New Books in Economics

What does the state do when public expectations exceed its governing capacity? The Performative State: Public Scrutiny and Environmental Governance in China (Cornell, 2022) shows how the state can shape public perceptions and defuse crises through the theatrical deployment of language, symbols, and gestures of good governance—performative governance. Iza Ding unpacks the black box of street-level bureaucracy in China through ethnographic participation, in-depth interviews, and public opinion surveys. She demonstrates in vivid detail how China's environmental bureaucrats deal with intense public scrutiny over pollution when they lack the authority to actually improve the physical environment. They assuage public outrage by appearing responsive, benevolent, and humble. But performative governance is hard work. Environmental bureaucrats paradoxically work themselves to exhaustion even when they cannot effectively implement environmental policies. Instead of achieving "performance legitimacy" by delivering material improvements, the state can shape public opinion through the theatrical performance of goodwill and sincere effort. The Performative State also explains when performative governance fails at impressing its audience and when governance becomes less performative and more substantive. Ding focuses on Chinese evidence but her theory travels: comparisons with Vietnam and the United States show that all states, democratic and authoritarian alike, engage in performative governance.Iza Ding is an Assistant Professor in the Political Science Department at the University of Pittsburgh. She received her PhD from Harvard University.  Her work has appeared in World Politics, the China Quarterly, Comparative Political Studies, and other academic journals.Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

With the Biden Administration's student loan relief coming down the pike, Annika sits down with Dr. Beth Akers, a Senior Fellow at the American Enterprise Institute who specializes in higher education finance. Beth discusses the issue of student debt, and what the Biden relief plan will and will not achieve.You can find more information about Dr. Akers and her recent writing and appearances here.Annika Nordquist is the Communications Coordinator of Princeton University’s James Madison Program in American Ideals and Institutions and host of the Program’s podcast, Madison’s Notes. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Over six million prime-age men are neither working nor looking for work; America's low unemployment rate hides the fact that many men have dropped out of the workforce altogether. Our workforce participation rate is on par with that seen during the Great Depression.Why does this problem affect men so acutely? Why is it so specific to America? What are these missing men doing with their time? How do we differentiate between leisure and idleness? Demographer and economist Nicholas Eberstadt, author of Men Without Work (Templeton Press, 2022), discusses these trends and what they mean for America's future.Annika Nordquist is the Communications Coordinator of Princeton University’s James Madison Program in American Ideals and Institutions and host of the Program’s podcast, Madison’s Notes. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

M. R. Sharan is an Assistant Professor at the University of Maryland, studying questions centred around development economics and political economy. He obtained his PhD from Harvard University in 2020 and was previously at the Delhi School of Economics and Hansraj College. His novel, Blue, was published in 2014. His writings have appeared across various publications, including the Economic and Political Weekly, The Hindu, The Times of India and The Economic Times. He is at www.mrsharan.com and on Twitter at @sharanidli.Last Among Equals: Power, Caste and Politics in Bihar's Villages (Westland, 2021) eschews the usual sweeping narratives of national and state politics, reaching instead for the 'swirling, vivid sub-narratives that escape easy categorisations', the darkness of the material leavened with deep empathy. The result is a captivating, often searing narrative of how lives are lived in the villages of Bihar--and indeed in much of India. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Microchips are both important and in short supply. So how important? And what can be done to make them more plentiful? Also, what are the geopolitical implications of having the production of microchips concentrated in relatively few hands. Owen Bennett Jones talks microchips with Julian Kamasa of the Centre for Security Studies in Zurich.Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Robert Holzmann and Fernando Restoy, experts in central banking and financial supervision, discuss the redesign of European banking supervision after the 2007-12 crisis in 'Central Banks and Supervisory Architecture in Europe: Lessons from Crises in the 21st Century'. They explore the impact of the pandemic and major land war on Europe's financial sector, the luck versus the redesign of European banking supervision, and the challenges in achieving banking market integration and financing green industries. The podcast also touches on the concept of political accountability for central banks and upcoming discussions on central banking and conflicts.

Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines describe what you can do to prepare. Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions--powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt--but it is coming. How do businesses prepare? In Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction: The Disruptive Economics of Artificial Intelligence (HBR Press, 2022), they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to identify disruptive opportunities and threats resulting from AI. Their exhaustive study of new developments in artificial intelligence and the past history of how technologies have disrupted industries highlights the striking phase we are now in: after witnessing the power of this new technology and before its widespread adoption--what they call "the Between Times." While there continue to be important opportunities for businesses, there are also threats of disruption. As prediction machines improve, old ways of doing things will be upended. Also, the process by which AI filters into the many systems involved in application is very uneven. That process will have winners and losers. How can businesses leverage, or protect, their positions? Filled with illuminating insights, rich examples, and practical advice, Power and Prediction is the must-read guide for any business leader or policy maker on how to make the coming AI disruptions work for you rather than against you.Interviewee Avi Goldfarb is the Rotman Chair in Artificial Intelligence and Healthcare and a professor of marketing at the Rotman School of Management, University of Toronto. Avi is also Chief Data Scientist at the Creative Destruction Lab and the CDL Rapid Screening Consortium, a faculty affiliate at the Vector Institute and the Schwartz-Reisman Institute for Technology and Society, and a Research Associate at the National Bureau of Economic Research. Avi’s research focuses on the opportunities and challenges of the digital economy.He has published academic articles in marketing, statistics, law, management, medicine, political science, refugee studies, physics, computing, and economics. Avi is a former Senior Editor at Marketing Science. His work on online advertising won the INFORMS Society of Marketing Science Long Term Impact Award. He testified before the U.S. Senate Judiciary Committee on competition and privacy in digital advertising. His work has been referenced in White House reports, European Commission documents, the New York Times, the Economist, and elsewhere.Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Historian Louis Hyman, professor and director of the Institute of Workplace Studies at Cornell University’s School of Industrial and Labor Relations, talks about his book, Temp: How American Work, American Business, and American Dream Became Temporary, with Peoples & Things host Lee Vinsel. In this conversation, Hyman and Vinsel chat about how most mid-20th century secure jobs were possessed by white men, how temporary work began to rise after World War Two, and how all this led to the gig-based world we inhabit. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Investing in funds is not straightforward. We are faced with a countless range of options and constantly distracted by meaningless noise and turbulent markets. To make matters worse, our flawed beliefs and behavioural biases lead to repeated and costly mistakes, such as a damaging obsession with past performance and a dangerous attraction to thematic funds.There is a solution―a more intelligent way to invest in funds.In The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds (Harriman House, 2022), experienced portfolio manager and behavioural finance expert Joe Wiggins brings simplicity and clarity to fund investing. Each chapter of this fascinating and highly readable book focuses on a vital element of investing in funds―exploring how and why investors can get it badly wrong, and providing direct, actionable steps for better results.Joe reveals: why we should avoid investing with star managers; how to decide between active and passive funds; why we should beware of smooth performance and captivating stories; why risk is far more than just volatility; the importance of a long time horizon; and much, much more.Using a combination of stories, empirical evidence and experience, Joe gives all fund investors―active and passive―what they need to reassess their beliefs, understand their biases, and make better investment decisions.John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Devon Powers, a professor of advertising, media, and communication at Temple University, talks about her book, On Trend: The Business of Forecasting the Future with Peoples & Things host Lee Vinsel. Powers’ book examines the world of futurists, cool hunters, and forecasters who sell people advice about tomorrow. Powers and Vinsel discuss about how we should think about the influence of such individuals, given that their predictions are often misleading and inaccurate. They also talk how the making of futures can become more just and inclusive. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics