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  • Home
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      • Annual Conference
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        • Rybczynski Prize Terms & Conditions
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Reading Room
  • Book reviews
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Book reviews

What's Wrong With Economics?

A Primer for the Perplexed

Reviewer: Bridget Rosewell, Senior Advisor, Volterra Partners

A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time.

Money in the Great Recession:

Did a Crash in Money Growth Cause the Global Slump?

Reviewer: Christine Shields

No issue is more fundamental in contemporary macroeconomics than identifying the causes of the recent Great Recession. The standard view is that the banks were to blame because they took on too much risk, 'went bust' and had to be bailed out by governments.

An Economic History of the English Garden

Reviewer: Bridget Rosewell, Senior Advisor, Volterra Partners

At least since the seventeenth century, most of the English population have been unable to stop making, improving and dreaming of gardens. Yet in all the thousands of books about them, this is the first to address seriously the question of how much gardens and gardening have cost, and to work out the place of gardens in the economic, as well as the horticultural, life of the nation. It is a new kind of gardening history.

China's Change:

The Greatest Show on Earth

Reviewer: Ian Harwood

As the Chinese economy has become an ever larger and more integral part of the global economy, so too has China-watching become an increasingly active pursuit.

Bloomberg by Bloomberg

Reviewer: Ian Harwood

Michael Bloomberg rose from middle-class Medford, Massachusetts to become a pioneer of the computer age, mayor of New York, one of the world's most generous philanthropists, and one of America's most respected—and fearless—voices on gun violence, climate change, public health, and other issues. And it all happened after he got fired at the age of 39. This is his story, told in his own words and in his own candid style.

Narrative Economics:

How Stories Go Viral and Drive Major Economic Events

Reviewer: Bridget Rosewell

In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize-winning economist and New York Times best-selling author Robert Shiller offers a new way to think about the economy and economic change. Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior - what he calls "narrative economics" - has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events.

1 comment

Gaming Trade:

Win‑Win Strategies for the Digital Era

Reviewer: Ian Bright

Trade is no longer just the ships, planes and lorries that move the goods we buy around the world or the services we consume either physically or digitally. While trade still plays a fundamental role in achieving economic targets and promoting growth, it is also, in the modern era, an instrument of state strategy in the contest for international influence and power.

More: the 10,000 Year Rise of the World Economy

Reviewer: Rosemary Connell

More tracks the development of the world economy, starting with the first obsidian blades that made their way from what is now Turkey to the Iran-Iraq border 7000 years before Christ, and ending with the Sino-American trade war that we are in right now.

Not Working:

Where Have All The Good Jobs Gone?

Reviewer: Kevin Gardiner

Don't trust low unemployment numbers as proof that the labor market is doing fine—it isn't. Not Working is about those who can’t find full-time work at a decent wage—the underemployed—and how their plight is contributing to widespread despair, a worsening drug epidemic, and the unchecked rise of right-wing populism.

Extreme Economies:

Survival, Failure, Future - Lessons from the World’s Limits

Reviewer: Dame Kate Barker

In search of a fresh perspective on the modern economy, Extreme Economies takes the reader off the beaten path, introducing people living at the world’s margins. From disaster zones and displaced societies to failed states and hidden rainforest communities, the lives of people who inhabit these little-known places tend to be ignored by economists and policy makers. Leading economist Richard Davies argues that this is a mistake, and explains why the world’s overlooked extremes offer a glimpse of the forces that underlie human resilience, help markets to function and cause them to fail, and will come to shape our collective future.

Women vs Capitalism:

Why We Can’t Have It All in a Free Market Economy

Reviewer: Ian Bright

The free market as we know it cannot produce gender equality. This is the bold but authoritative argument of Vicky Pryce, the government's former economics chief.

1 comment

The Wealth Effect:

How the great expectations of the middle class have changed the politics of banking crises

Reviewer: William Allen

The politics of major banking crises has been transformed since the nineteenth century. Analyzing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising wealth of the middle class has generated 'great expectations' among voters that the government is responsible for the protection of this wealth.

Radical Uncertainty

Decision‑Making or an Unknowable Future

Reviewer: Vicky Pryce

We do not know what the future will hold. But we must make decisions anyway. So we crave certainties which cannot exist and invent knowledge we cannot have. But humans are successful because they have adapted to an environment that they understand only imperfectly. Throughout history we have developed a variety of ways of coping with the radical uncertainty that defines our lives.

1 comment

Central Banking in Turbulent Times

Reviewer: Mario Pisani

Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks.

Beyond Brexit: A Programme for UK Reform

Reviewer: Neville R Norman, University of Melbourne

The National Institute of Economic and Social Research asked Llewellyn Consulting and Gatehouse Advisory Partners to commission a special collection of papers on the problems faced by Britain that go beyond Brexit per se for the 250th issue of its quarterly Review. The papers under the auspices of the newly established Policy Reform Group provide an agenda for the reform of the British political, economic and administrative landscape that will help secure a more robust future for the peoples of these islands.

A Good time to be a Girl:

A Guide to Thriving at Work and Living Well

Reviewer: Ian Bright, ING

From the founder of the worldwide 30% Club campaign comes a career book for women in a transforming world who don't just want to lean in, but instead, shatter the paradigm as we know it.

2 comments

Evolution or revolution:

Rethinking macroeconomic policy after the Great Recession

Speaker: James Smith, Resolution Foundation

Leading economists discuss post-financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics.

Heroes or Villains?

The Blair Government reconsidered

Reviewer: Mario Pisani

Tony Blair was the political colossus in Britain for thirteen years, winning three elections in a row for New Labour, two of them by huge majorities. However, since leaving office he has been disowned by many in his own party, with the term 'Blairite' becoming an insult. The election of Jeremy Corbyn as Labour Party leader in 2015 seemed to be, if not an equal, at least an opposite reaction to Blair's long dominance of the centre and left of British politics.

Financial Models and Society:

Villains or Scapegoats?

Reviewer: Lavan Mahadeva, Research Director, CRU International Ltd

Ekaterina Svetlova analyses the various patterns of the application of models in asset management, risk management and financial engineering to demonstrate that their power is far more fragile than widespread criticism would indicate. This unique and stimulating book furthers our understanding of the influence of financial models on markets and society more broadly.

The Technology Trap:

Capital, labour and power in the age of automation

Reviewer: Rosemary Connell

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.

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Articles reflect the authors’ views which are not necessarily shared by the Society or the Editor. The Editor welcomes comments, ideas and articles on a wide range of applied economics topics and related issues of more general interest.

For Books and Reviews contact:
Ian Harwood
Book Reviews Editor, The Society of Professional Economists
harwoodfive@btinternet.com

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