(Marginal cost is the cost of producing additional units of a good or service, if fixed costs are not counted.) While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring marginal costs to near zero, making goods and services priceless, nearly free, and abundant, and no longer subject to market forces.Now, a formidable new technology infrastructure—the Internet of things (IoT)—is emerging with the potential of pushing large segments of economic life to near zero marginal cost in the years ahead. Rifkin describes how the Communication Internet is converging with a nascent Energy Internet and Logistics Internet to create a new technology platform that connects everything and everyone. Billions of sensors are being attached to natural resources, production lines, the electricity grid, logistics networks, recycling flows, and implanted in homes, offices, stores, vehicles, and even human beings, feeding Big Data into an IoT global neural network. Prosumers can connect to the network and use Big Data, analytics, and algorithms to accelerate efficiency, dramatically increase productivity, and lower the marginal cost of producing and sharing a wide range of products and services to near zero, just like they now do with information goods.The plummeting of marginal costs is spawning a hybrid economy—part capitalist market and part Collaborative Commons—with far reaching implications for society, according to Rifkin. Hundreds of millions of people are already transferring parts of their economic lives to the global Collaborative Commons. Prosumers are plugging into the fledgling IoT and making and sharing their own information, entertainment, green energy, and 3D-printed products at near zero marginal cost. They are also sharing cars, homes, clothes and other items via social media sites, rentals, redistribution clubs, and cooperatives at low or near zero marginal cost. Students are enrolling in free massive open online courses (MOOCs) that operate at near zero marginal cost. Social entrepreneurs are even bypassing the banking establishment and using crowdfunding to finance startup businesses as well as creating alternative currencies in the fledgling sharing economy. In this new world, social capital is as important as financial capital, access trumps ownership, sustainability supersedes consumerism, cooperation ousts competition, and "exchange value" in the capitalist marketplace is increasingly replaced by "sharable value" on the Collaborative Commons.Rifkin concludes that capitalism will remain with us, albeit in an increasingly streamlined role, primarily as an aggregator of network services and solutions, allowing it to flourish as a powerful niche player in the coming era. We are, however, says Rifkin, entering a world beyond markets where we are learning how to live together in an increasingly interdependent global Collaborative Commons.

    Now, two science professors give us the tools to dismantle misinformation and think clearly in a world of fake news and bad data.It's increasingly difficult to know what's true. Misinformation, disinformation, and fake news abound. Our media environment has become hyperpartisan. Science is conducted by press release. Startup culture elevates bullshit to high art. We are fairly well equipped to spot the sort of old-school bullshit that is based in fancy rhetoric and weasel words, but most of us don't feel qualified to challenge the avalanche of new-school bullshit presented in the language of math, science, or statistics. In Calling Bullshit, Professors Carl Bergstrom and Jevin West give us a set of powerful tools to cut through the most intimidating data.You don't need a lot of technical expertise to call out problems with data. Are the numbers or results too good or too dramatic to be true? Is the claim comparing like with like? Is it confirming your personal bias? Drawing on a deep well of expertise in statistics and computational biology, Bergstrom and West exuberantly unpack examples of selection bias and muddled data visualization, distinguish between correlation and causation, and examine the susceptibility of science to modern bullshit.We have always needed people who call bullshit when necessary, whether within a circle of friends, a community of scholars, or the citizenry of a nation. Now that bullshit has evolved, we need to relearn the art of skepticism.

    It will teach you how to get a great credit score, how to save hundreds on bills, and offer practical advice on every difficult conversation you’ve been avoiding including:Housing (for renters and buyers)Student LoansPensionsPaying off debtStocks and sharesEthical investmentsMoney and Mental healthMoney and LoveThis essential book will give you the confidence and clarity to take back control of your bank account, enabling you to thrive in all areas of your life.

    Here, Jenny Odell sends up a flare from the heart of Silicon Valley, delivering an action plan to resist capitalist narratives of productivity and techno-determinism, and to become more meaningfully connected in the process.

    Edited by Peter D. Kaufman. Brand New.

    There’s just one problem: those and many simi­lar statements are false. For the past few decades, Americans have spent billions of dollars on personal finance products. As salaries have stagnated and companies have cut back on benefits, we’ve taken matters into our own hands, embracing the can-do attitude that if we’re smart enough, we can overcome even daunting financial obstacles. But that’s not true. In this meticulously reported and shocking book, journalist and former financial columnist Helaine Olen goes behind the curtain of the personal finance industry to expose the myths, contradictions, and outright lies it has perpetuated. She shows how an industry that started as a response to the Great Depression morphed into a behemoth that thrives by selling us products and services that offer little if any help. Olen calls out some of the biggest names in the business, revealing how even the most respected gurus have engaged in dubious, even deceitful, prac­tices—from accepting payments from banks and corporations in exchange for promoting certain prod­ucts to blaming the victims of economic catastrophe for their own financial misfortune. Pound Foolish also disproves many myths about spending and saving, including:Small pleasures can bankrupt you: Gurus popular­ized the idea that cutting out lattes and other small expenditures could make us millionaires. But reduc­ing our caffeine consumption will not offset our biggest expenses: housing, education, health care, and retirement.Disciplined investing will make you rich: Gurus also love to show how steady investing can turn modest savings into a huge nest egg at retirement. But these calculations assume a healthy market and a lifetime without any setbacks—two conditions that have no connection to the real world.Women need extra help managing money: Product pushers often target women, whose alleged financial ignorance supposedly leaves them especially at risk. In reality, women and men are both terrible at handling finances.Financial literacy classes will prevent future eco­nomic crises: Experts like to claim mandatory sessions on personal finance in school will cure many of our money ills. Not only is there little evidence this is true, the entire movement is largely funded and promoted by the financial services sector.  Weaving together original reporting, interviews with experts, and studies from disciplines ranging from behavioral economics to retirement planning, Pound Foolish is a compassionate and compelling book that will change the way we think and talk about our money.

