On Natural Capital
By: Partha Dasgupta – University of Cambridge
For as long as they have existed, our economic models have served us an incomplete picture. The models and metrics tells us that our economies are healthy because they are growing. However, this doesn’t account for the fact that our growth is driven by a resource that we take for free and treat as infinite: nature. For centuries we have been using it as if it were both, but we know now, more than ever, that our demand on the natural world is unsustainable. It’s no longer sufficient to only see part of the picture; it’s time that our economic models show us the whole thing. In “On Natural Capital,” renowned Cambridge economist Sir Partha Dasgupta lays out a seminal and groundbreaking new approach to economics. Challenging everything that has come before, he asks, what if we were to put a value on nature just as we value everything else?
Inflation
By: Martha Olney – University of California, Berkeley
Anyone who has balked at the price of a carton of eggs or lamented the cost of a tank of gas in the past five years has experienced the sting of inflation. What causes inflation? When has it surged historically? And which policies best address it? In this concise and timely volume, economist Martha Olney explains what inflation is, its patterns over time, its underlying causes, the controversial Phillips Curve and its possible relevance, anti-inflation policy, and more. From the obvious rise in the cost of living to the more discreet decrease in quality of goods and services, Olney provides an indispensable introduction to the concept of inflation and what we can do to address its effects.
How Progress Ends: Technology, Innovation, and the Fate of Nations
By: Carl Benedikt Frey – University of Oxford
In How Progress Ends, Carl Benedikt Frey challenges the conventional belief that economic and technological progress is inevitable. For most of human history, stagnation was the norm, and even today progress and prosperity in the world’s largest, most advanced economies—the United States and China—have fallen short of expectations. To appreciate why we cannot depend on any AI-fueled great leap forward, Frey offers a remarkable and fascinating journey across the globe, spanning the past 1,000 years, to explain why some societies flourish and others fail in the wake of rapid technological change.
By examining key historical moments—from the rise of the steam engine to the dawn of AI—Frey shows why technological shifts have shaped, and sometimes destabilized, entire civilizations. He explores why some leading technological powers of the past—such as Song China, the Dutch Republic, and Victorian Britain—ultimately lost their innovative edge, why some modern nations such as Japan had periods of rapid growth followed by stagnation, and why planned economies like the Soviet Union collapsed after brief surges of progress. Frey uncovers a recurring tension in history: while decentralization fosters the exploration of new technologies, bureaucracy is crucial for scaling them. When institutions fail to adapt to technological change, stagnation inevitably follows. Only by carefully balancing decentralization and bureaucracy can nations innovate and grow over the long term—findings that have worrying implications for the United States, Europe, China, and other economies today.
Breakneck
By: Dan Wang – Stanford University
America used to pride itself on ambition. Today, it looks stuck. Meanwhile, China has been busy building the future. Over the past six years, technology analyst Dan Wang lived through China’s astonishing, messy progress and the dissolution of its relationship to the West. In Breakneck, Wang offers a new framework for understanding China — which helps us to see global geopolitics more clearly too. While China is an engineering state, fearlessly building megaprojects, America is a lawyerly society, reflexively blocking everything, good and bad. Building big has fuelled China’s economic ascent. At the same time, social engineering has led to unbearable costs, including the traumas of zero-Covid and the one-child policy. Wang traverses China’s dazzling metropolises and factory complexes, blending political and economic analysis with reportage to show how the Communist Party’s darkening ambitions have unsettled its people.
As the US and China are gearing up for a new Cold War, Breakneck reveals both the remarkable strengths and the appalling weaknesses of the engineering state. China has learned from the West’s successes and failures – and now we in turn can learn from China, not least by taking its global ambitions seriously.
