the inner lives of markets
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The Inner Lives Of Markets by Ray Fisman
What is a market? To most people it is a shopping center or an abstract space in which stock prices vary minutely. In reality, a market is something much more fundamental to being human, and it affects not just the price of tomatoes but the boundaries of everything we value. Reading the newspapers these days, you could be forgiven for thinking that markets are getting ever more efficient—and better. But as Tim Sullivan and Ray Fisman argue in this insightful book, that view is far from complete. For one thing, efficiency isn't always a good thing—illegal markets are very often more efficient than legal ones, because they are free of concern for laws and human rights. But even more importantly, the chatter about efficiency has obscured a much broader conversation about what kind of economic exchange we actually want. Every regulation, every sticker price, and every sale is part of an ever-changing ecosystem—one that affects us as much as we affect it. By tracing 50 years of economic thought on this subject, Fisman and Sullivan show how markets have evolved—and how we can keep making them better. This leads to fascinating and surprising insights, such as: Why your $10,000 used car is likely to sell for $2,000 or less; Why you should think twice before buying batteries on Amazon; and Why it's essential that healthy people buy medical insurance. In the end, The Inner Lives of Markets argues for a new way of thinking about how you spend your money—it shows that every transaction you make is part of a grand social experiment. We are all guinea pigs running through a lab maze, and the sooner we realize it, the more effectively we can navigate the path we want.
Do Markets Corrupt Our Morals by Virgil Henry Storr
The most damning criticism of markets is that they are morally corrupting. As we increasingly engage in market activity, the more likely we are to become selfish, corrupt, rapacious and debased. Even Adam Smith, who famously celebrated markets, believed that there were moral costs associated with life in market societies. This book explores whether or not engaging in market activities is morally corrupting. Storr and Choi demonstrate that people in market societies are wealthier, healthier, happier and better connected than those in societies where markets are more restricted. More provocatively, they explain that successful markets require and produce virtuous participants. Markets serve as moral spaces that both rely on and reward their participants for being virtuous. Rather than harming individuals morally, the market is an arena where individuals are encouraged to be their best moral selves. Do Markets Corrupt Our Morals? invites us to reassess the claim that markets corrupt our morals.
Business Ethics by Richard A. Spinello
The future of the free market depends on fair, honest business practices. Business Ethics: Contemporary Issues and Cases aims to deepen students’ knowledge of ethical principles, corporate social responsibility, and decision-making in all aspects of business. The text presents an innovative approach to ethical reasoning grounded in moral philosophy. Focusing on corporate purpose—creating economic value, complying with laws and regulations, and observing ethical standards—a decision-making framework is presented based upon Duties-Rights-Justice. Over 40 real-world case studies allow students to grapple with a wide range of moral issues related to personal integrity, corporate values, and global capitalism. Richard A. Spinello delves into the most pressing issues confronting businesses today including sexual harassment in the workplace, cybersecurity, privacy, and environmental justice.
Corruption by Ray Fisman
Corruption regularly makes front page headlines: public officials embezzling government monies, selling public offices, and trading bribes for favors to private companies generate public indignation and calls for reform. In Corruption: What Everyone Needs to Know®, renowned scholars Ray Fisman and Miriam A. Golden provide a deeper understanding of why corruption is so damaging politically, socially, and economically. Among the key questions examined are: is corruption the result of perverse economic incentives? Does it stem from differences in culture and tolerance for illicit acts of government officials? Why don't voters throw corrupt politicians out of office? Vivid examples from a wide range of countries and situations shed light on the causes of corruption, and how it can be combated.
What is a market? To most people it is a shopping center or an abstract space in which stock prices vary minutely. In reality, a market is something much more fundamental to being human, and it affects not just the price of tomatoes but the boundaries of everything we value. Reading the newspapers these days, you could be forgiven for thinking that markets are getting ever more efficient--and better. But as Tim Sullivan and Ray Fisman argue in this insightful book, that view is far from complete. For one thing, efficiency isn't always a good thing--illegal markets are very often more efficient than legal ones, because they are free of concern for laws and human rights. But even more importantly, the chatter about efficiency has obscured a much broader conversation about what kind of economic exchange we actually want. Every regulation, every sticker price, and every sale is part of an ever-changing ecosystem--one that affects us as much as we affect it. By tracing 50 years of economic thought on this subject, Fisman and Sullivan show how markets have evolved--and how we can keep making them better. This leads to fascinating and surprising insights, such as: Why your $10,000 used car is likely to sell for $2,000 or less; Why you should think twice before buying batteries on Amazon; and Why it's essential that healthy people buy medical insurance. In the end, The Inner Lives of Markets argues for a new way of thinking about how you spend your money--it shows that every transaction you make is part of a grand social experiment. We are all guinea pigs running through a lab maze, and the sooner we realize it, the more effectively we can navigate the path we want.
