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The Economics of Tobacco Regulation: A Comprehensive Review. Journal of Economic Literature (IF 12.6) Pub Date : 2022-09-01 Philip DeCicca,Donald Kenkel,Michael F Lovenheim
Tobacco regulation has been a major component of health policy in the developed world since the UK Royal College of Physicians' and the US Surgeon General's reports in the 1960s. Such regulation, which has intensified in the past two decades, includes cigarette taxation, place-based smoking bans in areas ranging from bars and restaurants to workplaces, and regulations designed to make tobacco products
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Looking Back at 50 Years of the Clean Air Act Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Joseph E. Aldy,Maximilian Auffhammer,Maureen Cropper,Arthur Fraas,Richard Morgenstern
We synthesize and review retrospective analyses of federal air quality regulations to examine the contributions of the Clean Air Act (CAA) to the vast air quality improvements seen since 1970. Geographic heterogeneity in stringency affects emissions, public health, compliance costs, and employment. Cap-and-trade has delivered greater emission reductions at lower cost than conventional mandates, yet
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The 1918 Influenza Pandemic and Its Lessons for COVID-19 Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Brian Beach,Karen Clay,Martin Saavedra
This article reviews the global health and economic consequences of the 1918 influenza pandemic, with a particular focus on topics that have seen a renewed interest because of COVID-19. We begin by providing an overview of key contextual and epidemiological details as well as the data that are available to researchers. We then examine the effects on mortality, fertility, and the economy in the short
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The Economic Impact of the Black Death Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Remi Jedwab,Noel D. Johnson,Mark Koyama
The Black Death was the largest demographic shock in European history. We review the evidence for the origins, spread, and mortality of the disease. We document that it was a plausibly exogenous shock to the European economy and trace out its aggregate and local impacts in both the short run and the long run. The initial effect of the plague was highly disruptive. Wages and per capita income rose.
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A Review of Robert Sugden’s Community of Advantage Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Patrick Harless,Romans Pancs
In his book, The Community of Advantage: A Behavioural Economist’s Defence of the Market, Robert Sugden says that people should be left alone to do what they want. We interpret his reasons for saying so and try to unify them. The unification uses simple economic models. When we fail to unify, we explain why. Open problems emerge. If Sugden’s passion for his subject won’t motivate the reader to pursue
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Epidemics, Inequality, and Poverty in Preindustrial and Early Industrial Times Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Guido Alfani
Recent research has explored the distributive consequences of major historical epidemics, and the current crisis triggered by COVID-19 prompts us to look at the past for insights about how pandemics can affect inequalities in income, wealth, and health. The fourteenth-century Black Death, which is usually believed to have led to a significant reduction in economic inequality, has attracted the greatest
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Religion and Discrimination: A Review Essay of Persecution and Toleration: The Long Road to Religious Freedom Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 Sriya Iyer
Noel D. Johnson and Mark Koyama’s book, Persecution and Toleration: The Long Road to Religious Freedom, examines the links between religion, state action, and the development of liberalism in medieval Europe. It discusses a model of “conditional toleration”; how the interaction between religion and state influences persecution and discrimination against minorities; and how religious freedom eventually
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Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses Journal of Economic Literature (IF 12.6) Pub Date : 2022-03-01 David E. Bloom,Michael Kuhn,Klaus Prettner
We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late twentieth century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we sketch a general theoretical framework to evaluate the trade-offs policy makers must consider when addressing
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09
Anwar Shaikh of Department of Economics New School for Social Research reviews “The Mismeasure of Progress: Economic Growth and Its Critics” by Stephen J. Macekura. The Econlit abstract of this book begins: “Explores criticism of gross national product (GNP), outlining the quest of growth critics to redefine national economic aspirations and the measurement of economic life.”
