Public Economics

Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to listen to, and as interesting as it is important.

A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.

History is paved with the good intentions of policymakers. From the earliest days of governance, leaders have sought to solve society’s challenges through legislation aimed at improving lives, protecting the vulnerable, and fostering economic prosperity. Yet, time and again, these well-meaning efforts produce effects that are far from their original goals. The very laws designed to uplift communities often burden them; the regulations intended to protect may instead stifle innovation and growth. This paradox lies at the heart of public economics.

For decades, Democratic politicians have frustrated progressives by tinkering around the margins of policy while shying away from truly ambitious change. What happened to bold political vision on the left, and what shrunk the very horizons of possibility? In Thinking like an Economist, Elizabeth Popp Berman tells the story of how a distinctive way of thinking-an "economic style of reasoning" - became dominant in Washington between the 1960s and the 1980s and how it continues to dramatically narrow debates over public policy today.

A circular economy is an economic system designed to save money, eliminate waste, and achieve deep sustainability. No-brainer, right? Circular Economy for Dummies explains why the old way of doing things (the take-make-waste model of a linear economy) is fast going the way of the dinosaurs, and it gets you ready to think circular. From business processes and material lifecycles to circular design in just about every industry, this book is a fascinating glimpse into the sustainable future we urgently need.

At the close of the twentieth century, corporate capitalism extended its reach over the globe. While its defenders argue that globalization is the only way forward for modern, democratic societies, the spread of this system is failing to meet even the most basic needs of billions of individuals around the world. Moreover, the entrenchment of this free market system is undermining the foundations of healthy societies, caring communities, and personal wellbeing.

The previous edition of this now-classic book revealed the existence and subversive manipulations of "economic hit men". John Perkins wrote that economic hit men (EHM) "are highly paid professionals who cheat countries around the globe out of trillions of dollars. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder".

The government is a vast, complex system that Americans pay for, rebel against, rely upon, dismiss, and celebrate. It’s also our shared resource for addressing the biggest problems of society. And it’s made up of people, mostly unrecognized and uncelebrated, doing work that can be deeply consequential and beneficial to everyone. Michael Lewis invited his favorite writers, including Casey Cep, Dave Eggers, John Lanchester, Geraldine Brooks, Sarah Vowell, and W. Kamau Bell, to join him in finding someone doing an interesting job for the government and writing about them.

Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?

Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past 30 years.

For decades, politicians, policymakers, and investors have debated these questions, but the Big Debt Cycle that helps answer them is not talked about or well understood. With the US debt issue coming to a head, Dalio’s How Countries Go Broke provides the first-ever detailed analysis of the Big Debt Cycle, explaining its implications and offering a surprisingly straightforward solution to getting debt problems like the ones the US faces under control.

In Saving Capitalism, Robert Reich reveals the entrenched cycles of power and influence that have damaged American capitalism, perpetuating a new oligarchy in which the 1 percent get ever richer and the rest - middle and working class alike - lose ever more economic agency, making for the greatest income inequality and wealth disparity since World War II.

Inflation is back, and its impact can be felt everywhere, from the grocery store to the mortgage market to the results of elections around the world. Yet the conventional wisdom about inflation is stuck in the past. Since the 1970s, there has only really been one playbook for fighting inflation: raise interest rates, thereby creating unemployment and a recession, which will lower prices. But this simple story hides a multitude of beliefs about why prices go up and how policymakers can wrestle them back down, beliefs that are often wrong, damaging, and have little empirical basis.

China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic growth story of the last three decades. In the 1980s, China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America.

The top 1 percent of Americans control 40 percent of the nation's wealth. And, as Joseph E. Stiglitz explains, while those at the top enjoy the best health care, education, and benefits of wealth, they fail to realize that "their fate is bound up with how the other 99 percent live." Stiglitz draws on his deep understanding of economics to show that growing inequality is not inevitable. He examines our current state, then teases out its implications for democracy, for monetary and budgetary policy, and for globalization. He closes with a plan for a more just and prosperous future.

In 2008, the American economy collapsed, taking with it millions of Americans' jobs, homes, and life savings. The impending financial crisis was devastating, and many are still feeling its effects today. Though the crisis was debilitating, the US government has yet to implement policies that would prevent a repeat of the Great Recession. Nothing Is Too Big to Fail holds a microscope to the very policies and corruption that led to this major economic recession.

To be sure, neoliberalism has contributed to a number of alarming trends, not least of which has been a massive growth in income inequality. Yet as the eminent historian Gary Gerstle argues in The Rise and Fall of the Neoliberal Order, these indictments fail to reckon with the full contours of what neoliberalism was and why its worldview had such persuasive hold on both the right and the left for three decades.

In the first intellectual history of neoliberal globalism, author Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.

When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country's largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable.

Economic sanctions dominate the landscape of world politics today. First developed in the early twentieth century as a way of exploiting the flows of globalization to defend liberal internationalism, their appeal is that they function as an alternative to war. This view, however, ignores the dark paradox at their core: designed to prevent war, economic sanctions are modeled on devastating techniques of warfare.