As noted, Ben has a new and very interesting book coming out Religion and the Rise of Capitalism. He is also the author of the superb The Moral Consequences of Economic Growth, and the earlier Day of Reckoning, about the economic policies of the Reagan administration. Ben has been a leading macroeconomist since the 1970s, and he taught me Ph.D. macro at Harvard in 1984, one of my favorite professors I might add. Here is Ben on scholar.google.com.
So what should I ask him?
Erasmus Darwin plunged into popular scientific poetry. Cantering along in the style — if not with the elegance — of Alexander Pope, he never aspired to greatness. His verses, however, were remarkable for their vivid pictures of evolution interlaced with stirring accounts of the advancement of science, technology, and human culture during the late eighteenth century, the very epitome of optimistic entrepreneurial thought applied to the natural world in the bright glow of the prerevolutionary era.
It is hard to recapture the full extent of the fame these writings, virtually forgotten today, brought him. Yet for many readers of the 1790s, Darwin was the poet for the age of liberty and social advance: an advocate of industrialisation and cultural improvement; an avid admirer of the power of steam; a discipline of the French philosophes, revealing his Jacobin-like fervour for change and transformation at every turn, and deliberately provocative in taking as his publisher the radical Joseph Johnson, the Londoner who printed William Godwin and friends; at all times a poet of progress, with such an obvious sense of humor that his zest for life could not fail to amuse.
The new edition of Modern Principles is here! We take our title, Modern Principles of Economics, seriously. Other textbooks stick with the market for ice cream year after year but when it comes to new editions we don’t just add a box or two–we rewrite entire chapters with new examples and applications and we cut older material to make way for the new.
In the new edition we introduce platform economics and we use it to explain why Facebook is free; we have new material applying the elasticity of supply to understand why housing is so expensive in some cities; we have rewritten the chapter on trade to take into account the China shock and the China trade-war shock including the implications for politics; we have new material on pollution and a carbon tax; new material on the declining labor force participation rate of men and new material on supply chains and bottlenecks. Of course, there is also new material on pandemics although we had material on pandemics in the very first edition!
Modern Principles of Economics is by far the best textbook for teaching online (or offline!). Not only do you get over a hundred professionally produced videos, like this one on price ceilings and price coordination, you also get Achieve, the excellent new course management system that integrates e-book, tutorials, quizzes, exams, assessment and much more so that you can get up and running online overnight.
I’ll be covering some of the new material in Modern Principles this week.
That is the new, forthcoming book by Benjamin M. Friedman, due out in January, you can pre-order here. I will be inviting him to do a CWT, he was also an excellent macro professor way back when.
Via Henry C. Clark.
1. Gregory M. Collins, Commerce and Manners in Edmund Burke’s Political Economy. Burke is underrated as an economist, and also more generally. This very thorough and thoughtful book goes a long way toward setting the record straight. In the meantime, it is not sufficiently well known just how much Keynes was influenced by Burke.
2. Terryl Givens, Mormonism: What Everyone Needs to Know. Perhaps if one needs to read this book, one is also under-qualified to comment on it. Still it seemed very good to me and providing one of the better introductions. I hadn’t know for instance that Abraham and even Adam to some extent were “in on” the covenant all along.
3. R.F. Foster, On Seamus Heaney. A very good “short book essay” on one of my favorite poets. That is a UK link, here is what you get when you search U.S. Amazon. How can that be? These days you can search Amazon better using Google than using Amazon itself.
4. Charles Camic, Veblen: The Making of an Economist Who Unmade Economics. It makes sense that a biography of Veblen should be…somewhat verbose. Nonetheless this is a valuable contribution for anyone interested in the topic. To me the main question is why the libertarian right takes Veblen more seriously these days than does the Left, perhaps it is because they read Veblen and immediately think of Wokeism?
5. Charles Lyell, Principles of Geology. From the 1830s, this remains one of the great scientific classics. I had never known how well-reasoned or beautifully written it was, a big positive surprise for me. Not just a bunch of crusty old rocks, though it is also about…a bunch of crusty old rocks.
There is Judith Flanders, A Place for Everything: The Curious History of Alphabetical Order.
John Fabian Witt, American Contagions: Epidemics and the Law from Smallpox to Covid-19 is a short but useful treatment of what its title promises. I had not known that both Frederick Douglass and Malcolm X were opposed to compulsory vaccination.
Here is the audio, video, and transcript. Here is the CWT summary:
She joined Tyler to discuss the reasons Haitian identity and culture will likely persist in America, the vibrant Haitian art scenes, why Haiti has the best food in the Caribbean, how radio is remaining central to Haitian politics, why teaching in Creole would improve Haitian schools, what’s special about the painted tap-taps, how tourism influenced Haitian art, working with Jonathan Demme, how the CDC destroyed the Haitian tourism industry, her perspective on the Black Lives Matter movement, why she writes better at night, the hard lessons of Haiti’s political history, and more.
