What’s worth reading over the 2023 holiday season? - Economics Observatory
"Econ Observatory Editors Share Holiday Books With Historical Relevance And Modern Insight"
Throughout this year, the Economics Observatory has released a plethora of articles that touch upon a diverse array of topics, some concerning affairs of foreign nations, and others more pertinent to our own. Some of our works delve into the subject of inflation and the current crisis of increased costs of living, while others investigate the matter of economic inactivity. We have also scrutinized Russia's long-lasting invasion of Ukraine. Furthermore, our articles delve into the impacts of climate change, and we have learned lessons from the global financial crisis. Our archive is a treasure trove of reading materials for those looking to read a lot during the holidays.
If you're interested, you can check out the latest edition of ECO magazine, which was unveiled during the Adam Smith tercentenary festivities at the University of Glasgow in June of 2023. Additionally, you can also peruse the book suggestions put forth by our chief editors.
John Cochrane's Fiscal Price Level Theory
I highly recommend that individuals who are involved in the development of monetary and fiscal policies should take the time to peruse this book authored by John Cochrane of the prestigious Hoover Institution at Stanford University. The author refers to himself as a ‘grumpy economist’ and the information in this book is worthy of being thoroughly acquired and understood.
This piece of writing is quite challenging, but it presents an idea that suggests that the price level will change to ensure that the genuine worth of government debt corresponds to the current value of taxes minus spending. Under this situation, inflation might happen if people and companies do not anticipate that the government will reimburse the entire amount of public debt.
The concept has been circulating for a while now, and there are many who don't agree with it because it suggests that the central monetary authority - like the Bank of England in the United Kingdom - can't manage the cost of living. However, with the sudden increase in inflation and national debt due to the Covid-19 pandemic, numerous academics are revisiting this idea.
Suggested by Jagjit Chadha (a member of the National Institute of Economic and Social Research, NIESR)
"The Material World: Past And Future Story" By Ed Conway
Ed Conway, the economics editor of Sky News, takes readers on an incredible global journey in his book "Material World." He delves into the essential materials that modern life and the economy rely on, both familiar and obscure. Lithium is a well-known example, whereas certain types of sand or salt play vital roles in important manufacturing processes.
Twenty-five years ago, I released a literary work titled The Floating Universe, which observed, accurately, that financial worth was becoming more and more indefinable: there has been considerably less solid substance per unit of gross domestic product since at least the 1970s. However, the substances that hold onto all of that indefinable value are vital. This is an exceptionally great piece of writing!
Diane Coyle from the University of Cambridge suggests using this approach.
Weaponizing The Economy: America's Underground Empire
This book is extremely interesting and is intended for the general audience. The writers of the book are esteemed professionals in the area of political science and global relations. However, they narrate a tale that has gained more significance for economists due to the effect of geopolitical happenings on worldwide economic advancements.
The tale begins with advancements in technology, including the web and the SWIFT banking system, that have formed a centralized infrastructure for the world's economy. America sits at the heart of this structure, giving them significant authority. This is what fuels the "hidden kingdom."
The activation of these abilities commenced on September 11th when the American government initiated the war on terrorism and improved its monitoring capabilities. In addition, economic restrictions were made more efficient by utilizing payment tracking procedures using SWIFT. This was followed by an effort to dismantle Huawei and obstruct China's acquisition of top-quality microchips.
After Russia invaded Ukraine, there were many efforts made to enforce sanctions against Russia, and as a result, numerous non-Western countries have begun creating alternative payment systems and information structures to diminish the influence of the "underground empire." China and Russia have been at the forefront of this movement.
The writers, who are from the United States, have a strong belief in the importance of unity between America and Europe. Regardless of this viewpoint, the book is very educational and connects different ideas that suggest the decline of the hopeful "globalist" vision. Instead, the world is divided into multiple power centers and competition is the norm between them.
Suggested by Huw Dixon from Cardiff University
Understanding Economic Crises: Macro Concepts For Ups And Downs By Brunnermeier & Reis
Although I specialize in macroeconomics, I believe that crises shouldn't be our sole focus when it comes to the macroeconomy. However, for those not well-versed in macroeconomics, it's usually crises that prompt them to contemplate the subject. This is due to the fact that during times of chaos, when the world is experiencing hardship, macroeconomic problems affect various facets of their everyday life.
This publication presents a clear and simple explanation, with various illustrations, on how to grasp economic downturns. It's co-authored by renowned economics educators Markus Brunnermeier from Princeton and Ricardo Reis from the London School of Economics.
Suggested by Michael McMahon from the University of Oxford
British Economy In Decline For 50 Years: Nostalgia's Grip
Russell Jones takes us on a journey through the economic history of the UK starting from 1970, focusing primarily on the economic policies that were implemented during this period. As someone who has lived through this era (yes, that's right, I'm pretty old!), it was quite fascinating to read about the author's opinions on the various chancellors and Bank of England governors and the decisions they made, with the advantage of hindsight. It was also interesting to compare his views with my own memories of what happened during that time.
The book successfully brings together the separate experiences of each government to create an understanding of what went awry with policy and how to prevent similar mistakes from happening again in the future.
Definitely recommended to give it a go.
Stephen Millard from NIESR has suggested the following.
"The Anarchy" By William Dalrymple: Rise Of East India Co
William Dalrymple's book, The Anarchy, portrays the rise of the East India Company (EIC). It began as a trading company in London in 1599 and eventually became a dominant force in the global economy, politics, and military. The EIC's influence grew to the point where it had control over nearly 50% of the world's trade.
