Economics

The Financial Times & McKinsey Business Book of the Year

A New York Times Notable Book
A Washington Post Notable Book

One of the Best Books of the Year: NPR, San Francisco Chronicle, Time, Esquire, Fortune, Marie Claire, GQ, Mental Floss, Science Friday, Bloomberg, Popular Mechanics, BookRiot, The Seattle Times, The Oregonian, Publishers Weekly, Library Journal

In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the next Steve Jobs: a brilliant Stanford dropout whose startup "unicorn" promised to revolutionize the medical industry with its breakthrough device, which performed the whole range of laboratory tests from a single drop of blood. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes's worth at an estimated $4.5 billion. There was just one problem: The technology didn't work. Erroneous results put patients in danger, leading to misdiagnoses and unnecessary treatments. All the while, Holmes and her partner, Sunny Balwani, worked to silence anyone who voiced misgivings--from journalists to their own employees.

Rigorously reported and fearlessly written, Bad Blood is a gripping story of the biggest corporate fraud since Enron--a tale of ambition and hubris set amid the bold promises of Silicon Valley.

Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.

A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award

"It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year--and maybe of the decade."
--Paul Krugman, New York Times

"The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat."
--The Economist

"Piketty's Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years."
--Steven Pearlstein, Washington Post

"Piketty has written an extraordinarily important book...In its scale and sweep it brings us back to the founders of political economy."
--Martin Wolf, Financial Times

"A sweeping account of rising inequality...Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore."
--John Cassidy, New Yorker

"Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years."
--Timothy Shenk, The Nation

A national bestseller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined--and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing development of the world's poorest countries.

Much debated in the United States and the United Kingdom on publication, Dead Aid is an unsettling yet optimistic work, a powerful challenge to the assumptions and arguments that support a profoundly misguided development policy in Africa. And it is a clarion call to a new, more hopeful vision of how to address the desperate poverty that plagues millions.

A New York Times Bestseller
The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society.
Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country.
Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis.
MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Climate scientists have determined that we must act now to prevent an irreversible and catastrophic climatic tipping point, beyond which neither our own nor many other species can be assumed likely to survive. On the way to that bleak ending, moreover, extreme socio-economic injustice and associated political breakdown--now well underway in nations already hard-hit by environmental crisis--can be expected to hasten as well.

The time has thus come to plan carefully, thoroughly, and on a scale commensurate with the crisis we face. This book, written by one of the key architects of the Green New Deal and prefaced by Representative Alexandria Ocasio-Cortez's former Chief of Staff, indicates how to structure Green New Deal finance in a manner that advances the cross-cutting goals of maximum financial and economic inclusion, maximally democratic decision-making, and an appropriate division of roles both among all levels of government and among public and private sector decision-makers.

Integrating into one complete and coherent financial architecture such bold ideas as a 'People's Fed, ' an interdepartmental National Investment Council, integrated state and regional public banks, a Democratic Digital Dollar and digital Taxpayer Savings and Transaction Accounts made part of the monetary policy transmission belt, and an economy-wide Price Stabilization Fund, this book is critical reading for policymakers and citizens looking for a fresh path forward towards a revived and sustainable, progressive and productive America.

The legendary bestseller that made millions look at the world in a radically different way returns in a new edition, now including an exclusive discussion between the authors and bestselling professor of psychology Angela Duckworth.

Which is more dangerous, a gun or a swimming pool? Which should be feared more: snakes or french fries? Why do sumo wrestlers cheat? In this groundbreaking book, leading economist Steven Levitt--Professor of Economics at the University of Chicago and winner of the American Economic Association's John Bates Clark medal for the economist under 40 who has made the greatest contribution to the discipline--reveals that the answers. Joined by acclaimed author and podcast host Stephen J. Dubner, Levitt presents a brilliant--and brilliantly entertaining--account of how incentives of the most hidden sort drive behavior in ways that turn conventional wisdom on its head.

--Entertainment Weekly

An urgent plan to confront climate change, transform the American economy, and create a green post-fossil fuel culture.

A new vision for America's future is quickly gaining momentum. Facing a global emergency, a younger generation is spearheading a national conversation around a Green New Deal and setting the agenda for a bold political movement with the potential to revolutionize society. Millennials, the largest voting bloc in the country, are now leading on the issue of climate change.

While the Green New Deal has become a lightning rod in the political sphere, there is a parallel movement emerging within the business community that will shake the very foundation of the global economy in coming years. Key sectors of the economy are fast-decoupling from fossil fuels in favor of ever cheaper solar and wind energies and the new business opportunities and employment that accompany them. New studies are sounding the alarm that trillions of dollars in stranded fossil fuel assets could create a carbon bubble likely to burst by 2028, causing the collapse of the fossil fuel civilization. The marketplace is speaking, and governments will need to adapt if they are to survive and prosper.

In The Green New Deal, New York Times bestselling author and renowned economic theorist Jeremy Rifkin delivers the political narrative and economic plan for the Green New Deal that we need at this critical moment in history. The concurrence of a stranded fossil fuel assets bubble and a green political vision opens up the possibility of a massive shift to a post-carbon ecological era, in time to prevent a temperature rise that will tip us over the edge into runaway climate change. With twenty-five years of experience implementing Green New Deal-style transitions for both the European Union and the People's Republic of China, Rifkin offers his vision for how to transform the global economy and save life on Earth.

The Simulmatics Corporation, launched during the Cold War, mined data, targeted voters, manipulated consumers, destabilized politics, and disordered knowledge--decades before Facebook, