Want to know what books Diane Coyle recommends on their reading list? We've researched interviews, social media posts, podcasts, and articles to build a comprehensive list of Diane Coyle's favorite book recommendations of all time.
1
An eminent sociologist and bestselling author offers an inspiring blueprint for rebuilding our fractured society.
We are living in a time of deep divisions. Americans are sorting themselves along racial, religious, and cultural lines, leading to a level of polarization that the country hasn't seen since the Civil War. Pundits and politicians are calling for us to come together, to find common purpose. But how, exactly, can this be done?
In Palaces for the People, Eric Klinenberg suggests a way forward. He believes that the future of democratic... more An eminent sociologist and bestselling author offers an inspiring blueprint for rebuilding our fractured society.
We are living in a time of deep divisions. Americans are sorting themselves along racial, religious, and cultural lines, leading to a level of polarization that the country hasn't seen since the Civil War. Pundits and politicians are calling for us to come together, to find common purpose. But how, exactly, can this be done?
In Palaces for the People, Eric Klinenberg suggests a way forward. He believes that the future of democratic societies rests not simply on shared values but on shared spaces: the libraries, childcare centers, bookstores, churches, synagogues, and parks where crucial, sometimes life-saving connections, are formed. These are places where people gather and linger, making friends across group lines and strengthening the entire community. Klinenberg calls this the "social infrastructure" When it is strong, neighborhoods flourish; when it is neglected, as it has been in recent years, families and individuals must fend for themselves.
Klinenberg takes us around the globe--from a floating school in Bangladesh to an arts incubator in Chicago, from a soccer pitch in Queens to an evangelical church in Houston--to show how social infrastructure is helping to solve some of our most pressing challenges: isolation, crime, education, addiction, political polarization, and even climate change.
Richly reported, elegantly written, and ultimately uplifting, Palaces for the People urges us to acknowledge the crucial role these spaces play in civic life. Our social infrastructure could be the key to bridging our seemingly unbridgeable divides--and safeguarding democracy. less 
Diane CoyleThis is about what social scientists call ‘social capital’, so the social assets or strengths that any community has to draw on in delivering economic improvements or quality of life etc. It’s about libraries in particular, but also other social infrastructure that enables people to meet and understand each other and have safe and inviting ways to help each other. He talks about how these are... (Source)
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2
To understand how humans react and adapt to economic change we need to study people who live in harsh environments. From war zones, natural disasters and failed states, to aging societies and the challenges of technological advancement, every life in this book has been hit by a seismic shock, violently broken or changed in some way.
People living in these odd and marginal places are ignored by number crunching economists and political pollsters alike. Science suggests this is a mistake. This book tells the personal stories of humans living in extreme situations, and of the... more To understand how humans react and adapt to economic change we need to study people who live in harsh environments. From war zones, natural disasters and failed states, to aging societies and the challenges of technological advancement, every life in this book has been hit by a seismic shock, violently broken or changed in some way.
People living in these odd and marginal places are ignored by number crunching economists and political pollsters alike. Science suggests this is a mistake. This book tells the personal stories of humans living in extreme situations, and of the financial infrastructure they create. Here, economies are not concerned with the familiar stock market crashes, housing crises, or banking scandals of the financial pages.
In his quest for a purer view of how economies succeed and fail, Richard Davies takes the reader off the beaten path to places where part of the economy has been repressed, removed, destroyed or turbocharged. By travelling to each of them and discovering what life is really like, Extreme Economies tells small stories that shed light on today’s biggest economic questions, with vital lessons for our future. less Diane CoyleThis book is a series of rip-roaring tales about what you might classify as ‘informal’ economies in different contexts and the way that some of them work really well and some of them work really badly. The compare and contrast gives you real insights into what perhaps makes a formal, official economy work very well or very badly. (Source)
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3
How the history of technological revolutions can help us better understand economic and political polarization in the age of automation
From the Industrial Revolution to the age of artificial intelligence, The Technology Trap takes a sweeping look at the history of technological progress and how it has radically shifted the distribution of economic and political power among society’s members. As Carl Benedikt Frey shows, the Industrial Revolution created unprecedented wealth and prosperity over the long run, but the immediate consequences of mechanization were... more How the history of technological revolutions can help us better understand economic and political polarization in the age of automation
From the Industrial Revolution to the age of artificial intelligence, The Technology Trap takes a sweeping look at the history of technological progress and how it has radically shifted the distribution of economic and political power among society’s members. As Carl Benedikt Frey shows, the Industrial Revolution created unprecedented wealth and prosperity over the long run, but the immediate consequences of mechanization were devastating for large swaths of the population. Middle-income jobs withered, wages stagnated, the labor share of income fell, profits surged, and economic inequality skyrocketed. These trends, Frey documents, broadly mirror those in our current age of automation, which began with the Computer Revolution.
