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A Financial Times Best Book of the Year for 2021 People in a resilient society are able to bounce back from shocks, such as pandemics and economic crises. Lacking resilience, societies, families and individuals can reach tipping points from which they cannot recover. The Resilient Society by Princeton University economist Markus Brunnermeier describes how individuals, institutions and nations can successfully navigate a dynamic, globalized economy filled with unknown risks. The author applies his macroeconomic insights to public health, innovation, public debt overhang, innovation, inequality, climate change and challenges to the global order, offering ground-breaking blueprints for the reconstruction of societies and economies in a post-Covid world. Written for business leaders, economists, policymakers and politically interested citizens, the book argues that the concept of resilience can be a compass for developing a social contract that benefits all people.
An integrated approach to the economics of sovereign default Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of ...
In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their inve...
How much do we know about what makes people thrive and societies flourish? While a vast body of research has been dedicated to understanding problems and disorders, we know remarkably little about the positive aspects of life, the things that make life worth living. This landmark volume heralds the emergence of a new field of science that endeavours to understand how individuals and societies thrive and flourish, and how this new knowledge can be applied to foster happiness, health and fulfillment, and institutions that encourage the development of these qualities. Taking a dynamic, cross-disciplinary approach, it sets out to explore the most promising routes to well-being, derived from the ...
From 1940 to 1970, nearly four million black migrants left the American rural South to settle in the industrial cities of the North and West. Competition in the Promised Land provides a comprehensive account of the long-lasting effects of the influx of black workers on labor markets and urban space in receiving areas. Traditionally, the Great Black Migration has been lauded as a path to general black economic progress. Leah Boustan challenges this view, arguing instead that the migration produced winners and losers within the black community. Boustan shows that migrants themselves gained tremendously, more than doubling their earnings by moving North. But these new arrivals competed with exi...