ways in which more general social policy is being renegotiated in light of the changing nature of work. Kendra Strauss, a geographer, offers a wide-ranging comparative analysis of pension systems and calls for a new model that offers “flexible pensions for flexible workers.” With its ambitious scope and broad inquiry, Rethinking Workplace Regulation illustrates the diverse innovations countries have developed to confront the policy challenges created by the changing nature of work. The experiments evaluated in this volume will provide inspiration and instruction for policymakers and advocates seeking to improve worker’s lives in this latest era of global capitalism.

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Rethinking the Financial Crisis

Alan S. Blinder

Russell Sage Foundation, 2013

Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.

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Revenge Capitalism

The Ghosts of Empire, the Demons of Capital, and the Settling of Unpayable Debts

Max Haiven

Pluto Press, 2020

Capitalism is in a profound state of crisis. Beyond the mere dispassionate cruelty of 'ordinary' structural violence, it appears today as a global system bent on reckless economic revenge; its expression found in mass incarceration, climate chaos, unpayable debt, pharmaceutical violence and the relentless degradation of common life.

In Revenge Capitalism, Max Haiven argues that this economic vengeance helps us explain the culture and politics of revenge we see in society more broadly. Moving from the history of colonialism and its continuing effects today, he examines the opioid crisis in the US, the growth of 'surplus populations' worldwide and unpacks the central paradigm of unpayable debts - both as reparations owed, and as a methodology of oppression.

Revenge Capitalism offers no easy answers, but is a powerful call to the radical imagination.

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Risk Topography

Systemic Risk and Macro Modeling

Edited by Markus Brunnermeier and Arvind Krishnamurthy

University of Chicago Press, 2014

The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in which the financial sector plays a greater role.

Markus Brunnermeier and Arvind Krishnamurthy have assembled contributions from leading academic researchers, central bankers, and other financial-market experts to explore the possibilities for advancing macroeconomic modeling in order to achieve more accurate economic measurement. Essays in this volume focus on the development of models capable of highlighting the vulnerabilities that leave the economy susceptible to adverse feedback loops and liquidity spirals. While these types of vulnerabilities have often been identified, they have not been consistently measured. In a financial world of increasing complexity and uncertainty, this volume is an invaluable resource for policymakers working to improve current measurement systems and for academics concerned with conceptualizing effective measurement.

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Risks in Agricultural Supply Chains

Edited by Pol Antràs and David Zilberman

University of Chicago Press, 2023

An essential guide to the role of microeconomic incentives, macro policies, and technological change in enhancing agriculture resilience.

Climate change and the recent COVID-19 pandemic have exposed the vulnerability of global agricultural supply and value chains. There is a growing awareness of the importance of interactions within and between these supply chains for understanding the performance of agricultural markets. This book presents a collection of research studies that develop conceptual models and empirical analyses of risk resilience and vulnerability in supply chains. The chapters emphasize the roles played by microeconomic incentives, macroeconomic policies, and technological change in contributing to supply chain performance. The studies range widely, considering for example how agent-based modeling and remote sensing data can be used to assess the impact of shocks, and how recent shocks such as the COVID-19 pandemic and the African Swine fever in China affected agricultural labor markets, the supply chain for meat products, and the food retailing sector. A recurring theme is the transformation of agricultural supply chains and the volatility of food systems in response to microeconomic shocks. The chapters not only present new findings but also point to important directions for future research.

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