Just as the Industrial Revolution eventually brought about extraordinary benefits for society, artificial intelligence systems have the potential to do the same. But Frey argues that this depends on how the short term is managed. In the nineteenth century, workers violently expressed their concerns over machines taking their jobs. The Luddite uprisings joined a long wave of machinery riots that swept across Europe and China. Today’s despairing middle class has not resorted to physical force, but their frustration has led to rising populism and the increasing fragmentation of society. As middle-class jobs continue to come under pressure, there’s no assurance that positive attitudes to technology will persist.
The Industrial Revolution was a defining moment in history, but few grasped its enormous consequences at the time. The Technology Trap demonstrates that in the midst of another technological revolution, the lessons of the past can help us to more effectively face the present. less Diane CoyleCarl’s work is about what the impact of this new wave of technology and automation is going to be on everybody’s jobs and standards of living. He does that by taking a historical perspective and looking at the Industrial Revolution. The fact is that for quite a long period there wasn’t any increase in average standards of living and indeed, as we know from literature, there was a period of great... (Source)
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4
Many of the most dynamic public companies, from Alibaba to Facebook to Visa, and the most valuable start-ups, such as Airbnb and Uber, are matchmakers that connect one group of customers with another group of customers. Economists call matchmakers multisided platforms because they provide physical or virtual platforms for multiple groups to get together. Dating sites connect people with potential matches, for example, and ride-sharing apps do the same for drivers and riders. Although matchmakers have been around for millennia, they’re becoming more and more popular—and profitable—due... more Many of the most dynamic public companies, from Alibaba to Facebook to Visa, and the most valuable start-ups, such as Airbnb and Uber, are matchmakers that connect one group of customers with another group of customers. Economists call matchmakers multisided platforms because they provide physical or virtual platforms for multiple groups to get together. Dating sites connect people with potential matches, for example, and ride-sharing apps do the same for drivers and riders. Although matchmakers have been around for millennia, they’re becoming more and more popular—and profitable—due to dramatic advances in technology, and a lot of companies that have managed to crack the code of this business model have become today’s power brokers.
Don’t let the flashy successes fool you, though. Starting a matchmaker is one of the toughest business challenges, and almost everyone who tries to build one, fails.
In Matchmakers, David Evans and Richard Schmalensee, two economists who were among the first to analyze multisided platforms and discover their principles, and who’ve consulted for some of the most successful platform businesses in the world, explain how matchmakers work best in practice, why they do what they do, and how entrepreneurs can improve their chances for success.
Whether you’re an entrepreneur, an investor, a consumer, or an executive, your future will involve more and more multisided platforms, and Matchmakers—rich with stories from platform winners and losers—is the one book you’ll need in order to navigate this appealing but confusing world.
less Diane CoyleBy platforms we mean things like Uber and AirBnB. But there are lots of other examples emerging as well. It’s becoming a very popular business model to try. (Source)
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5
How do the one percent hold on to their wealth? And how do they keep getting richer, despite financial crises and the myriad of taxes on income, capital gains, and inheritance? Capital without Borders takes a novel approach to these questions by looking at professionals who specialize in protecting the fortunes of the world's richest people: wealth managers. Brooke Harrington spent nearly eight years studying this little-known group--including two years training to become a wealth manager herself. She then "followed the money" to the eighteen most popular tax havens in the world,... more How do the one percent hold on to their wealth? And how do they keep getting richer, despite financial crises and the myriad of taxes on income, capital gains, and inheritance? Capital without Borders takes a novel approach to these questions by looking at professionals who specialize in protecting the fortunes of the world's richest people: wealth managers. Brooke Harrington spent nearly eight years studying this little-known group--including two years training to become a wealth manager herself. She then "followed the money" to the eighteen most popular tax havens in the world, interviewing practitioners to understand how they helped their high-net-worth clients avoid taxes, creditors, and disgruntled heirs--all while staying just within the letter of the law.
