A buckle-your-seatbelts, swiftly moving tour of the new economic landscape.
Economist and social commentator Cowen (Economics/George Mason Univ.; An Economist Gets Lunch: New Rules for Everyday Foodies, 2012, etc.) urges us to prepare for “the age of genius machines.”
The good news for the coming decades: Who you know, where you’re from or where you went to school will matter less than ever before when it comes to finding remunerative, satisfying work. Be advised, though: We’re headed for a “hyper-meritocracy,” where only the 10 to 15 percent of us whose skills complement intelligent machines will find that happy niche in a polarized labor market. To explain the shape of the future, Cowen looks to the world of freestyle chess, where collaboration between even a minimally competent player and a computer is already sufficiently powerful to reliably defeat a grandmaster. From the highly regularized environment of this game and others, he extrapolates a freestyle future where new technologies increasingly alter our interactions with each other and our world. A sprightly, widely allusive stylist, Cowen points to numerous present-day examples—we already live in a world where Google is the most frequently consulted “doctor,” where Match.com guides many love lives, where GPS directs our travels—to help sketch the contours of the future. He examines the implications of this new man/intelligent-machine alliance for the workplace in many sectors of our economy, where self-motivators and team workers will be especially prized; for education, where professors will become more like impresarios; and for science, where problems will become too complex for any single person to solve. This new world of work will feature vast income inequality—Cowen too readily dismisses the prospects for deep social unrest this may engender—and will leave much of the nation looking like today’s Texas, where the mix of cheap housing, plentiful jobs and lower-quality public services have accounted for the Lone Star boom, despite the national recession.
A buckle-your-seatbelts, swiftly moving tour of the new economic landscape.Pub Date: Sept. 12, 2013
ISBN: 978-0-525-95373-9
Page Count: 304
Publisher: Dutton
Review Posted Online: June 29, 2013
Kirkus Reviews Issue: July 15, 2013
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
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.
A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.
Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.Pub Date: May 1, 2020
ISBN: 978-1-5417-3015-1
Page Count: 336
Publisher: PublicAffairs
Review Posted Online: Feb. 16, 2020
Kirkus Reviews Issue: March 15, 2020
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