Mind In Animals by Ludwig Büchner
"If the author of this book had had to choose a title for it after it was written he would have called it "A Romance of the Animal World." For the contents both seem and are romantic and wonderful, although--with the exception of such doubtful or possibly doubtful observations as are given on the authority of the writer himself--there is nothing therein which does not rest on scientific investigation or on the evidence of trustworthy observers, who, at different times and in different places, have had co-incident experiences, and whose accounts bear the stamp of sober research, and are the simple description of things they actually saw. But as histories (of nations as of individuals), related just as they really happened and still are daily happening, are full of more wonderful and more startling occurrences, of grander tragedy and more irresistible comedy, of more apparently impossible and incredible things and events than are told in fiction, and leave far behind them the boldest fancies of poets and novelists, so it is also with nature; she is wont, the more we peer into her secrets, to bring the most marvelous, the mightiest and the most "astonishing forms out of the simplest and the least differentiated. That "Mind in Animals" especially is in reality a far other, higher and more complex thing than had hitherto been generally conceived, and indeed than the ruling schools of philosophy desired (and still desire) to admit, can be unknown to none who is acquainted with animals, not alone from hearsay and from philosophic writings, but from his own intercourse with them, from his own observation, or from the works and teachings of real and unprejudiced observers. For such observation furnishes continually, and with overwhelming fullness, the most startling and incontrovertible examples and proofs, that between the thinking, willing, and feeling of men and of animals there is the most striking similarity, and often a mere difference of degree. But even among comparatively educated people it has been little thought and felt that this rule applies also to those classes of animals which appear to be so far below us as those treated of in the present work; our intellectual vanity will have to submit to bitter humiliation and rebuke in contemplating the proceedings--or the societies and deeds--of these unjustly despised, but yet, in spite of their minuteness, wonderful creatures. But the greater the humiliation from the one point of view, the greater from the other is the satisfaction arising from the renewed proof of the sublime unity of Nature; and hence that the same intellectual or spiritual principle, call it reason, understanding, soul, instinct, or propensity, pervades the whole organised series, even if in the most manifold modifications and variations, from below to above, from above to below"--Preface. (PsycINFO Database Record (c) 2010 APA, all rights reserved).
Cultural Economics by Emma Coleman Jordan
This book provides an always fascinating exploration of culture race, gender and identity in the marketplace, providing a structured conversation about some of the most difficult issues of the economic valuation of culture and indeed the very meaning of cultural subordination. We consider four central questions: Can economic behavior be understood without an attentive account of the cultural context in which economic transactions occur? We criticize the failure of neoclassical economics to integrate explicitly the cultural variables of ordinary life into the models of economic measurement and the assumptions of economic reasoning. We argue that these "thin" models are devoid of the important differences of culture, language, and identity. We identify instead a more complex set of ideas that incorporate culture and its tension with commerce. What is the impact of racial dominance on the ownership and control of cultural property? Do the financial arrangements in the entertainment industry determine whether racial and cultural minorities will ever achieve self-sufficiency? We are fascinated by the artists whose labor as musicians, painters, singers, songwriters and actors enrich our daily lives. Yet, these cultural stars often live lives of economic desperation after their turn in the spotlight has ended. What is the effect of royalty payment systems is and of corporate structures that frequently under compensate, and even cheat these aging stars of the current revenue generated by the contributions they made in their youth? Lastly, attention is given to the dynamics of the market valuation of the human capital components of language, hairstyle, sexual difference, and culturally significant garb. Does control of these modes of expressive autonomy depress the wages and opportunities for advancement of workers who do not choose to assimilate with the dominant culture? More important, are cultural styles associated with subordinated groups so devalued by the majority that non-assimilationists must pay an economic penalty for their personal preference to seek harmony between their inner lives and their outer appearance.
What Money Can T Buy by Michael J. Sandel
Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In What Money Can't Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be?In his New York Times bestseller Justice, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society—and how can we protect the moral and civic goods that markets don't honor and that money can't buy?
The Logic Of Life by Tim Harford
The author of The Underground Economist weaves together real-life scenarios, from a Las Vegas casino to a barroom speed date, to analyze the underlying economic logic behind seemingly irrational behavior, explaining how people respond to future costs and benefits and how socially tragic outcomes have their roots in individually rational decisions. Reprint. 40,000 first printing.
Reimagining Capitalism In A World On Fire by Rebecca Henderson
A renowned Harvard professor debunks prevailing orthodoxy with a new intellectual foundation and a practical pathway forward for a system that has lost its moral and ethical foundation in this "powerful" book (Daron Acemoglu). Free market capitalism is one of humanity's greatest inventions and the greatest source of prosperity the world has ever seen. But this success has been costly. Capitalism is on the verge of destroying the planet and destabilizing society as wealth rushes to the top. The time for action is running short. Rebecca Henderson's rigorous research in economics, psychology, and organizational behavior, as well as her many years of work with companies around the world, gives us a path forward. She debunks the worldview that the only purpose of business is to make money and maximize shareholder value. She shows that we have failed to reimagine capitalism so that it is not only an engine of prosperity but also a system that is in harmony with environmental realities, striving for social justice and the demands of truly democratic institutions. Henderson's deep understanding of how change takes place, combined with fascinating in-depth stories of companies that have made the first steps towards reimagining capitalism, provides inspiring insight into what capitalism can be. With rich discussions of how the worlds of finance, governance, and leadership must also evolve, Henderson provides the pragmatic foundation for navigating a world faced with unprecedented challenge, but also with extraordinary opportunity for those who can get it right.