Capital without Borders reveals how wealth managers use offshore banks, shell corporations, and trusts to shield billions in private wealth not only from taxation but from all manner of legal obligations. And it shows how practitioners justify their work, despite evidence that it erodes government authority and contributes to global inequality.
Harrington's research offers the first glimpse into the tactics and mentality of a secretive profession that controls astonishingly large flows of capital around the world. Based on sixty-five practitioner interviews--conducted in the traditional financial centers of Europe and the Americas as well as the up-and-coming tax havens of Africa, Asia, and the South Pacific--Capital without Borders gives voice for the first time to an elite that has worked quietly and unobtrusively to enrich the one percent. less Diane CoyleThe clash of worldviews that this book illustrated was a complete eye-opener for me. (Source)
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6
Why do policies and business practices that ignore the moral and generous side of human nature often fail?
Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire.
But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed... more Why do policies and business practices that ignore the moral and generous side of human nature often fail?
Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire.
But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends. less Diane CoyleHe’s got this interesting combination of an unconventional, technical modeling approach and a very humane sensibility. Both of those are non-mainstream. But I sense that his time has come. (Source)
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7
What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them
Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach.
In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the... more What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them
Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach.
In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save--and they identify the true causes of distress and inequality for many working Americans.
We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative--and often costly--coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most.
Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them. less Diane CoyleI suppose you would put it alongside a number of more general books about what’s been happening to the working and middle classes in America of late. (Source)
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"A fascinating new perspective on modern finance," --Oliver Hart, 2016 Nobel Laureate in Economics
"Lucid, witty and delightfully erudite...From the French revolution to film noir, from the history of probability to Jane Austen and The Simpsons, this is an astonishing intellectual feast." --Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan
In 1688, essayist Josef de la Vega described finance as both “the fairest and most deceitful business . . . the noblest and the most infamous in the world, the finest and... more "A fascinating new perspective on modern finance," --Oliver Hart, 2016 Nobel Laureate in Economics
"Lucid, witty and delightfully erudite...From the French revolution to film noir, from the history of probability to Jane Austen and The Simpsons, this is an astonishing intellectual feast." --Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan
In 1688, essayist Josef de la Vega described finance as both “the fairest and most deceitful business . . . the noblest and the most infamous in the world, the finest and most vulgar on earth.”
The characterization of finance as deceitful, infamous, and vulgar still rings true today – particularly in the wake of the 2008 financial crisis. But, what happened to the fairest, noblest, and finest profession that de la Vega saw?
De la Vega hit on an essential truth that has been forgotten: finance can be just as principled, life-affirming, and worthy as it can be fraught with questionable practices. Today, finance is shrouded in mystery for outsiders, while many insiders are uneasy with the disrepute of their profession. How can finance become more accessible and also recover its nobility?
Harvard Business School professor Mihir Desai, in his “last lecture” to the graduating Harvard MBA class of 2015, took up the cause of restoring humanity to finance. With incisive wit and irony, his lecture drew upon a rich knowledge of literature, film, history, and philosophy to explain the inner workings of finance in a manner that has never been seen before.
This book captures Desai’s lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession.
The mix of finance and the humanities creates unusual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks’s The Producers teaches us about fiduciary responsibility. In Desai’s vision, the principles of finance also provide answers to critical questions in our lives. Among many surprising parallels, bankruptcy teaches us how to react to failure, the lessons of mergers apply to marriages, and the Capital Asset Pricing Model demonstrates the true value of relationships.
THE WISDOM OF FINANCE is a wholly unique book, offering a refreshing new perspective on one of the world’s most complex and misunderstood professions. less Diane CoyleThis is a slightly quirky book, which I really enjoyed reading. It’s about getting over some messages about financial markets using stories. (Source)
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9
A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe--and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a... more A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe--and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.
Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.
A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.