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“Somewhere in the Middle You Can Survive”: Review of The Narrow Corridor by Daron Acemoglu and James Robinson Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 Avinash Dixit
This article reviews Daron Acemoglu and James Robinson’s book The Narrow Corridor. They depict a constant tussle between “society,” which wants liberty but cannot sustain order, and “state,” which maintains order but grows oppressive. I argue that the book has a huge theme and an impressive historical sweep of supportive examples, but leaves many open questions. The two conceptual categories should
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Book Review: The Great Reversal by Thomas Philippon Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 Jan Eeckhout
Thomas Philippon’s The Great Reversal: How America Gave Up on Free Markets is a remarkable piece of research that draws our attention to a timely and relevant issue: the rise of market power and its macroeconomic implications. The book documents the facts, offers a number of hypotheses to explain those facts, and discusses the policy interventions needed to remedy market power. This essay reviews the
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Doctoral Dissertations in Economics One-Hundred-Eighteenth Annual List Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09
The list below specifies doctoral degrees conferred by U.S. and Canadian universities during academic year July 2020 to June 2021. Lists of degree recipients and subject classifications are provided by the university. Note: Dissertations without classifications may be found under “Y Miscellaneous Categories.”
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Ten Years of Evidence: Was Fraud a Force in the Financial Crisis? Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 John M. Griffin
This article synthesizes the large literature regarding the role of various players in residential mortgage-backed securities (RMBS) securitization at the center of the 2008–09 US housing and financial crisis. Underwriting banks facilitated wide-scale mortgage fraud by knowingly misreporting key loan characteristics underlying mortgage-backed securities (MBS). Under the cover of complexity, credit
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The Human Tide: A Review Essay Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 Timothy W. Guinnane
The Human Tide: How Population Shaped the Modern World, by Paul Morland, argues for the importance of demography in both historical events and our current situation. Intended for a general audience, the book traces demographic developments from the late eighteenth century, arguing that the timing and pace of demographic change helps to explain why some countries became powerful and others did not.
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09
Paul N. Courant of Edward M. Gramlich Distinguished University Professor and Provost Emeritus, University of Michigan reviews “Like Nobody’s Business: An Insider’s Guide to How US University Finances Really Work” by Andrew C. Comrie. The Econlit abstract of this book begins: “Discusses the essentials of university funding, reviewing the business and finances of higher education in terms of its six
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JEL Classification System Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09
The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit. New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”
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Annotated Listing of New Books Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09
Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write
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Forecasting in the Presence of Instabilities: How We Know Whether Models Predict Well and How to Improve Them Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 Barbara Rossi
This article provides guidance on how to evaluate and improve the forecasting ability of models in the presence of instabilities, which are widespread in economic time series. Empirically relevant examples include predicting the financial crisis of 2007–08, as well as, more broadly, fluctuations in asset prices, exchange rates, output growth, and inflation. In the context of unstable environments,
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Mass Atrocities and Their Prevention Journal of Economic Literature (IF 12.6) Pub Date : 2021-12-09 Charles H. Anderton, Jurgen Brauer
Counting conservatively, data show about 100 million mass atrocity-related deaths since 1900. A distinct empirical phenomenon, mass atrocities are events of enormous scale, severity, and brutality, occur in wartime and in peacetime, are geographically widespread, occur with surprising frequency, under various systems of governance, and can be long-lasting in their effects on economic and human development
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Automated Linking of Historical Data Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09 Ran Abramitzky, Leah Boustan, Katherine Eriksson, James Feigenbaum, Santiago Pérez
The recent digitization of complete count census data is an extraordinary opportunity for social scientists to create large longitudinal datasets by linking individuals from one census to another or from other sources to the census. We evaluate different automated methods for record linkage, performing a series of comparisons across methods and against hand linking. We have three main findings that
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Review of Ten Thousand Years of Inequality: The Archaeology of Wealth Differences Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09 Gerard Roland
Archeologists are actively working to quantitatively measure income and wealth inequality in ancient history based on available data, some of them being quite sophisticated. Timothy A. Kohler and Michael E. Smith’s Ten Thousand Years of Inequality: The Archaeology of Wealth Differences presents existing measurement efforts and insightful discussions of the challenges faced, on all continents except
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Household Finance Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09 Francisco Gomes, Michael Haliassos, Tarun Ramadorai
Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the life cycle.
