Book picks similar to
Misbehaving: The Making of Behavioral Economics by Richard H. Thaler
economics
non-fiction
psychology
business
Radical Markets: Uprooting Capitalism and Democracy for a Just Society
Eric A. Posner - 2018
The solution is to rein in the market, right? Radical Markets turns this thinking--and pretty much all conventional thinking about markets, both for and against--on its head. The book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.Eric Posner and Glen Weyl demonstrate why private property is inherently monopolistic, and how we would all be better off if private ownership were converted into a public auction for public benefit. They show how the principle of one person, one vote inhibits democracy, suggesting instead an ingenious way for voters to effectively influence the issues that matter most to them. They argue that every citizen of a host country should benefit from immigration--not just migrants and their capitalist employers. They propose leveraging antitrust laws to liberate markets from the grip of institutional investors and creating a data labor movement to force digital monopolies to compensate people for their electronic data.Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition--Radical Markets shows how.
The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations
David Pilling - 2018
Ultimately, it is the perceived health of the economy which determines how much we can spend on our schools, highways, and defense; economists decide how much unemployment is acceptable and whether it is right to print money or bail out profligate banks. The backlash we are currently witnessing suggests that people are turning against the experts and their faulty understanding of our lives. Despite decades of steady economic growth, many citizens feel more pessimistic than ever, and are voting for candidates who voice undisguised contempt for the technocratic elite. For too long, economics has relied on a language which fails to resonate with people's actual experience, and we are now living with the consequences. In this powerful, incisive book, David Pilling reveals the hidden biases of economic orthodoxy and explores the alternatives to GDP, from measures of wealth, equality, and sustainability to measures of subjective wellbeing. Authoritative, provocative, and eye-opening, The Growth Delusion offers witty and unexpected insights into how our society can respond to the needs of real people instead of pursuing growth at any cost.
The End of Average: How We Succeed in a World That Values Sameness
Todd Rose - 2016
We’re a little taller or shorter than the average, our salary is a bit higher or lower than the average, and we wonder about who it is that is buying the average-priced home. All around us, we think, are the average people—with the average height, the average salary and the average house.But the average doesn’t just influence how we see ourselves—our entire social system has been built around this average-size-fits-all model. Schools are designed for the average student. Healthcare is designed for the average patient. Employers try to fill average job descriptions with employees on an average career trajectory. Our government implements programs and initiatives to serve the average person. For more than a century, we’ve believed that the best way to run our institutions is by focusing on the average person. But when you actually drill down into the numbers, you find an amazing fact: no one is average—which means that our society built for everyone is actually serving no one.In the 1950s, the American Air Force found itself with a massive problem—performance in expensive, custom-made planes was suffering terribly, with crashes peaking at seventeen in a single day. Since the state-of-the-art planes they were flying had been meticulously crafted to fit the average pilot, pilot error was assumed to be at fault. Until, that is, the Air Force investigated just how many of their pilots were actually average. The shocking answer: out of thousands of active-duty pilots, exactly zero were average. Not one. This discovery led to simple solutions (like adjustable seats) that dramatically reduced accidents, improved performance, and expanded the pool of potential pilots. It also led to a huge change in thinking: planes didn’t need to be designed for everyone—they needed to be designed so they could adapt to suit the individual flying them.The End of Average shows how success lies in customizing to our individual needs in all aspects of our lives, from the way we mark tests to the medical treatment we receive. Using principles from The Science of the Individual, it shows how we can break down the average to create individualized success that benefits everyone in the long run. It's time we stopped settling for average, and in The End of Average, Todd Rose will show you how.
Prosperity Without Growth: Economics for a Finite Planet
Tim Jackson - 2009
But in the advanced economies there is mounting evidence that ever-increasing consumption adds little to human happiness and may even impede it. More urgently, it is now clear that the ecosystems that sustain our economies are collapsing under the impacts of rising consumption. Unless we can radically lower the environmental impact of economic activity - and there is no evidence to suggest that we can - we will have to devise a path to prosperity that does not rely on continued growth.Economic heresy? Or an opportunity to improve the sources of well-being, creativity and lasting prosperity that lie outside the realm of the market? Tim Jackson provides a credible vision of how human society can flourish �1/2 within the ecological limits of a finite planet. Fulfilling this vision is simply the most urgent task of our times.This book is a substantially revised and updated version of Jackson's controversial study for the Sustainable Development Commission, an advisory body to the UK Government. The study rapidly became the most downloaded report in the Commission's nine year history when it was launched earlier this year.