An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work. less Diane CoyleIf you’re doing economics you ought to be thinking about whether your theories and evidence are consistent with what we know from cognitive science and psychology and biology. (Source)
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10
Jean Tirole, Steven Rendall | 4.08
From the Nobel Prize-winning economist, a bold new agenda for the role of economics in society
When Jean Tirole won the Nobel Prize in Economics, he suddenly found himself being stopped in the street by strangers and asked to comment on current events far from his own research. His transformation from academic economist to public intellectual prompted him to reflect more deeply on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics can help us improve the shared... more From the Nobel Prize-winning economist, a bold new agenda for the role of economics in society
When Jean Tirole won the Nobel Prize in Economics, he suddenly found himself being stopped in the street by strangers and asked to comment on current events far from his own research. His transformation from academic economist to public intellectual prompted him to reflect more deeply on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics can help us improve the shared lot of societies and humanity as a whole. To show how, Tirole shares his insights on a broad range of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation. Compelling and accessible, Economics for the Common Good sets a new agenda for the role of economics in society. less Diane CoyleJean Tirole wrote this book after he won his Nobel Prize in 2014 because, he said, people kept coming up to him and saying, ‘ Tell us what it’s all about!’ For the first time, he felt that he ought to write a book that was accessible to people who wanted to learn from him. (Source)
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11
Stories of famously eccentric Princetonians abound—such as that of chemist Hubert Alyea, the model for The Absent-Minded Professor, or Ralph Nader, said to have had his own key to the library as an undergraduate. Or the "Phantom of Fine Hall," a figure many students had seen shuffling around the corridors of the math and physics building wearing purple sneakers and writing numerology treatises on the blackboards. The Phantom was John Nash, one of the most brilliant mathematicians of his generation, who had spiraled into schizophrenia in the 1950s. His most important work had been in... more Stories of famously eccentric Princetonians abound—such as that of chemist Hubert Alyea, the model for The Absent-Minded Professor, or Ralph Nader, said to have had his own key to the library as an undergraduate. Or the "Phantom of Fine Hall," a figure many students had seen shuffling around the corridors of the math and physics building wearing purple sneakers and writing numerology treatises on the blackboards. The Phantom was John Nash, one of the most brilliant mathematicians of his generation, who had spiraled into schizophrenia in the 1950s. His most important work had been in game theory, which by the 1980s was underpinning a large part of economics. When the Nobel Prize committee began debating a prize for game theory, Nash's name inevitably came up—only to be dismissed, since the prize clearly could not go to a madman. But in 1994 Nash, in remission from schizophrenia, shared the Nobel Prize in economics for work done some 45 years previously.
Economist and journalist Sylvia Nasar has written a biography of Nash that looks at all sides of his life. She gives an intelligent, understandable exposition of his mathematical ideas and a picture of schizophrenia that is evocative but decidedly unromantic. Her story of the machinations behind Nash's Nobel is fascinating and one of very few such accounts available in print (the CIA could learn a thing or two from the Nobel committees). less 
Ariel RubinsteinThe story of John Nash is really a human story – I don’t think it sheds much light on game theory. But it gives hope to people dealing with this disease. (Source)
Diane CoyleThis is a terrific book for just saying something about what game theory helps to do, without plunging you into all the complicated mathematics of how to do it in practice. (Source)
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12
Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race... more Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race in which no firm in an innovating industry dares to fall behind the others in new products and processes, and inter-firm collaboration in the creation and use of innovations.
While giving price competition due credit, Baumol stresses that large firms use innovation as a prime competitive weapon. However, as he explains it, firms do not wish to risk too much innovation, because it is costly, and can be made obsolete by rival innovation. So firms have split the difference through the sale of technology licenses and participation in technology-sharing compacts that pay huge dividends to the economy as a whole--and thereby made innovation a routine feature of economic life. This process, in Baumol's view, accounts for the unparalleled growth of modern capitalist economies. Drawing on extensive research and years of consulting work for many large global firms, Baumol shows in this original work that the capitalist growth process, at least in societies where the rule of law prevails, comes far closer to the requirements of economic efficiency than is typically understood.
Resounding with rare intellectual force, this book marks a milestone in the comprehension of the accomplishments of our free-market economic system--a new understanding that, suggests the author, promises to benefit many countries that lack the advantages of this immense innovation machine. less Diane CoyleThe Free Market Innovation Machine is by Will Baumol, one of the most fruitful and creative economists of our time. He wrote my textbook when I was an undergraduate – which was a very long time ago. This is a book about how companies do research, put it into practice and develop new products and services. The real insight in it, which hadn’t really been documented so carefully before, is that big... (Source)
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13
In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Ormerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly complicated global marketplace. more In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Ormerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly complicated global marketplace. less Diane CoyleButterfly Economics is by an economist who is very critical of most other economists. (Source)
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14
The Company of Strangers shows us the remarkable strangeness, and fragility, of our everyday lives. This completely revised and updated edition includes a new chapter analyzing how the rise and fall of social trust explain the unsustainable boom in the global economy over the past decade and the financial crisis that succeeded it.