    American Studies, Social Studies

    It proposes enlightening similarities between, for instance, maneuvering in limited war and in a traffic jam; deterring the Russians and one's own children; the modern strategy of terror and the ancient institution of hostages.

    For centuries, such fears have been misplaced, and many economists maintain that they remain so today. But as Daniel Susskind demonstrates, this time really is different. Breakthroughs in artificial intelligence mean that all kinds of jobs are increasingly at risk.Drawing on almost a decade of research in the field, Susskind argues that machines no longer need to think like us in order to outperform us, as was once widely believed. As a result, more and more tasks that used to be far beyond the capability of computers – from diagnosing illnesses to drafting legal contracts, from writing news reports to composing music – are coming within their reach. The threat of technological unemployment is now real.This is not necessarily a bad thing, Susskind emphasizes. Technological progress could bring about unprecedented prosperity, solving one of humanity’s oldest problems: how to make sure that everyone has enough to live on. The challenges will be to distribute this prosperity fairly, to constrain the burgeoning power of Big Tech, and to provide meaning in a world where work is no longer the center of our lives. Perceptive, pragmatic, and ultimately hopeful, A World Without Work shows the way.

    Austerity is forcing millions into poverty and many more into precarious work, while the left remains trapped in stagnant political practices that offer no respite. Inventing the Future is a bold new manifesto for life after capitalism. Against the confused understanding of our high-tech world by both the right and the left, this book claims that the emancipatory and future-oriented possibilities of our society can be reclaimed. Instead of running from a complex future, Nick Srnicek and Alex Williams demand a postcapitaiist economy capable of advancing standards, liberating humanity from work and developing technologies that expand our freedoms.

    Albert O. Hirschman makes a basic distinction between alternative ways of reacting to deterioration in business firms and, in general, to dissatisfaction with organizations: one, "exit," is for the member to quit the organization or for the customer to switch to the competing product, and the other, "voice," is for members or customers to agitate and exert influence for change "from within." The efficiency of the competitive mechanism, with its total reliance on exit, is questioned for certain important situations. As exit often undercuts voice while being unable to counteract decline, loyalty is seen in the function of retarding exit and of permitting voice to play its proper role. The interplay of the three concepts turns out to illuminate a wide range of economic, social, and political phenomena. As the author states in the preface, "having found my own unifying way of looking at issues as diverse as competition and the two-party system, divorce and the American character, black power and the failure of 'unhappy' top officials to resign over Vietnam, I decided to let myself go a little."

    When it first appeared the New English Weekly predicted that 'for the next five to ten years it will cetainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted.' Fifty years on, this prediction seems a little understated.Why has the work endured so well? Schumpeter's contention that the seeds of capitalism's decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the book's publication. By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.

    Modern socialism is not a doctrine, Engels explains, but a working-class movement growing out of the establishment of large-scale capitalist industry and its social consequences.

    This is economist Bryan Caplan's sobering assessment in this provocative and eye-opening book. Caplan argues that voters continually elect politicians who either share their biases or else pretend to, resulting in bad policies winning again and again by popular demand.Boldly calling into question our most basic assumptions about American politics, Caplan contends that democracy fails precisely because it does what voters want. Through an analysis of Americans' voting behavior and opinions on a range of economic issues, he makes the convincing case that noneconomists suffer from four prevailing biases: they underestimate the wisdom of the market mechanism, distrust foreigners, undervalue the benefits of conserving labor, and pessimistically believe the economy is going from bad to worse. Caplan lays out several bold ways to make democratic government work better--for example, urging economic educators to focus on correcting popular misconceptions and recommending that democracies do less and let markets take up the slack.The Myth of the Rational Voter takes an unflinching look at how people who vote under the influence of false beliefs ultimately end up with government that delivers lousy results. With the upcoming presidential election season drawing nearer, this thought-provoking book is sure to spark a long-overdue reappraisal of our elective system.

    A bachelor’s degree is now required for entry into a growing number of professions. And some parents begin planning for the expense of sending their kids to college when they’re born. Almost everyone strives to go, but almost no one asks the fundamental question posed by Academically Adrift: are undergraduates really learning anything once they get there?For a large proportion of students, Richard Arum and Josipa Roksa’s answer to that question is a definitive no. Their extensive research draws on survey responses, transcript data, and, for the first time, the state-of-the-art Collegiate Learning Assessment, a standardized test administered to students in their first semester and then again at the end of their second year. According to their analysis of more than 2,300 undergraduates at twenty-four institutions, 45 percent of these students demonstrate no significant improvement in a range of skills—including critical thinking, complex reasoning, and writing—during their first two years of college. As troubling as their findings are, Arum and Roksa argue that for many faculty and administrators they will come as no surprise—instead, they are the expected result of a student body distracted by socializing or working and an institutional culture that puts undergraduate learning close to the bottom of the priority list.Academically Adrift holds sobering lessons for students, faculty, administrators, policy makers, and parents—all of whom are implicated in promoting or at least ignoring contemporary campus culture. Higher education faces crises on a number of fronts, but Arum and Roksa’s report that colleges are failing at their most basic mission will demand the attention of us all.