My Journeys in Economic Theory
By: Edmund Phelps – Columbia University
Phelps recounts his vivid experiences in the world of economics—fierce arguments, competition and collaboration, and the good fortune of time spent among some great figures—as well as his relationships with luminaries such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. At its core, this book shares the joy of intellectual achievement: the excitement of coming up with a new idea that radically departs from prevailing views and the satisfaction of exercising one’s own ingenuity instead of applying or developing others’ models. Telling the story of a life packed with intellectual adventure, My Journeys in Economic Theory provides a profound vision of a dynamic, modern economy that offers lives rich with creativity and meaning.
Scarcity – A History from the Origins of Capitalism to the Climate Crisis
By: Fredrik Albritton Jonsson, Carl Wennerlind – University of Chicago, Columbia University
Modern economics presumes a particular view of scarcity, in which human beings are innately possessed of infinite desires and society must therefore facilitate endless growth and consumption irrespective of nature’s limits. Yet as Fredrik Albritton Jonsson and Carl Wennerlind show, this vision of scarcity is historically novel and was not inevitable even in the age of capitalism. Rather, it reflects the costly triumph of infinite-growth ideologies across centuries of European economic thought—at the expense of traditions that sought to live within nature’s constraints.
The dominant conception of scarcity today holds that, rather than master our desires, humans must master nature to meet those desires. Albritton Jonsson and Wennerlind argue that this idea was developed by thinkers such as Francis Bacon, Samuel Hartlib, Alfred Marshall, and Paul Samuelson, who laid the groundwork for today’s hegemonic politics of growth. Yet proponents of infinite growth have long faced resistance from agrarian radicals, romantic poets, revolutionary socialists, ecofeminists, and others. These critics—including the likes of Gerrard Winstanley, Dorothy Wordsworth, Karl Marx, and Hannah Arendt—embraced conceptions of scarcity in which our desires, rather than nature, must be mastered to achieve the social good. In so doing, they dramatically reenvisioned how humans might interact with both nature and the economy.
Environmentally Sustainable Growth – A Pragmatic Approach
By: Steven Cohen – Columbia University
Steven Cohen explores the causes of environmental degradation and examines what sustainability looks like in practice. He outlines realistic paths toward a renewable resource–based economy, demonstrating that, in many respects, the shift to sustainability is already underway. Cohen describes a range of public policy and infrastructure initiatives that can encourage cleaner production in the private sector and consumption in everyday life. He argues that the politics, advocacy, and communication around environmental protection must change to emphasize successes, reduce scare tactics, and make sure that the lifestyles and careers associated with a more sustainable world sound attractive to a wide range of people. The book depicts an appealing and equitable future that assures quality of life while protecting the planet.
Seven Crashes: The Economic Crises That Shaped Globalization
By: Harold James – Princeton University
The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand—such as the Global Financial Crisis of 2007–2008—result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows.
An audacious historical interpretation of how global mega-shocks have driven globalization cycles over the last two centuries. Anyone hoping to forecast the future of the world economy should read it.
Maurice Obstfeld, University of California, Berkeley
