Common-sensical—perhaps too much so for policymakers to stomach—and plainspoken. Free trade absolutists and corporate...

AMERICAN MADE

WHY MAKING THINGS WILL RETURN US TO GREATNESS

Do you want to build an economy? Well, you can make burgers, or you can make things—and making burgers, warns the former CEO of steel giant Nucor, is a fast track to immiseration.

For the last 30 years, writes DiMicco, the United States has followed a course whereby jobs have fled the country for cheaper labor markets while our own economy has been converted from manufacturing to service. “We went out of our way to dismantle what made this country great,” he writes, “while other countries around the world are building their way to greatness.” Even as DiMicco was propounding arguments on Capitol Hill for the creation of 200,000 high-paying jobs per month over a five-year span, Congress was finding ways to hobble so-called free trade, cutting deals with the corporate giants that allowed them to outsource their operations at no penalty and regulating incoming manufacturers to such an extent that they boarded up shop and returned to their home countries. The infrastructure crisis is fast crippling the nation, and everyone knows it except, it seems, Congress, which is reluctant to spend a dime if it means raising taxes on the wealthy or on corporations. “I wouldn’t even classify infrastructure spending as ‘spending,’ ” writes the author, who’s no one’s idea of a squishy liberal. “It’s a public investment that pays dividends for decades”—and, he adds, every dollar of infrastructure spending adds $1.59 in gross domestic product. A no-brainer? Well, he suggests, a lack of brains is what has gotten us into a mess that can be fixed only by building our way to solvency—a seeming impossibility since Congress once again refused to build a “buy America” plank into the last series of stimulus packages.

Common-sensical—perhaps too much so for policymakers to stomach—and plainspoken. Free trade absolutists and corporate apologists will hate it, but as for the rest, it’s worthy of much discussion.

Pub Date: Feb. 24, 2015

ISBN: 978-1-137-27979-8

Page Count: 256

Publisher: Palgrave Macmillan

Review Posted Online: Dec. 6, 2014

Kirkus Reviews Issue: Dec. 15, 2014

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

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. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

GOOD ECONOMICS FOR HARD TIMES

“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.

It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.

Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

Pub Date: Nov. 12, 2019

ISBN: 978-1-61039-950-0

Page Count: 432

Publisher: PublicAffairs

Review Posted Online: Aug. 29, 2019

Kirkus Reviews Issue: Sept. 15, 2019

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