Here is one excerpt:
COWEN: Now, in all of these conversations, there’s a segment where I present to the guest my favorite Haitian proverbs, and he or she reacts. Are you ready for a few?
DANTICAT: All right. You’ve been sharing Haitian proverbs with your guests?
COWEN: Here’s one. “After the dance, the drum is heavy.”
DANTICAT: Oh my god.
COWEN: What does that mean to you?
DANTICAT: Aprè dans, tanbou lou. I actually have a book called After the Dance. It’s on Carnival. Yes, for me, it means that there are consequences to everything, even the most joyful thing. You have to be prepared for the consequences of things that you’ve done.
It’s something that my mom used to say quite a bit, too. If you have just had a really big celebration, or if you waited too late to do your homework because you’re having a good time watching a program you like, she was like, “Aprè dans, tanbou lou.” After the dance, the drum is heavy. It’s like the morning-after, hangover situation and the most joyful outcome, but really, that there are consequences to everything.
COWEN: Here’s another one. “It is the owner of the body who looks out for the body.”
DANTICAT: Oh, this one. You will not believe how much we hear that these days. Se mèt kò ki veye kò. It’s something that we say a lot now in the coronavirus era. You hear it on the radio. You hear people say it when they talk to their neighbors. Se mèt kò ki veye kò. That means that, really, you are the best person to take care of yourself.
If you’re saying, “Wear your mask when you go out during the coronavirus era.” “Wash your hands.” It’s like the best, the most qualified person to take care of you is you. It’s not the doctor. It’s not your loved one. Se mèt kò ki veye kò. It’s the owner of the body who takes care of the body. It’s like, “Watch out for yourself.” It’s very good advice these days.
COWEN: “When they want to kill a dog, they say it’s crazy.”
DANTICAT: Yes, that’s the dehumanization. I guess that’s fake news. [laughs] It’s connected to the fake news. If you want to diminish or slight someone, you call them names. So that’s also a timely one, I think.
COWEN: How about this one? “The constitution is paper; the bayonet is steel.”
DANTICAT: Yes. Again, back to our conversation about dictatorship, in a way. I believe that one was often cited by one of the generals, actually, during the ’90s, during the coup d’état, or it might have been even before. I think it speaks to the fragility of documents like the constitution. Yesterday was Constitution Day in the US, so that might also apply here.
It’s that whole thing with freedom. Freedom is something that we have to always keep watching out it doesn’t slip away because, sometimes, we think these documents or these rules are set in stone. I think this general who kept saying this was saying, “Well, I have the weapons.” It’s kind of paper, rock scissors. Which is stronger?
COWEN: “When the mapou tree dies, goats would eat its leaves.”
DANTICAT: Yes. This one, I think, is about humility because we have this expression that we say when someone has died who has contributed a great deal to our culture: we say that a mapou has fallen. A mapou is a soft cotton tree, it’s a kind of sacred tree, and it’s also a big tree that lasts forever. It’s a regal institution, a mapou.
What this one is saying, actually, the goat is a meager creature compared to a mapou, and there’s no way a goat would actually be able to access the leaves of a mapou, but when it dies, it falls. I’ve always heard that proverb as a way of encouraging humility, that all our leaves are vulnerable to the goat, if you will. [laughs]
COWEN: One more proverb, “Beyond the mountain is another mountain.”
DANTICAT: Yes. Dèyè mòn gen mòn.
COWEN: That’s a very famous one.
DANTICAT: Yes. I actually use that a lot myself. One of my neighbors just passed away, and she used to use that proverb a lot. I think it means that no matter what, we can see there is more. I think it’s about there’s more to everything than what we see.
It also speaks to the physical layout of Haiti because it’s a very mountainous place. Ayiti. The Arawak called it Ayiti. It actually means land of the mountains, and it’s physically true. If you’re traveling across Haiti, literally, there’s always a mountain physically behind a mountain, but in a spiritual sense, it also means that there’s always more.
Recommended. And I thank Carl-Henri Prophète for assistance with the transcription.
Emily St. John Mandel, The Glass Hotel.
Anne Enright, Actress: A Novel.
Susannah Clarke, Piranesi.
Maggie O’Farrell, Hamnet.
Elena Ferrante, The Lying Life of Adults.
Of those Hamnet was my clear favorite, then the Enright. Here is my non-fiction list, which also explains why the lists have come earlier this year.
Usually I give this list much later in November, but shopping rhythms are off this year. Furthermore The Strand bookstore in NYC is rather desperately asking for your business, as is Shakespeare & Co. in Paris, and many other independent bookshops. Nor would it hurt Barnes & Noble if you spent your money there, and I hear Amazon is hiring and boosting the macroeconomy. I believe bookstores in England will be closing in a few days, so hurry now. Finally, I hope you will stay home and read these rather than traveling for Thanksgiving!