The Righteous Mind: Why Good People Are Divided by Politics and Religion
Jonathan Haidt - 2012
His starting point is moral intuition—the nearly instantaneous perceptions we all have about other people and the things they do. These intuitions feel like self-evident truths, making us righteously certain that those who see things differently are wrong. Haidt shows us how these intuitions differ across cultures, including the cultures of the political left and right. He blends his own research findings with those of anthropologists, historians, and other psychologists to draw a map of the moral domain. He then examines the origins of morality, overturning the view that evolution made us fundamentally selfish creatures. But rather than arguing that we are innately altruistic, he makes a more subtle claim—that we are fundamentally groupish. It is our groupishness, he explains, that leads to our greatest joys, our religious divisions, and our political affiliations. In a stunning final chapter on ideology and civility, Haidt shows what each side is right about, and why we need the insights of liberals, conservatives, and libertarians to flourish as a nation.
Success and Luck: Good Fortune and the Myth of Meritocracy
Robert H. Frank - 2016
As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success--and why that hurts everyone, even the wealthy.Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones--and enormous income differences--over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways.But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year--more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, noncontroversial steps.Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.
The Checklist Manifesto: How to Get Things Right
Atul Gawande - 2009
Longer training, ever more advanced technologies—neither seems to prevent grievous errors. But in a hopeful turn, acclaimed surgeon and writer Atul Gawande finds a remedy in the humblest and simplest of techniques: the checklist. First introduced decades ago by the U.S. Air Force, checklists have enabled pilots to fly aircraft of mind-boggling sophistication. Now innovative checklists are being adopted in hospitals around the world, helping doctors and nurses respond to everything from flu epidemics to avalanches. Even in the immensely complex world of surgery, a simple ninety-second variant has cut the rate of fatalities by more than a third.In riveting stories, Gawande takes us from Austria, where an emergency checklist saved a drowning victim who had spent half an hour underwater, to Michigan, where a cleanliness checklist in intensive care units virtually eliminated a type of deadly hospital infection. He explains how checklists actually work to prompt striking and immediate improvements. And he follows the checklist revolution into fields well beyond medicine, from disaster response to investment banking, skyscraper construction, and businesses of all kinds.An intellectual adventure in which lives are lost and saved and one simple idea makes a tremendous difference, The Checklist Manifesto is essential reading for anyone working to get things right.
The Creature from Jekyll Island: A Second Look at the Federal Reserve
G. Edward Griffin - 1994
Cussed and discussed by all from notable politicians to academicians to laypersons. Do you want to know the truth about money? Creature from Jekyll Island will give you the answers to these, and other, questions: Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait! You'll be hooked in five minutes. Creature from Jekyll Island Reads like a detective story which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Creature from Jekyll Island is a "must read." Your world view will definitely change. You'll never trust a politician again or a banker.
Against Empathy: The Case for Rational Compassion
Paul Bloom - 2016
Many of our wisest policy-makers, activists, scientists, and philosophers agree that the only problem with empathy is that we don’t have enough of it.Nothing could be farther from the truth, argues Yale researcher Paul Bloom. In AGAINST EMPATHY, Bloom reveals empathy to be one of the leading motivators of inequality and immorality in society. Far from helping us to improve the lives of others, empathy is a capricious and irrational emotion that appeals to our narrow prejudices. It muddles our judgment and, ironically, often leads to cruelty. We are at our best when we are smart enough not to rely on it, but to draw instead upon a more distanced compassion.Basing his argument on groundbreaking scientific findings, Bloom makes the case that some of the worst decisions made by individuals and nations—who to give money to, when to go to war, how to respond to climate change, and who to imprison—are too often motivated by honest, yet misplaced, emotions. With precision and wit, he demonstrates how empathy distorts our judgment in every aspect of our lives, from philanthropy and charity to the justice system; from medical care and education to parenting and marriage. Without empathy, Bloom insists, our decisions would be clearer, fairer, and—yes—ultimately more moral.Brilliantly argued, urgent and humane, AGAINST EMPATHY shows us that, when it comes to both major policy decisions and the choices we make in our everyday lives, limiting our impulse toward empathy is often the most compassionate choice we can make.
More Money Than God: Hedge Funds and the Making of a New Elite
Sebastian Mallaby - 2010
Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929-style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded. Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.
Moonwalking with Einstein: The Art and Science of Remembering Everything
Joshua Foer - 2011
From the United States Memory Championship to deep within the author's own mind, this is an electrifying work of journalism that reminds us that, in every way that matters, we are the sum of our memories.
Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right
Jane Mayer - 2016
But as Jane Mayer shows in this powerful, meticulously reported history, a network of exceedingly wealthy people with extreme libertarian views bankrolled a systematic, step-by-step plan to fundamentally alter the American political system.The network has brought together some of the richest people on the planet. Their core beliefs—that taxes are a form of tyranny; that government oversight of business is an assault on freedom—are sincerely held. But these beliefs also advance their personal and corporate interests: Many of their companies have run afoul of federal pollution, worker safety, securities, and tax laws.The chief figures in the network are Charles and David Koch, whose father made his fortune in part by building oil refineries in Stalin’s Russia and Hitler’s Germany. The patriarch later was a founding member of the John Birch Society, whose politics were so radical it believed Dwight Eisenhower was a communist. The brothers were schooled in a political philosophy that asserted the only role of government is to provide security and to enforce property rights.When libertarian ideas proved decidedly unpopular with voters, the Koch brothers and their allies chose another path. If they pooled their vast resources, they could fund an interlocking array of organizations that could work in tandem to influence and ultimately control academic institutions, think tanks, the courts, statehouses, Congress, and, they hoped, the presidency. Richard Mellon Scaife, the mercurial heir to banking and oil fortunes, had the brilliant insight that most of their political activities could be written off as tax-deductible “philanthropy.”These organizations were given innocuous names such as Americans for Prosperity. Funding sources were hidden whenever possible. This process reached its apotheosis with the allegedly populist Tea Party movement, abetted mightily by the Citizens United decision—a case conceived of by legal advocates funded by the network.The political operatives the network employs are disciplined, smart, and at times ruthless. Mayer documents instances in which people affiliated with these groups hired private detectives to impugn whistle-blowers, journalists, and even government investigators. And their efforts have been remarkably successful. Libertarian views on taxes and regulation, once far outside the mainstream and still rejected by most Americans, are ascendant in the majority of state governments, the Supreme Court, and Congress. Meaningful environmental, labor, finance, and tax reforms have been stymied.Jane Mayer spent five years conducting hundreds of interviews-including with several sources within the network-and scoured public records, private papers, and court proceedings in reporting this book. In a taut and utterly convincing narrative, she traces the byzantine trail of the billions of dollars spent by the network and provides vivid portraits of the colorful figures behind the new American oligarchy.Dark Money is a book that must be read by anyone who cares about the future of American democracy.
The Wizard of Lies: Bernie Madoff and the Death of Trust
Diana B. Henriques - 2011
Many have speculated about what might have happened or what must have happened, but no reporter has been able to get the full story -- until now.In The Wizard of Lies, Diana B. Henriques of The New York Times -- who has led the paper’s coverage of the Madoff scandal since the day the story broke -- has written the definitive book on the man and his scheme, drawing on unprecedented access and more than one hundred interviews with people at all levels and on all sides of the crime, including Madoff’s first interviews for publication since his arrest. Henriques also provides vivid details from the various lawsuits, government investigations, and court filings that will explode the myths that have come to surround the story.A true-life financial thriller, The Wizard of Lies contrasts Madoff's remarkable rise on Wall Street, where he became one of the country’s most trusted and respected traders, with dramatic scenes from his accelerating slide toward self-destruction. It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff’s downfall -- the suicides, business failures, fractured families, shuttered charities -- and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street.
NeuroTribes: The Legacy of Autism and the Future of Neurodiversity
Steve Silberman - 2015
Along the way, he reveals the untold story of Hans Asperger, the father of Asperger’s syndrome, whose “little professors” were targeted by the darkest social-engineering experiment in human history; exposes the covert campaign by child psychiatrist Leo Kanner to suppress knowledge of the autism spectrum for fifty years; and casts light on the growing movement of "neurodiversity" activists seeking respect, support, technological innovation, accommodations in the workplace and in education, and the right to self-determination for those with cognitive differences.
Why We Make Mistakes: How We Look Without Seeing, Forget Things in Seconds, and Are All Pretty Sure We Are Way Above Average
Joseph T. Hallinan - 2009
Our eyes play tricks on us; our stories change in the retelling; and most of us are fairly sure we’re way above average. In Why We Make Mistakes, journalist Joseph T. Hallinan sets out to explore the science of human error—how we think, see, remember, and forget, and how this sets us up for wholly irresistible mistakes.In his quest to understand our imperfections, Hallinan delves into psychology, neuroscience, and economics, with forays into aviation, consumer behavior, geography, football, stock picking, and more. He discovers that some of the same qualities that make us efficient also make us error prone. Why We Make Mistakes is enlivened by real-life stories--of weathermen whose predictions are uncannily accurate and a witness who sent an innocent man to jail--and offers valuable advice, such as how to remember where you’ve hidden something important. He explains why multitasking is a bad idea, why men make errors women don’t. This book will open your eyes to the reasons behind your mistakes and have you vowing to do better the next time.