A thoughtful examination of the mechanics of our one-click world.
How economic theories power our market-driven lives.
Fisman (Chair, Behavioral Economics/Boston Univ.) and Harvard Business Review Press editorial director Sullivan, co-authors of The Org: The Underlying Logic of the Office (2013), show how key economic ideas of the past 50 years have given us “new forms of transacting,” most notably in the Internet marketplace (iTunes, Google, Uber, eBay and other e-commerce sites, etc.). In addition to well-known technological advances, “ideas that started in the academic study of economics…have had an outsized effect on how scarce goods are allocated—how, that is, we get the stuff that we want.” The authors’ bright, accessible account begins with the path-breaking research of British economist R.A. Radford, who in 1945 described a thriving POW–camp marketplace in Red Cross goods, and traces the postwar rise of mathematical modeling, which allows economists to make general predictions based on the specifics of any particular situation. Fisman and Sullivan consider the work of leading figures from Paul Samuelson to Kenneth Arrow and show how conceptual groundwork laid by Berkeley economist George Akerlof and his followers has allowed doctorate-level economists to help companies like eBay, Amazon, Airbnb, and Facebook to better compete in the marketplace. Among other things, readers learn how eBay auctions work; how increasingly common “platforms”—credit cards, Facebook, iPhones, etc.—bring together various groups to transact; and how the benefits of market efficiency are applied to the distribution of food among food banks and to such matchmaking challenges as admitting children to schools and connecting aspiring lawyers to clerkships. The authors caution that markets now reach so deeply into our lives that they can “transform” who we are. Market competition “can make us pay bribes, shirk on expenditures that would protect workers…and cut corners on product quality.” With a better understanding of innovations, write the authors, we can decide to what extent markets may need “a bit of help and oversight to perform their miracles of efficiency.”
A thoughtful examination of the mechanics of our one-click world.Pub Date: June 7, 2016
ISBN: 978-1-61039-492-5
Page Count: 224
Publisher: PublicAffairs
Review Posted Online: April 17, 2016
Kirkus Reviews Issue: May 15, 2016
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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