As usual, these are (roughly) in the order I read them, not ranked by preference or quality.
Bruno Macaes, History has Begun: The Birth of a New America.
Thane Gustafson, The Bridge: Natural Gas in a Redivided Europe.
Dietrich Vollrath, Fully Grown: Why a Stagnant Economy is a Sign of Success.
Ronald S. Calinger, Leonhard Euler: Mathematical Genius of the Enlightenment.
Jay Belsky, Avshalom Caspi, Terrie E. Moffitt, and Richie Poulton, The Origins of You: How Childhood Shapes Later Life.
Steven Levy, Facebook: The Inside Story.
Oliver Craske, Indian Sun: The Life and Music of Ravi Shankar.
Zachary D. Carter, The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes.
Daniel Todman, Britain’s War 1942-1947.
Brent Tarter, Virginians and Their History.
Matt Yglesias, One Billion Americans.
Ed Douglas, Himalaya: A Human History.
Nicholas McDowell, Poet of Revolution: The Making of John Milton.
Rebecca Wragg Sykes, Kindred: Neanderthal Life, Love, Death and Art.
This is indeed a fantastic list, really strong, and apologies to those I have forgotten (there are always some). I will be doing a revised, updated, and last two months filled in list much later in December.
And here are the additions:
Darmon Richter, Chernobyl: A Stalker’s Guide.
By Rebecca Wragg Sykes, an excellent book, a very responsible treatment of what we do and do not know about Neanderthals, with a bit on Denisovans as well. It is a book full of sentences such as: “Micro-morphology has also provided proof that, far from being slovenly, Neanderthals were regularly disposing of their rubbish.” It seems they enjoyed mussels and also grubs, among many other foodstuffs. The hearth was the center of the home and they had fairly advanced systems for butchery. They used leather and deployed pigments.
I enjoyed this segment:
Parisians, Londoners or Berliners today with ostensibly European heritage have very little connection even to Mesolithic people just 10,000 years ago. The vast majority of their DNA comes from a massive influx of Western Asian peoples during the Neolithic. This means that many of the first H. sapiens populations are more extinct than the neanderthals; not a great sign of evolutionary dominance.
Recommended, you can order here.
A reader writes —
“Despite being the preeminent model for global science funding, and far more powerful than any single university, the workings of the NIH or NSF are surprisingly opaque to most people. These bodies shape who becomes a scientist, what science they pursue, and how they pursue it. I would therefore like to fund a book about how the institutions of US science actually operate, how they’ve changed, what the relevant surrounding incentives are, and how it is that they should likely evolve from here. It’s possible, perhaps even very likely, that a good version of this book would be picked up by a good publisher. Even if it isn’t, it should exist in the public domain. I will invest generously in anyone who seeks to write one.”
This reader is highly credible. If you’re interested and have relevant expertise, please email me. (Suggestions for good possible authors — people who genuinely understand the system but who could be sufficiently objective and where relevant critical — are welcome although not as useful.)
1. Bruno Latour, Down to Earth: Politics in the New Climactic Regime. Mostly not about climate per se, rather how we are failing at being true materialists: “In a sense, Trump’s election confirms, for the rest of the world, the end of a politics oriented toward an identifiable goal. Trumpian politics is not “post-truth,” it is post-politics — that is, literally, a politics with no object, since it rejects the world that it claims to inhabit.” Mostly interesting, as one expects from Latour, but not exactly in the Anglo-American style either. It also shows a kind of convergence with the ideas of Bruno Macaes, reviewed here by John Gray.
2. Robert Townsend, Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems. Bitcoin and crypto yes, but the more fundamental concept in this book is…distributed ledgers, which include Thai rice allocation schemes and Mesopotamia circa 4000 B.C. It is highly intelligent and well done, but somehow I think books like this work better when they are more speculative and future-oriented.
3. Hermione Lee, Tom Stoppard: A Life. So many pages, and perhaps this will not be surpassed soon. Yet it never quite tells you how he got to be so smart, or how his intellectual development proceeded, or even what his smartness consists of. So I can’t say I liked it. By the way, for those of you who don’t know, it seems to me that Stoppard is one of the smartest people and also the most important living playwright, most of all for anyone interested in intellectual history.