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JEL Classification System Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit. New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
Anna Soci of University of Bologna reviews “Histories of Global Inequality: New Perspectives” edited by Christian Olaf Christiansen and Steven L. B. Jensen. The Econlit abstract of this book begins: “Thirteen papers offer a historical approach to global inequalities that supplements the existing economic research literature, focusing on themes such as decolonization, international organizations, gender
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
Albrecht Ritschl of Economic History Department London School of Economics and Political Science reviews “From Old Regime to Industrial State: A History of German Industrialization from the Eighteenth Century to World War I” by Richard H. Tilly and Michael Kopsidis. The Econlit abstract of this book begins: “Analyzes Germany's transition to modern economic growth, tracing the institutional roots of
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Annotated Listing of New Books Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write
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A Review of Matthias Doepke and Fabrizio Zilibotti’s Love, Money and Parenting: How Economics Explains the Way We Raise Our Kids Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09 Lena Edlund
As Generation X’s (born in the 1960s and 1970s) child bearing years draw to a close, its parenting practices are due for assessment, the topic of the book under review. The book organizes its discussion around Diana Baumrind’s three parenting styles: authoritarian, permissive, and authoritative. It chronicles the drift toward the two latter and argues that income inequality determines which one of
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
Maria Stella Chiaruttini of Department of Economic and Social History University of Vienna of reviews “Boom and Bust: A Global History of Financial Bubbles” by William Branch and John D. Turner. The Econlit abstract of this book begins: “Explores the history of financial bubbles, proposing a new metaphor and analytical framework that describes their causes, explains what determines their consequences
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09
William Branch of University of California, Irvine reviews “The Behavioral Economics of Inflation Expectations: Macroeconomics Meets Psychology” by Tobias F. Rötheli. The Econlit abstract of this book begins: “Considers the recent resurgence of interest in extrapolation as a descriptive theory of expectations, outlining a theory of pattern-based extrapolations rooted in cognitive psychology and empirical
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What Drives House Price Cycles? International Experience and Policy Issues Journal of Economic Literature (IF 12.6) Pub Date : 2021-09-09 John V. Duca, John Muellbauer, Anthony Murphy
The role of real estate during the global financial and economic crisis has prompted efforts to better incorporate housing and financial channels into macro models, improve housing models, develop macroprudential tools, and reform the financial system. This article provides an overview of major, recent contributions to the literature in relation to earlier research on what drives housing prices and
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Arthur Robson of Department of Economics, Simon Fraser University reviews “Game Theory in Biology: Concepts and Frontiers” by John M. McNamara and Olof Leimar. The Econlit abstract of this book begins: “Advanced textbook for graduate-level students and professional researchers presents the central concepts and modeling approaches in biological game theory, highlighting the connection between concepts
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Sanjit Dhami of Department of Economics, Accounting, and Finance, University of Leicester reviews “Handbook of Experimental Game Theory” edited by C. M. Capra, Rachel T. A. Croson, Mary L. Rigdon, and Tanya S. Rosenblat. The Econlit abstract of this book begins: “Sixteen papers explore the study of game-theoretic propositions from a scientific approach, covering methodological innovations in the measurement
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What Limits College Success? A Review and Further Analysis of Holzer and Baum’s Making College Work Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Philip Oreopoulos
Harry J. Holzer and Sandy Baum’s recent book, Making College Work: Pathways to Success for Disadvantaged Students, provides an excellent up-to-date review of higher education. My review first summarizes its key themes: (i) who gains from college and why, (ii) mismatch and the need for more structure, (iii) problems with remediation, (iv) financial barriers, and (v) the promise of comprehensive support
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On the Finding of an Equilibrium: Düpp e–Weintraub and the Problem of Scientific Credit Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 M. Ali Khan
In this review article, I read a book that revolves around two papers published in 1954, one by Lionel McKenzie, and the other by Kenneth Arrow and Gérard Debreu—Till Düppe and E. Roy Weintraub’s Finding Equilibrium: Arrow, Debreu, McKenzie and the Problem of Scientific Credit (2014). Under a tripartite categorization of people, context, and credit, this book advances the claim that “by being applied
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Tiziana Assenza of Toulouse School of Economics, University of Toulouse Capitole reviews “Behavioural Macroeconomics: Theory and Policy” by Paul De Grauwe and Yuemei Ji. The Econlit abstract of this book begins: “Presents new theoretical macroeconomic models based on individuals' complexity, heterogeneity, and cognitive limitations, addressing the current implausible assumptions of mainstream macroeconomics
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Using Synthetic Controls: Feasibility, Data Requirements, and Methodological Aspects Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Alberto Abadie
Probably because of their interpretability and transparent nature, synthetic controls have become widely applied in empirical research in economics and the social sciences. This article aims to provide practical guidance to researchers employing synthetic control methods. The article starts with an overview and an introduction to synthetic control estimation. The main sections discuss the advantages
