Paul Krugman is a columnist for The New York Times and Distinguished Professor of Economics at the Graduate Center of the City University of New York. He was awarded the Nobel Prize in Economics in 2008. (July 2016)
Economists struggling to make sense of economic polarization are, increasingly, talking not about technology but about power. This may sound like straying off the reservation—aren’t economists supposed to focus only on the invisible hand of the market?—but there is actually a long tradition of economic concern about “market power,” aka the effect of monopoly.
The Shifts and the Shocks: What We’ve Learned—and Have Still to Learn—from the Financial Crisis
by Martin Wolf
Martin Wolf’s The Shifts and the Shocks is an extended, learned, and well-informed exposition of the consensus view about what went wrong with the economy. But is it the whole story? And are policy recommendations based on this consensus likely to solve our problems?
by Thomas Piketty, translated from the French by Arthur Goldhammer
Thomas Piketty isn’t a household name, although that may change with the English-language publication of his magnificent, sweeping meditation on inequality, Capital in the Twenty-First Century. This is a book that will change both the way we think about society and the way we do economics.
The Climate Casino: Risk, Uncertainty, and Economics for a Warming World
by William D. Nordhaus
The future is uncertain, a reality acknowledged in the title of William Nordhaus’s new book, The Climate Casino: Risk, Uncertainty, and Economics for a Warming World. Yet decisions must be made taking the future—and sometimes the very long-term future—into account. This is true when it comes to exhaustible resources, where every barrel of oil we burn today is a barrel that won’t be available for future generations. It is all the more true for global warming, where every ton of carbon dioxide we emit today will remain in the atmosphere, changing the world’s climate, for generations to come.
Following the election of a pro-bailout party in Greece on June 17, the new Greek government being formed this week will try once more to negotiate a solution to its intractable debt crisis that will keep it in the eurozone. But how did Greece get into this situation in the first place? Are other countries at risk of falling into the same predicament? In a panel discussion at the Metropolitan Museum of Art earlier this year sponsored by the Review and Fritt Ord, these and other questions were explored by Paul Krugman, Edmund Phelps, Jeffrey Sachs, and George Soros. —The Editors