4. Ronald Bailey and Marian L. Tupy, Ten Global Trends Every Smart Person Should Know. Lovely visuals, blurb from Pinker, the curves slope upward, get the picture? Let’s hope they’re right! Ultimately I find this kind of exercise less convincing than I used to, instead preferring a broader theory that also accounts for what I perceive to be a growing disorientation. Which brings us to the next title…
5. Slavoj Žižek, Hegel in a Wired Brain. How do transhumanism, Elon Musk/Neuralink, the Singularity, Book of Genesis, and Hegel all fit together? There is only one person who could pull off such a book, noting this version is dense and not for the uninitiated. Here is one squib: “Police is closer to civil society than state; it is a kind of representative of state in civil society, but for this very reason it has to be experienced as an external force, not an inner ethical power.” If you take away all the people who quite overrate him, Žižek is in fact remarkably underrated.
1. Martin Amis, Inside Story: A Novel. Except it is a memoir rather than a novel, definitely fun, and has received excellent reviews in Britain, less so in the U.S. Does not require that you know or like the novels of Amis. Christopher Hitchens plays a critical role in the narrative. Idea-rich, but somehow I don’t quite care, and this one feels like it would have been a much better book twenty years ago.
2. Tobias S. Harris, The Iconoclast: Shinzo Abe and the New Japan (UK Amazon listing, I paid the shipping charge, here is the U.S. listing). Yes a good biography of Abe, but most of all a book to make Japanese politics seem normal, rather than something connected to a country with a Kakuhidou movement.
4. Les Payne and Tamara Payne, The Dead Are Arising: the Life of Malcolm X. I pawed through this book, and it gave off signals of being high quality. But somehow reading it didn’t hold my interest. I then googled to a few reviews, but I rapidly realized (again) that such reviews are these days untrustworthy. Try this NYT review, starting with this sentence: “Les Payne’s “The Dead Are Arising” arrives in late 2020, bequeathed to an America choked by racism and lawlessness.” The reviewer makes a bunch of intelligent observations, interspersed with gushing about Malcolm X (“It is hard not to want Malcolm back, because his charisma is undeniable”), but I am never told why I should read the book. At the end I learn the reviewer is “…the dean of academic affairs and a professor of American studies at Wellesley College.” Signal extraction problem, anyone? I call the current regime a tax on my willingness to put more time into the book.
Adam Thierer, Evasive Entrepreneurs & the Future of Governance: How Innovation Improves Economies and Governments, extends the important idea of permissionless innovation.
Jason Brennan, Good Work If You Can Get It: How to Succeed in Academia. My blurb said “The one book to read about trying to become a professor.”
Zachary is first and foremost the author of the New York Times bestselling The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes. Here is part of a broader bio:
Zach Carter is a senior reporter at HuffPost, where he covers economic policy and American politics. He is a frequent guest on television and radio whose work has appeared in The Washington Post, The New Republic, The Nation, and The American Prospect, among other outlets. Zach began his career at SNL Financial (now a division of S&P Global), where he was a banking reporter during the financial crisis of 2008. He wrote features about macroeconomic policy, regional economic instability, and the bank bailouts, but his passion was for the complex, arcane world of financial regulatory policy. He covered the accounting standards that both fed the crisis and shielded bank executives from its blowback, detailed the consumer protection abuses that consumed the mortgage business and exposed oversight failures at the Federal Reserve and other government agencies that allowed reckless debts to pile up around the world. Since joining HuffPost in 2010, Zach has covered the implementation of the 2010 Dodd-Frank financial reform law, political standoffs over trade policy and the federal budget, and the fight over the future of the Democratic Party. His feature story, “Swiped: Banks, Merchants and Why Washington Doesn’t Work for You” was included in the Columbia Journalism Review’s compilation Best Business Writing.
So what should I ask him?
That is the new book by Nicholas McDowell, and it is one of my favorite non-fiction works this year. Milton is today more relevant than he has been in a long time, excerpt:
Milton’s political development is shaped by his evolving understanding of the ways in which ‘tyranny’ — defined initially in ecclesiastical and clerical terms but which grows to encompass political organization — retards the intellectual and cultural progress of a nation. This understanding was shaped not only by historical experience of the unprecedented political turbulence of mid-seventeenth-century Britain, but by the interaction between that experience and his intellectula life. Milton’s period of intensive and almost entirely orthodox reading in political and religious history in the mid-1630s, the record of some of which survives in the notebook that was rediscovered in 1874, revealed to him how clerical censorship and heresy-hunting had suppressed intellectual and literary life in other countries. Milton regarded the cultural decline of Italy under the Counter-Reformation and Inquisition from the glory days of Dante and Petrarch, two of his pre-eminent post-classical models of the poetic career, as the starkest instance of this process. His tour of Italy in 1638-9 confirmed the lessons of his reading: that in nations where ‘this kind of inquisition tyrannizes,’ as he put it in Areopagitica, learning is brought into a ‘servil condition’ and the ‘glory ‘ of ‘wits’ is ‘dampt.’
Recommended! Every page is enjoyable, and you can profit from this book no matter your prior knowledge of Milton may be. A sure thing for the year end’s “best of” list.
You can pre-order here.