Drawing on insights from biology, anthropology, history, psychology, and literature, Paul Seabright explores how our evolved ability of abstract reasoning has allowed institutions like money, markets, cities, and the banking system to... more The Company of Strangers shows us the remarkable strangeness, and fragility, of our everyday lives. This completely revised and updated edition includes a new chapter analyzing how the rise and fall of social trust explain the unsustainable boom in the global economy over the past decade and the financial crisis that succeeded it.
Drawing on insights from biology, anthropology, history, psychology, and literature, Paul Seabright explores how our evolved ability of abstract reasoning has allowed institutions like money, markets, cities, and the banking system to provide the foundations of social trust that we need in our everyday lives. Even the simple acts of buying food and clothing depend on an astonishing web of interaction that spans the globe. How did humans develop the ability to trust total strangers with providing our most basic needs?
-- "Guardian" less Diane CoyleThis book is about how the division of labour has become so extensive that everything we do in the economy means that we’re tightly connected to a huge number of other people. (Source)
Anatole KaletskySeabright raises the question of how the biological drive to compete can coexist with the co-operation that makes competitive societies successful. (Source)
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15
Chosen by Pankaj Mishra as one of the Best Books of the Summer
Neoliberals hate the state. Or do they? In the first intellectual history of neoliberal globalism, Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.
Slobodian begins in Austria in the 1920s. Empires were dissolving and nationalism, socialism, and democratic self-determination threatened the stability... more Chosen by Pankaj Mishra as one of the Best Books of the Summer
Neoliberals hate the state. Or do they? In the first intellectual history of neoliberal globalism, Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.
Slobodian begins in Austria in the 1920s. Empires were dissolving and nationalism, socialism, and democratic self-determination threatened the stability of the global capitalist system. In response, Austrian intellectuals called for a new way of organizing the world. But they and their successors in academia and government, from such famous economists as Friedrich Hayek and Ludwig von Mises to influential but lesser-known figures such as Wilhelm R�pke and Michael Heilperin, did not propose a regime of laissez-faire. Rather they used states and global institutions--the League of Nations, the European Court of Justice, the World Trade Organization, and international investment law--to insulate the markets against sovereign states, political change, and turbulent democratic demands for greater equality and social justice.
Far from discarding the regulatory state, neoliberals wanted to harness it to their grand project of protecting capitalism on a global scale. It was a project, Slobodian shows, that changed the world, but that was also undermined time and again by the inequality, relentless change, and social injustice that accompanied it. less Diane CoyleThis book is about the philosophical origins of neoliberalism in 1930s Vienna and logical positivism and how it spread globally, particularly into Anglo-Saxon and American universities, and also about the way it underpinned the philosophy of globalization that we have seen take over the world since the 1980s. It’s really interesting to understand that the ideas that we think of as ‘natural’... (Source)
Joe WeisenthalIf anyone's looking for a last-week-of-summer beach read, this book by @zeithistoriker on how we got here is great. https://t.co/YZ6VtRevUc HT: @MattZeitlin for the rec. (Source)
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America’s economic revolution isn’t just driven by technology. It’s about markets.
The past twenty-five years have witnessed a remarkable shift in how we get the stuff we want. If you’ve ever owned a business, rented an apartment, or shopped online, you’ve had a front-row seat for this revolution-in-progress. Breakthrough companies like Amazon and Uber have disrupted the old ways and made the economy work better—all thanks to technology.
At least that’s how the story of the modern economy is usually told. But in this lucid, wry book, Ray Fisman and Tim Sullivan show... more America’s economic revolution isn’t just driven by technology. It’s about markets.
The past twenty-five years have witnessed a remarkable shift in how we get the stuff we want. If you’ve ever owned a business, rented an apartment, or shopped online, you’ve had a front-row seat for this revolution-in-progress. Breakthrough companies like Amazon and Uber have disrupted the old ways and made the economy work better—all thanks to technology.
At least that’s how the story of the modern economy is usually told. But in this lucid, wry book, Ray Fisman and Tim Sullivan show that the revolution is bigger than tech: it is really a story about the transformation of markets. From the auction theories that power Google’s ad sales algorithms to the models that online retailers use to prevent internet fraud, even the most high-tech modern businesses are empowered by theory first envisioned by economists.
And we’re all participants in this revolution. Every time you book a room on Airbnb, hire a car on Lyft, or click on an ad, you too are reshaping our social institutions and our lives.
