Manufacturing Morals


Book Description

Corporate accountability is never far from the front page, and as one of the world’s most elite business schools, Harvard Business School trains many of the future leaders of Fortune 500 companies. But how does HBS formally and informally ensure faculty and students embrace proper business standards? Relying on his first-hand experience as a Harvard Business School faculty member, Michel Anteby takes readers inside HBS in order to draw vivid parallels between the socialization of faculty and of students. In an era when many organizations are focused on principles of responsibility, Harvard Business School has long tried to promote better business standards. Anteby’s rich account reveals the surprising role of silence and ambiguity in HBS’s process of codifying morals and business values. As Anteby describes, at HBS specifics are often left unspoken; for example, teaching notes given to faculty provide much guidance on how to teach but are largely silent on what to teach. Manufacturing Morals demonstrates how faculty and students are exposed to a system that operates on open-ended directives that require significant decision-making on the part of those involved, with little overt guidance from the hierarchy. Anteby suggests that this model—which tolerates moral complexity—is perhaps one of the few that can adapt and endure over time. Manufacturing Morals is a perceptive must-read for anyone looking for insight into the moral decision-making of today’s business leaders and those influenced by and working for them.




Economics Rules


Book Description

A leading economist trains a lens on his own discipline to uncover when it fails and when it works.




The Moral Economy


Book Description

Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends.




Finance and Development, June 2015


Book Description

Finance and Development, June 2015.




Immigration Economics


Book Description

Millions of people—nearly 3 percent of the world’s population—no longer live in the country where they were born. Every day, migrants enter not only the United States but also developed countries without much of a history of immigration. Some of these nations have switched in a short span of time from being the source of immigrants to being a destination for them. International migration is today a central subject of research in modern labor economics, which seeks to put into perspective and explain this historic demographic transformation. Immigration Economics synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows. Economist George Borjas lays out with clarity and rigor a full spectrum of topics, including migrant worker selection and assimilation, the impact of immigration on labor markets and worker wages, and the economic benefits and losses that result from immigration. Two important themes emerge: First, immigration has distributional consequences: some people gain, but some people lose. Second, immigrants are rational economic agents who attempt to do the best they can with the resources they have, and the same holds true for native workers of the countries that receive migrants. This straightforward behavioral proposition, Borjas argues, has crucial implications for how economists and policymakers should frame contemporary debates over immigration.




Hysteresis and Business Cycles


Book Description

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.




Secrets of Economics Editors


Book Description

Experienced economics editors discuss navigating the world of scholarly journals, with details on submission, reviews, acceptance, rejection, and editorial policy. Editors of academic journals are often the top scholars in their fields. They are charged with managing the flow of hundreds of manuscripts each year—from submission to review to rejection or acceptance—all while continuing their own scholarly pursuits. Tenure decisions often turn on who has published what in which journals, but editors can accept only a fraction of the papers submitted. In this book, past and present editors of economics journals discuss navigating the world of academic journals. Their contributions offer essential reading for anyone who has ever submitted a paper, served as a referee or associate editor, edited a journal—or read an article and wondered why it was published. The editors describe their experiences at journals that range from the American Economic Review to the Journal of Sports Economics. The issues they examine include late referee reports, slow resubmission of manuscripts, and plagiarism—as well as the difficulties of “herding cats” and the benefits of husband-wife editorial partnerships. They consider the role of the editor, as gatekeeper or developer of content; and they advise authors to write more carefully and clearly, to include citations that locate their articles in the context of the existing literature, and to update their work after it has been submitted and rejected elsewhere. The chapters also offer a timely, insider's perspective on the general effectiveness of the system of academic journals in economics. Contributors Richard V. Adkisson, Richard G. Anderson, William A. Barnett, Suzanne R. Becker, William R. Becker, Daniel W. Bromley, William G. Dewald, Antony W. Dnes, Zvi Eckstein, Richard Friberg, Esther Gal-Or, Craufurd Goodwin, Thorvaldur Gylfason, Campbell R. Harvey, Geoffrey M. Hodgson, Leo H. Kahane, R. Preston McAfee, John Pencavel, Gerald Pfann, Steven Pressman, Lall B. Ramrattan, J. Barkley Rosser Jr., Paul H. Rubin, William F. Shughart II, Robert M. Solow, Daniel F. Spulber, Michael Szenberg, Timothy Taylor, Abu N.M. Wahid, Michael Watts, Lawrence J. White, Jürgen von Hagen, Fabrizio Zilibotti




The American Political Economy


Book Description

Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.




The Economics of Artificial Intelligence


Book Description

A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.




The Economics of Platforms


Book Description

Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. This book explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years.