An unnerving yet plausible portrait of a future in which “finance capitalism will be as old-fashioned as Flower Power.”
Another entry in the rapidly growing literature about how big data will soon transform capitalism as we know it.
Expect “a fundamental reorganization of our economy, one that will be arguably as momentous as the Industrial Revolution,” write Mayer-Schönberger (Internet Governance and Regulation/Univ. of Oxford; Delete: The Virtue of Forgetting in the Digital Age, 2009, etc.) and Economist contributing editor Ramge. In this thoughtful, provocative account of the coming impact of big data on human transactions, the authors note that economic activity has long been coordinated by markets and firms, with price serving as a convenient way to distill information about the value of goods and services. In the process, valuable details were lost. Now, as we enter a new age of data capitalism, digital innovations are allowing “massive amounts of data…[to] flow quickly, easily, and cheaply between transaction partners,” helping them make better decisions. At the same time, we have the methods and tools to work with that data. This emerging economy has already given us such enterprises as BlaBlaCar, which helps millions of people share car rides each month. “From internet travel site Kayak to online investment company SigFig, to digital labor platform Upwork,” write the authors, “more and more markets that use data to help participants find better matches are gaining traction and attention.” Such improvements in transactions and efficiency will soon reshape markets of all kinds and allow us to address climate change and other complex issues. With price no longer the chief focus (machines will negotiate with sellers), there will be less need for money and banks (many will be gone by the late 2020s), and firms will have to reinvent the way they do business. The authors cover the inevitable upending of the labor market and the possible need for constant worker retraining or a universal basic income.
An unnerving yet plausible portrait of a future in which “finance capitalism will be as old-fashioned as Flower Power.”Pub Date: Feb. 27, 2018
ISBN: 978-0-465-09368-7
Page Count: 288
Publisher: Basic Books
Review Posted Online: Dec. 10, 2017
Kirkus Reviews Issue: Jan. 1, 2018
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“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. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Yes: it's high time for a de-romanticized, de-mythified, close-up retelling of the U.S. Space Program's launching—the inside story of those first seven astronauts.
But no: jazzy, jivey, exclamation-pointed, italicized Tom Wolfe "Mr. Overkill" hasn't really got the fight stuff for the job. Admittedly, he covers all the ground. He begins with the competitive, macho world of test pilots from which the astronauts came (thus being grossly overqualified to just sit in a controlled capsule); he follows the choosing of the Seven, the preparations for space flight, the flights themselves, the feelings of the wives; and he presents the breathless press coverage, the sudden celebrity, the glorification. He even throws in some of the technology. But instead of replacing the heroic standard version with the ring of truth, Wolfe merely offers an alternative myth: a surreal, satiric, often cartoony Wolfe-arama that, especially since there isn't a bit of documentation along the way, has one constantly wondering if anything really happened the way Wolfe tells it. His astronauts (referred to as "the brethren" or "The True Brothers") are obsessed with having the "right stuff" that certain blend of guts and smarts that spells pilot success. The Press is a ravenous fool, always referred to as "the eternal Victorian Gent": when Walter Cronkite's voice breaks while reporting a possible astronaut death, "There was the Press the Genteel Gent, coming up with the appropriate emotion. . . live. . . with no prompting whatsoever!" And, most off-puttingly, Wolfe presumes to enter the minds of one and all: he's with near-drowing Gus Grissom ("Cox. . . That face up there!—it's Cox. . . Cox knew how to get people out of here! . . . Cox! . . ."); he's with Betty Grissom angry about not staying at Holiday Inn ("Now. . . they truly owed her"); and, in a crude hatchet-job, he's with John Glenn furious at Al Shepard's being chosen for the first flight, pontificating to the others about their licentious behavior, or holding onto his self-image during his flight ("Oh, yes! I've been here before! And I am immune! I don't get into corners I can't get out of! . . . The Presbyterian Pilot was not about to foul up. His pipeline to dear Lord could not be clearer"). Certainly there's much here that Wolfe is quite right about, much that people will be interested in hearing: the P-R whitewash of Grissom's foul-up, the Life magazine excesses, the inter-astronaut tensions. And, for those who want to give Wolfe the benefit of the doubt throughout, there are emotional reconstructions that are juicily shrill.
But most readers outside the slick urban Wolfe orbit will find credibility fatally undermined by the self-indulgent digressions, the stylistic excesses, and the broadly satiric, anti-All-American stance; and, though The Right Stuff has enough energy, sass, and dirt to attract an audience, it mostly suggests that until Wolfe can put his subject first and his preening writing-persona second, he probably won't be a convincing chronicler of anything much weightier than radical chic.
Pub Date: Sept. 24, 1979
ISBN: 0312427565
Page Count: 370
Publisher: Farrar, Straus and Giroux
Review Posted Online: Oct. 13, 2011
Kirkus Reviews Issue: Sept. 1, 1979
BOOK TO SCREEN
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