The Inner Lives of Markets is necessary reading for the modern world: it reveals the blueprint for how we work, live, and shop, and offers wisdom for how to do it better. less 
Reid HoffmanThis book is essential reading for any non-economist who wants to understand how markets shape our world, including transformational marketplaces like Amazon, Airbnb, and eBay. (Source)
Diane CoyleI love this book for explaining, so clearly, a really important area of economics where there has been huge progress in the past 20 years or so. (Source)
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17
A leading artificial intelligence researcher lays out a new approach to AI that will enable us to coexist successfully with increasingly intelligent machines
In the popular imagination, superhuman artificial intelligence is an approaching tidal wave that threatens not just jobs and human relationships, but civilization itself. Conflict between humans and machines is seen as inevitable and its outcome all too predictable.
In this groundbreaking book, distinguished AI researcher Stuart Russell argues that this scenario can be avoided, but only if we... more
A leading artificial intelligence researcher lays out a new approach to AI that will enable us to coexist successfully with increasingly intelligent machines
In the popular imagination, superhuman artificial intelligence is an approaching tidal wave that threatens not just jobs and human relationships, but civilization itself. Conflict between humans and machines is seen as inevitable and its outcome all too predictable.
In this groundbreaking book, distinguished AI researcher Stuart Russell argues that this scenario can be avoided, but only if we rethink AI from the ground up. Russell begins by exploring the idea of intelligence in humans and in machines. He describes the near-term benefits we can expect, from intelligent personal assistants to vastly accelerated scientific research, and outlines the AI breakthroughs that still have to happen before we reach superhuman AI. He also spells out the ways humans are already finding to misuse AI, from lethal autonomous weapons to viral sabotage.
If the predicted breakthroughs occur and superhuman AI emerges, we will have created entities far more powerful than ourselves. How can we ensure they never, ever, have power over us? Russell suggests that we can rebuild AI on a new foundation, according to which machines are designed to be inherently uncertain about the human preferences they are required to satisfy. Such machines would be humble, altruistic, and committed to pursue our objectives, not theirs. This new foundation would allow us to create machines that are provably deferential and provably beneficial.
In a 2014 editorial co-authored with Stephen Hawking, Russell wrote, "Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last." Solving the problem of control over AI is not just possible; it is the key that unlocks a future of unlimited promise. less Diane Coylethere’s a whole clutch of AI books…People want to understand what’s going on. Human Compatible is a really clearly written one. It explains enough about how AI works, but also what some of the challenges are. (Source)
Marcus BorbaBook Review, ‘Human Compatible’:
A Book About Artificial Intelligence (#AI) That Asks Some Interesting Questions
https://t.co/BCe5JnHPuE @Forbes
#ArtificialIntelligence #DataScience #BigData #DeepLearning #Robotics #MachineLearning https://t.co/gKo0mpBeva (Source)
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Debates about financial reform have led to the recognition that a healthy financial system doesn't depend solely on how it is structured--organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How... more Debates about financial reform have led to the recognition that a healthy financial system doesn't depend solely on how it is structured--organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behavior in organizations?
Beunza takes readers behind the scenes in a bank unit that, within its firm, is widely perceived to be "a class act," and he considers how this trading room unit might serve as a blueprint solution for the ills of Wall Street's unsustainable culture. Beunza demonstrates that the integration of traders across desks reduces the danger of blind spots created by models. Warning against the risk of moral disengagement posed by the use of models, he also contends that such disengagement could be avoided by instituting moral norms and social relations.
Providing a unique perspective on a complex subject, Taking the Floor profiles what an effective, responsible trading room can and should look like. less See more recommendations for this book...
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A leading economist offers a radically new approach to the economic analysis of the law
In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how... more A leading economist offers a radically new approach to the economic analysis of the law
In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood.
Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a "focal point" approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state--the politicians, judges, and bureaucrats--enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact--a framework applicable to both less-developed countries and the developed world.
Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society. less See more recommendations for this book...
20
"Slavery in the United States was a business. A morally reprehensible―and very profitable business...Rosenthal argues that slaveholders in the American South and Caribbean were using advanced management and accounting techniques long before their northern counterparts. Techniques that are still used by businesses today."
