A sharply written rebuttal of prevailing orthodoxies about the realities of global economics after 2008.

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HARD TIMES

THE DIVISIVE TOLL OF THE ECONOMIC SLUMP

Guardian contributor Clark and Heath (Sociology/Univ. of Manchester) seek “to identify the distinctive social maladies that flow from economic stagnation…in Britain and the United States.”

The authors debunk the opinions of experts who assert the supremacy of “the Anglo-Saxon societies” and their liberal, free market–based economics over capitalist alternatives from continental Europe and Japan. Clark and Heath probe deeply into the 2008 financial crisis and its aftermath by evaluating the quality of the unemployment numbers, which are often the preferred metrics for assessing the impact of the crisis, especially against the members of the Euro zone. Their basis is a five-year (2007-2012) international investigation known as “Social Change: A Harvard-Manchester Initiative,” which Heath co-directed with Robert D. Putnam, a professor of public policy at Harvard. The directors received assistance from a number of Anglo-American universities and institutes, as well as a variety of organizations, including Save the Children and the Resolution Foundation. The authors argue that the growth of inequality in both countries since the 1970s provides the key to deconstructing the significance of unemployment statistics. They consider social consequences—e.g., the increase in working women and unmarried females and the decline in household formation—and they draw on the latest research to show that “the reach of the recessionary damage” can also be identified by tracing the jobs that have replaced those lost. In both the U.S. and the U.K., this has produced a hollowing-out of the middle of the workforce, as job quality, skills, pay and security have been downgraded, especially since the 1970s; in continental Europe, this shrinking middle is not nearly as widespread. Furthermore, the proceeds of economic growth have been allocated almost exclusively to the top percentiles of the income pyramid—again, this is not the case in continental Europe. The authors also go on to indict “malign passivity towards the lowliest living standards.”

A sharply written rebuttal of prevailing orthodoxies about the realities of global economics after 2008.

Pub Date: June 24, 2014

ISBN: 978-0-300-20377-6

Page Count: 312

Publisher: Yale Univ.

Review Posted Online: June 5, 2014

Kirkus Reviews Issue: June 15, 2014

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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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A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.

STILLNESS IS THE KEY

An exploration of the importance of clarity through calmness in an increasingly fast-paced world.

Austin-based speaker and strategist Holiday (Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue, 2018, etc.) believes in downshifting one’s life and activities in order to fully grasp the wonder of stillness. He bolsters this theory with a wide array of perspectives—some based on ancient wisdom (one of the author’s specialties), others more modern—all with the intent to direct readers toward the essential importance of stillness and its “attainable path to enlightenment and excellence, greatness and happiness, performance as well as presence.” Readers will be encouraged by Holiday’s insistence that his methods are within anyone’s grasp. He acknowledges that this rare and coveted calm is already inside each of us, but it’s been worn down by the hustle of busy lives and distractions. Recognizing that this goal requires immense personal discipline, the author draws on the representational histories of John F. Kennedy, Buddha, Tiger Woods, Fred Rogers, Leonardo da Vinci, and many other creative thinkers and scholarly, scientific texts. These examples demonstrate how others have evolved past the noise of modern life and into the solitude of productive thought and cleansing tranquility. Holiday splits his accessible, empowering, and sporadically meandering narrative into a three-part “timeless trinity of mind, body, soul—the head, the heart, the human body.” He juxtaposes Stoic philosopher Seneca’s internal reflection and wisdom against Donald Trump’s egocentric existence, with much of his time spent “in his bathrobe, ranting about the news.” Holiday stresses that while contemporary life is filled with a dizzying variety of “competing priorities and beliefs,” the frenzy can be quelled and serenity maintained through a deliberative calming of the mind and body. The author shows how “stillness is what aims the arrow,” fostering focus, internal harmony, and the kind of holistic self-examination necessary for optimal contentment and mind-body centeredness. Throughout the narrative, he promotes that concept mindfully and convincingly.

A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.

Pub Date: Oct. 1, 2019

ISBN: 978-0-525-53858-5

Page Count: 288

Publisher: Portfolio

Review Posted Online: July 21, 2019

Kirkus Reviews Issue: Aug. 15, 2019

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