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Annotated Listing of New Books Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write
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JEL Classification System Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit. New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”
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Counterfactuals, Empires, and Institutions: Reflections on Walter Scheidel’s Escape from Rome Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Mark Koyama
This essay reviews Escape from Rome: The Failure of Empire and the Road to Prosperity by Walter Scheidel. It examines the argument that Europe’s persistent fragmentation following the collapse of the Roman Empire is responsible for the origins of the modern world. First, I consider Scheidel’s argument that the rise of Rome at the end of the first millennium BCE was relatively overdetermined, but that
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Federico Etro of University of Florence and Elena Stepanova of St. Anna School, Pisa reviews “Painting by Numbers: Data-Driven Histories of Nineteenth-Century Art” by Diana Seave Greenwald. The Econlit abstract of this book begins: “Presents case studies that combine the macroscopic examination typical of economic history with the tightly focused analyses common in art history, exploring industrialization
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A Review of Thomas Sowell’s Discrimination and Disparities Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Jennifer L. Doleac
In Discrimination and Disparities, Thomas Sowell describes how economists think about the causes of disparities in socioeconomic outcomes. He cautions against government intervention to reduce disparities, noting that such interventions often have unintended consequences. In this review, I discuss the role of economic theory and empirical evidence in helping move society toward more equitable outcomes
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Foreign Influence and Domestic Policy Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Toke S. Aidt, Facundo Albornoz, Esther Hauk
In an interconnected world, economic and political interests inevitably reach beyond national borders. Since policy choices generate external economic and political costs, foreign state and non-state actors have an interest in influencing policy actions in other sovereign countries to their advantage. Foreign influence is a strategic choice aimed at internalizing these externalities and takes three
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Eva Paus of Department of Economics, Mount Holyoke College reviews “Trapped in the Middle? Developmental Challenges for Middle-Income Countries” by José Antonio Alonso and José Antonio Ocampo. The Econlit abstract of this book begins: “Fifteen papers investigate the existence of middle-income traps in middle-income countries (MICs), analyzing how these pitfalls manifest, their causes, and the economic
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Charles Brown of University of Michigan reviews “United States Income, Wealth, Consumption, and Inequality” edited by Diana Furchtgott-Roth. The Econlit abstract of this book begins: “Ten papers examine income trends, consumption, wealth, and inequality in the United States, focusing on the root causes of income growth and inequality, as well as ways to measure income and income distribution.”
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03
Shareen Joshi of Georgetown University reviews “Advanced Introduction to Feminist Economics” by Joyce P. Jacobsen. The Econlit abstract of this book begins: “Discusses the intersections between economics, feminism, and teaching, focusing on topics such as feminist approaches to economic development, modeling of intra-household relationships, and differential effects of international trade and finance
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Global Public Goods: A Survey Journal of Economic Literature (IF 12.6) Pub Date : 2021-06-03 Wolfgang Buchholz, Todd Sandler
This survey investigates the increasing importance of global public goods (GPGs) in today’s interdependent world, driven by ever-growing, cross-border externalities and public good spillovers. Novel technologies, enhanced globalization, and population increases are among the main drivers of the rise of GPGs. Key GPGs include curbing climate change, instituting universal regulatory practices, eradicating
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
Anjan V. Thakor of Washington University in St. Louis reviews “TARP and Other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System,” by Allen N. Berger and Raluca A. Roman. The Econlit abstract of this book begins: “Analyzes theoretical and empirical research evidence on the Troubled Asset Relief Program (TARP) in the United States and other bank
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
John D. Wilson of Michigan State University reviews “Democratic Federalism: The Economics, Politics, and Law of Federal Governance” by Robert P. Inman and Daniel L. Rubinfeld. The Econlit abstract of this book begins: “Analyzes the contemporary arguments for the democratic federal state, investigating how best to design the institutions of federal governance to achieve economic efficiency, democratic
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Review of Russia’s Crony Capitalism: The Path from Market Economy to Kleptocracy by Anders Åslund Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Michael Alexeev
Anders Åslund provides a comprehensive description of the main political and economic events of Vladimir Putin’s 20 years at the helm of the country. In politics, Åslund shows how Putin skillfully maneuvered to destroy democracy in Russia. I argue that the “cultural backlash” by older generations played perhaps an even more important role. I also show that the young generations hold rather liberal
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
Michael Andrews of University of Maryland, Baltimore County reviews “Markets, Minds, and Money: Why America Leads the World in University Research” by Miguel Urquiola. The Econlit abstract of this book begins: “Examines the free market approach to education in the United States, addressing how American research universities rose to preeminence and why they have retained their status in the world.”