―
Marketplace
A Politico Great Weekend Read
Accounting for Slavery is a unique contribution to the decades-long effort to understand New World slavery's complex relationship with capitalism. Through careful... more "Slavery in the United States was a business. A morally reprehensible―and very profitable business...Rosenthal argues that slaveholders in the American South and Caribbean were using advanced management and accounting techniques long before their northern counterparts. Techniques that are still used by businesses today."
―
Marketplace
A Politico Great Weekend Read
Accounting for Slavery is a unique contribution to the decades-long effort to understand New World slavery's complex relationship with capitalism. Through careful analysis of plantation records, Caitlin Rosenthal explores the development of quantitative management practices on West Indian and Southern plantations. She shows how planter-capitalists built sophisticated organizational structures and even practiced an early form of scientific management. They subjected enslaved people to experiments, such as allocating and reallocating labor from crop to crop, planning meals and lodging, and carefully recording daily productivity. The incentive strategies they crafted offered rewards but also threatened brutal punishment.
The traditional story of modern management focuses on the factories of England and New England, but Rosenthal demonstrates that investors in West Indian and Southern plantations used complex accounting practices, sometimes before their Northern counterparts. For example, some planters depreciated their human capital decades before the practice was a widely used accounting technique. Contrary to narratives that depict slavery as a barrier to innovation, Accounting for Slavery explains how elite planters turned their power over enslaved people into a productivity advantage. The brutality of slavery was readily compatible with the development of new quantitative techniques for workforce organization.
By showing the many ways that business innovation can be a byproduct of bondage, Rosenthal further erodes the false boundary between capitalism and slavery and illuminates deep parallels between the outlooks of eighteenth- and nineteenth-century slaveholders and the ethical dilemmas facing twenty-first-century businesses. less Diane CoyleIt’s a fascinating book by @Eli_B_Cook (I’ve reviewed it for J EconLit). See also https://t.co/5jCq56eTcF https://t.co/h8OpGBjiWn (Source)
Sarah Taber@CarolynVan Funny story, Accounting for Slavery & Scorpio are the ones that kicked the whole thing off. That book is ... just very Scorpio in the best way. (Source)
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21
How America's high standard of living came to be and why future growth is under threat
In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue... more How America's high standard of living came to be and why future growth is under threat
In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions. A critical voice in the most pressing debates of our time, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come. less 
Bill GatesI did find his historical analysis, which makes up the bulk of the book, utterly fascinating. (Source)
Brad FeldThe Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War: This book was a grind, but it had a lot of good stuff in it. It’s only 784 pages so it took more than a day to read it. If you are trying to understand what is going on in the current American economy, and why the future will not look like the past, this is a good place to start. (Source)
Satya NadellaCovering everything from the combustion engine to the flush toilet—and judging recent breakthroughs with a skeptical eye—this work of economic history “concludes that innovation is the ultimate source of dramatic improvements in the human condition,” says Nadella. (Source)
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22
David S. Landes tells the long, fascinating story of wealth and power throughout the world: the creation of wealth, the paths of winners and losers, the rise and fall of nations. He studies history as a process, attempting to understand how the world's cultures lead to - or retard - economic and military success and material achievement. Countries of the West, Landes asserts, prospered early through the interplay of a vital, open society focused on work and knowledge, which led to increased productivity, the creation of new technologies, and the pursuit of change. Europe's key advantage lay... more David S. Landes tells the long, fascinating story of wealth and power throughout the world: the creation of wealth, the paths of winners and losers, the rise and fall of nations. He studies history as a process, attempting to understand how the world's cultures lead to - or retard - economic and military success and material achievement. Countries of the West, Landes asserts, prospered early through the interplay of a vital, open society focused on work and knowledge, which led to increased productivity, the creation of new technologies, and the pursuit of change. Europe's key advantage lay in invention and know-how, as applied in war, transportation, generation of power, and skill in metalwork. Even such now banal inventions as eyeglasses and the clock were, in their day, powerful levers that tipped the balance of world economic power. Today's new economic winners are following much the same roads to power, while the laggards have somehow failed to duplicate this crucial formula for success. The key to relieving much of the world's poverty lies in understanding the lessons history has to teach us - lessons uniquely imparted in this towering work of history. less 
John KayHe provides an explanation for why Western Europe was the cradle for modern economic growth and looks at the development of the institutions that made modern economic development possible. (Source)
Diane CoyleThe Wealth And Poverty of Nations is one of several really fantastic economic history books of recent times. (Source)
Sean TurnellIt’s the most erudite examination of what causes economic development and growth that’s been written in many decades. (Source)
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