Radical Markets

Author: Eric A. Posner
Publisher: Princeton University Press
ISBN: 1400889456
Size: 13.11 MB
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Revolutionary ideas on how to use markets to bring about fairness and prosperity for all Many blame today's economic inequality, stagnation, and political instability on the free market. 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.

Radical Markets

Author: Eric A. Posner
Publisher:
ISBN: 9780691177502
Size: 34.13 MB
Format: PDF, ePub, Docs
View: 1611
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Revolutionary ideas on how to use markets to bring about fairness and prosperity for all Many blame today's economic inequality, stagnation, and political instability on the free market. 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 structure 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.

Prediction Machines

Author: Ajay Agrawal
Publisher: Harvard Business Press
ISBN: 1633695689
Size: 47.32 MB
Format: PDF, ePub, Mobi
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"What does AI mean for your business? Read this book to find out." -- Hal Varian, Chief Economist, Google Artificial intelligence does the seemingly impossible, magically bringing machines to life--driving cars, trading stocks, and teaching children. But facing the sea change that AI will bring can be paralyzing. How should companies set strategies, governments design policies, and people plan their lives for a world so different from what we know? In the face of such uncertainty, many analysts either cower in fear or predict an impossibly sunny future. But in Prediction Machines, three eminent economists recast the rise of AI as a drop in the cost of prediction. With this single, masterful stroke, they lift the curtain on the AI-is-magic hype and show how basic tools from economics provide clarity about the AI revolution and a basis for action by CEOs, managers, policy makers, investors, and entrepreneurs. When AI is framed as cheap prediction, its extraordinary potential becomes clear: Prediction is at the heart of making decisions under uncertainty. Our businesses and personal lives are riddled with such decisions. Prediction tools increase productivity--operating machines, handling documents, communicating with customers. Uncertainty constrains strategy. Better prediction creates opportunities for new business structures and strategies to compete. Penetrating, fun, and always insightful and practical, Prediction Machines follows its inescapable logic to explain how to navigate the changes on the horizon. The impact of AI will be profound, but the economic framework for understanding it is surprisingly simple.

The Value Of Everything

Author: Mariana Mazzucato
Publisher: Penguin UK
ISBN: 0241188822
Size: 78.16 MB
Format: PDF, ePub, Docs
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Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - to radically transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.

Unelected Power

Author: Paul Tucker
Publisher: Princeton University Press
ISBN: 1400889510
Size: 19.99 MB
Format: PDF, ePub
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Guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good Central bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. Unelected Power lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens. Paul Tucker draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union. Blending economics, political theory, and public law, Tucker explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. He explains why the solution must fit with how real-world government is structured, and why technocrats and their political overseers need incentives to make the system work as intended. Tucker explains how the regulatory state need not be a fourth branch of government free to steer by its own lights, and how central bankers can emulate the best of judicial self-restraint and become models of dispersed power. Like it or not, unelected power has become a hallmark of modern government. This critically important book shows how to harness it to the people's purposes.

Reinventing The Bazaar A Natural History Of Markets

Author: John McMillan
Publisher: W. W. Norton & Company
ISBN: 0393323714
Size: 25.72 MB
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A high-energy tour of the history of markets features such examples as a camel trading fair in India, the twenty-million-dollar-per-day Aalsmeer flower market in the Netherlands, and the global trade in AIDS drugs. Reprint. 13,000 first printing.

Democracy Against Domination

Author: K. Sabeel Rahman
Publisher: Oxford University Press
ISBN: 019046853X
Size: 46.80 MB
Format: PDF, Kindle
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In 2008, the collapse of the US financial system plunged the economy into the worst economic downturn since the Great Depression. In its aftermath, the financial crisis pushed to the forefront fundamental moral and institutional questions about how we govern the modern economy. What are the values that economic policy ought to prioritize? What institutions do we trust to govern complex economic dynamics? Much of popular and academic debate revolves around two competing approaches to these fundamental questions: laissez-faire defenses of self-correcting and welfare-enhancing markets on the one hand, and managerialist turns to the role of insulated, expert regulation in mitigating risks and promoting growth on the other. In Democracy Against Domination, K. Sabeel Rahman offers an alternative vision for how we should govern the modern economy in a democratic society. Drawing on a rich tradition of economic reform rooted in the thought and reform politics of early twentieth century progressives like John Dewey and Louis Brandeis, Rahman argues that the fundamental moral challenge of economic governance today is two-fold: first, to counteract the threats of economic domination whether in the form of corporate power or inequitable markets; and second, to do so by expanding the capacity of citizens themselves to exercise real political power in economic policymaking. This normative framework in turn suggests a very different way of understanding and addressing major economic governance issues of the post-crisis era, from the challenge of too-big-to-fail financial firms, to the dangers of regulatory capture and regulatory reform. Synthesizing a range of insights from history to political theory to public policy, Democracy Against Domination offers an exciting reinterpretation of progressive economic thought; a fresh normative approach to democratic theory; and an urgent hope for realizing a more equitable and democratically accountable economy through practical reforms in our policies and regulatory institutions.

Tailspin

Author: Steven Brill
Publisher: Knopf
ISBN: 1524731641
Size: 44.49 MB
Format: PDF, ePub, Mobi
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From the award-winning journalist and best-selling author of America's Bitter Pill: a tour de force examination of 1) how and why major American institutions no longer serve us as they should, causing a deep rift between the vulnerable majority and the protected few, and 2) how some individuals and organizations are laying the foundation for real, lasting change. In this revelatory narrative covering the years 1967 to 2017, Steven Brill gives us a stunningly cogent picture of the broken system at the heart of our society. He shows us how, over the last half-century, America's core values--meritocracy, innovation, due process, free speech, and even democracy itself--have somehow managed to power its decline into dysfunction. They have isolated our best and brightest, whose positions at the top have never been more secure or more remote. The result has been an erosion of responsibility and accountability, an epidemic of shortsightedness, an increasingly hollow economic and political center, and millions of Americans gripped by apathy and hopelessness. By examining the people and forces behind the rise of big-money lobbying, legal and financial engineering, the demise of private-sector unions, and a hamstrung bureaucracy, Brill answers the question on everyone's mind: How did we end up this way? Finally, he introduces us to those working quietly and effectively to repair the damages. At once a diagnosis of our national ills, a history of their development, and a prescription for a brighter future, Tailspin is a work of riveting journalism--and a welcome antidote to political despair.

The Moral Consequences Of Economic Growth

Author: Benjamin M. Friedman
Publisher: Vintage
ISBN: 0307773450
Size: 14.16 MB
Format: PDF, ePub
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From the author of Day of Reckoning, the acclaimed critique of Ronald Reagan’s economic policy (“Every citizen should read it,” said The New York Times): a persuasive, wide-ranging argument that economic growth provides far more than material benefits. In clear-cut prose, Benjamin M. Friedman examines the political and social histories of the large Western democracies–particularly of the United States since the Civil War–to demonstrate the fact that incomes on the rise lead to more open and democratic societies. He explains that growth, rather than simply a high standard of living, is key to effecting political and social liberalization in the third world, and shows that even the wealthiest of nations puts its democratic values at risk when income levels stand still. Merely being rich is no protection against a turn toward rigidity and intolerance when a country’s citizens lose the sense that they are getting ahead. With concrete policy suggestions for pursuing growth at home and promoting worldwide economic expansion, this volume is a major contribution to the ongoing debate about the effects of economic growth and globalization. From the Trade Paperback edition.

The Republic Of Beliefs

Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 1400889359
Size: 55.82 MB
Format: PDF
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A leading economist offers a radically new approach to the economic analysis of the law In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a "focal point" approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state—the politicians, judges, and bureaucrats—enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world. Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society.