The East India Company (EIC) was a colonial dominator that employed aggression and took advantage of divisions within the Mughal empire. This approach enabled them to expand their control and seize a large part of northern India. Fortunately, they no longer exhibit this level of brutality. However, the issues addressed in the book remain relevant, such as corporate greed, circumventing taxes, relying on bailouts, advocating for special interests, and engaging in corruption.
Certainly, there are those who view the EIC as an early model for current multinational corporations, and highlight the dangers that stem from inadequate oversight and overly cozy connections between businesses and the state.
The EIC, known as a bizarre and illogical organization as cited by Adam Smith, presents a compelling subject for economists to explore. The Anarchy offers an intricate record of its past, while Dalrymple highlights the possibility of how the events during the 18th century could have influenced the development of the field. David Hume curiously asked Smith if these events would have any impact on his theory and if it would require him to revise any chapters in The Wealth of Nations.
Suggested by Graeme Roy (an academic from the University of Glasgow)
"20 Bold Plans For Fixing The World" By Ed Miliband
The ex-head of the Labour Party and the present supervisor of state for energy security and net zero, Ed Miliband, has written a manual for thinking innovatively about tricky political issues that appear impossible to tackle. In his book, he offers amusing and easy-to-understand observations regarding the intricate challenges of policymaking that we have to encounter daily. Miliband discusses approaches to remedy the issue of the UK’s housing crisis and promotes the concept of universal basic income. 'Go Big' motivates readers to ponder about solutions more daringly, without worrying about their political or fiscal attainability.
No matter what your political stance may be, Miliband urges you to envision a desirable world that we all aspire to reside in and proposes methods to achieve that vision.
's assistant professor and research associate, recent research suggests that investing in education can have long-term benefits beyond just economic growth. According to Siddique, current economic models focus primarily on the immediate economic benefits of education, such as higher earnings and increased productivity. However, the research Siddique recommends takes a broader view, suggesting that education can have more far-reaching benefits. In particular, the study highlights the positive impact education can have on health outcomes, social cohesion, and even political stability. For example, education can reduce the prevalence of obesity and chronic diseases, foster greater community engagement and civic participation, and promote more stable and effective governance structures. While these benefits may not always be immediately apparent or measurable in economic terms, Siddique argues that they are no less important than economic growth. In fact, in many cases, the long-term impact of education on these outcomes can be much greater than its short-term economic returns. Ultimately, Siddique's research suggests that policymakers and investors should take a more holistic view of education and its role in society. By recognizing its potential to drive positive change beyond just economic growth, we can ensure that we are investing in the types of education initiatives that will have the greatest impact on our communities and our world.
Power And Wealth: The Oligarchs' Hold By Lingelbach And Rodriguez Guerra
The book titled The Oligarchs’ Grip could have easily been named A Guide on Becoming an Oligarch.
This book is full of specific information about the lifestyles of wealthy individuals in different countries. It connects ideas from business management and starting your own business to determine the crucial actions needed to become a prosperous oligarch. These steps include being patient, creating relationships that benefit you, taking advantage of opportunities, and keeping your actions private.
Most importantly, the wealthy elite tend to prosper amidst unpredictability. As a result, they are expected to further enhance their dominance and impact in the foreseeable future.
As suggested by Sarah Smith from the University of Bristol
Economic Nationalism: Global History By Marvin Suesse
The danger of deglobalization and economic nationalism has become apparent due to the pandemic and Russia's invasion of Ukraine. However, this trend of decoupling had already begun with President Trump's emphasis on "America First" and his confrontations with China over trade.
Surprisingly, President Biden has not altered the US approach towards China. He has been consistently working to separate the US economy from China, which aligns with China's intention of fostering their own markets and advancing their technology.
Nationalists place emphasis on economic growth in their policies while at the same time attempting to decrease global trade. These two objectives can often clash and cause the ‘nationalist dilemma,’ as explained by Trinity College Dublin's economic historian Marvin Suesse in his insightful book.
Suesse examines the worldwide chronicles of the nationalist predicament starting from Alexander Hamilton up to Donald Trump's era. Throughout his journey across time, he dissects the strategies implemented by economic nationalists in thirty different nations.
After going through The Nationalist Dilemma, I discovered that even though nationalist leaders may alter their methods as time progresses, their drive behind politics, as well as the problems their policies present, remain similar to those of the past. To get a better grasp of the current situation and ponder over the future of globalization, this literature is vital reading.
as an effective tool to facilitate students’ learning, the Flipgrid app has become increasingly popular among educators. It has now been integrated into schools and universities worldwide, offering a dynamic platform where students can share their thoughts and opinions through videos. This app fosters a sense of community among students, allowing them to interact with their peers and teachers in a fun and engaging way. With its user-friendly interface and a variety of features such as filters and stickers, Flipgrid provides a creative outlet for students to express themselves and showcase their learning in an innovative way. As a result, it has become an essential tool for both in-person and remote learning, enabling educators to create a more inclusive and collaborative learning environment. Overall, the Flipgrid app has revolutionized the way students learn and interact with each other in the classroom. Its ability to enhance students’ digital skills, confidence, and engagement has made it a go-to tool for educators worldwide.
In case you need more ideas, you can check out our suggestions from the previous year. Keep in mind that you have the option to send in any queries for us to address in the upcoming year.
For now, enjoy your holidays from the Economics Observatory!
