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After Piketty
Are Thomas Piketty’s analyses of inequality on target? Where should researchers go from here in exploring the ideas he pushed to the forefront of global conversation? In After Piketty, a cast of economists and other social scientists tackle these questions in dialogue with Piketty, in what is sure to be a much-debated book in its own right.
Student Debt
As of 2019, Americans owed over 1.56 trillion dollars in student loan debt, and 69 percent of college students who graduated in 2018 had to take out student loans. Student debt has increased significantly over the past twenty years, but what factors have brought this about? Are students to blame for making irresponsible financial decisions, or is the price of education rising disproportionately to average income? How do variables like class and race impact student debt? What impact do these debts have on individuals and the economy? This volume examines the nature of America's student debt crisis and explores possible solutions.
Monetary Policy Under Labor Market Power
Using the near universe of online vacancy postings in the U.S., we study the interaction between labor market power and monetary policy. We show empirically that labor market power amplifies the labor demand effects of monetary policy, while not disproportionately affecting wage growth. A search and matching model in which firms can attract workers by either offering higher wages or posting more vacancies can rationalize these findings. We also find that vacancy postings that do not require a college degree or technology skills are more responsive to monetary policy, especially when firms have labor market power. Our results help explain the “wageless” recovery after the 2008 financial crisis and the flattening of the wage Phillips curve, especially for the low-skilled, who saw stagnant wages but a robust decline in unemployment.
Democracy in Chains
Winner of the Lillian Smith Book Award Winner of the Los Angeles Times Book Prize Finalist for the National Book Award The Nation's "Most Valuable Book" “[A] vibrant intellectual history of the radical right.”—The Atlantic “This sixty-year campaign to make libertarianism mainstream and eventually take the government itself is at the heart of Democracy in Chains. . . . If you're worried about what all this means for America's future, you should be.”—NPR An explosive exposé of the right’s relentless campaign to eliminate unions, suppress voting, privatize public education, stop action on climate change, and alter the Constitution. Behind today’s headlines of billionaires takin...
Illiberal Reformers
In Illiberal Reformers, Thomas Leonard reexamines the economic progressives whose ideas and reform agenda underwrote the Progressive Era dismantling of laissez-faire and the creation of the regulatory welfare state, which, they believed, would humanize and rationalize industrial capitalism. But not for all. Academic social scientists such as Richard T. Ely, John R. Commons, and Edward A. Ross, together with their reform allies in social work, charity, journalism, and law, played a pivotal role in establishing minimum-wage and maximum-hours laws, workmen's compensation, progressive income taxes, antitrust regulation, and other hallmarks of the regulatory welfare state. But even as they offere...
From Free to Fair Markets
'From Free to Fair Markets' proposes a new vision of liberalism coming out of the COVID-19 pandemic. An accessible articulation of a new economic path for liberal societies, this book addresses problems of economic disadvantage, stagnation, inequality, and climate change, and simultaneously emphasizes the importance of markets in ensuring the efficiency and sustainability of policy solutions. With concrete policies and practical steps, Rosalind Dixon and Richard Holden's proposal for future of liberalism offers a new way to think about economic policy that is fair and capable of responding to the challenges of a post-COVID world.
The President's House Is Empty
The President's House is Empty: Losing and Gaining Public Goods explores the question of what we—the public—owe each other as free and equal members of a democratic society. With essays by writers and thinkers like Bonnie Honig, this collection attempts to make sense of the current administration's disdain for public things like the White House, public education, and clean water.
The Ends of Freedom
An urgent and galvanizing argument for an Economic Bill of Rights—and its potential to confer true freedom on all Americans. Since the Founding, Americans have debated the true meaning of freedom. For some, freedom meant the provision of life’s necessities, those basic conditions for the “pursuit of happiness.” For others, freedom meant the civil and political rights enumerated in the Bill of Rights and unfettered access to the marketplace—nothing more. As Mark Paul explains, the latter interpretation—thanks in large part to a particularly influential cadre of economists—has all but won out among policymakers, with dire repercussions for American society: rampant inequality, en...
Works like a Charm
Works like a Charm addresses a simple question: Why are “incentives” everywhere now? From inducements to work harder at our jobs to tax rebates for corporations, “incentive” names a general theory of motivation—according to economists, we are incentive-driven creatures. Yet far from being a neutral generalization, this understanding of human behavior smuggles in a quintessentially economic way of seeing the world. Works like a Charm applies Jacques Lacan's psychoanalytic concept of retroactive causality to explain the metastasis of the language and logic of incentives: To discover an incentive is to place in the untouchable past an economic cause for a contextual, historical force. Tracing “incentive” from its roots in antiquity to its uptake by neoclassical and then Chicago-school economists, Robert O. McDonald diagnoses the spread of incentives across the social, cultural, and political field and warns readers of the dangers of handing over causality to the economists.