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Back To The Good—or Were They the Bad—Old Days of Antitrust? A Review Essay of Jonathan B. Baker’s The Antitrust Paradigm: Restoring a Competitive Economy Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Clifford Winston
This essay reviews Jonathan Baker’s important book, The Antitrust Paradigm: Restoring a Competitive Economy, to frame the debate over appropriate antitrust policy and enforcement. Baker argues that competition is inadequate in many US markets and that antitrust could and should be strengthened to restore competition and benefit consumers. Baker presents an unrelenting critique of what he believes is
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
Hun Chung of Faculty of Political Science and Economics, Waseda University reviews “Modern Social Contract Theory” by Albert Weale. The Econlit abstract of this book begins: “Explores major work in social contract theory from 1950 to the present, focusing on the problems of defining principles of justice and demonstrating the grounds of moral obligation.”
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Planning on the Potomac: A Review Essay on Jason E. Taylor’s Deconstructing the Monolith: The Microeconomics of the National Industrial Recovery Act Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Joshua K. Hausman
Taylor (2019) details heterogeneity in the effects of the National Industrial Recovery Act (NIRA) across industries and across time. Through first the President’s Reemployment Act (PRA) and then industry-specific “codes of fair competition,” the NIRA raised wages and restricted working hours. In some—but far from all—cases industries also used a NIRA code to collude, raising prices and restricting
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Capital Controls: Theory and Evidence Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Bilge Erten, Anton Korinek, José Antonio Ocampo
This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The theoretical literature has identified pecuniary externalities and aggregate demand externalities that respectively
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Economic Inequality in Preindustrial Times: Europe and Beyond Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Guido Alfani
Recent literature has reconstructed estimates of wealth and income inequality for a range of preindustrial, mostly European, societies covering medieval and early modern times, occasionally reaching back to antiquity and even prehistory. These estimates have radically improved our knowledge of distributive dynamics in the past. It now seems clear that in the period circa 1300–1800, inequality of both
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Behavioral and Experimental Macroeconomics and Policy Analysis: A Complex Systems Approach Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Cars Hommes
This survey discusses behavioral and experimental macroeconomics, emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the question of under which conditions a complex macro-system of interacting agents may or may not coordinate on
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JEL Classification System Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit. New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”
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Directed Search and Competitive Search Equilibrium: A Guided Tour Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08 Randall Wright, Philipp Kircher, Benoît Julien, Veronica Guerrieri
This essay surveys the literature on directed search and competitive search equilibrium, covering theory and a variety of applications. These models share features with traditional search theory, but also differ in important ways. They share features with general equilibrium theory, but with explicit frictions. Equilibria are often efficient, mainly because markets price goods plus the time required
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Annotated Listing of New Books Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write
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Book Reviews Journal of Economic Literature (IF 12.6) Pub Date : 2021-03-08
Andreas Grein of Zicklin School of Business, Baruch College, City University of New York reviews “Outside the Box: How Globalization Changed from Moving Stuff to Spreading Ideas,” by Marc Levinson. The Econlit abstract of this book begins: “Explores the development of globalization in the early twenty-first century, focusing on the role of transportation, communication, and information technology in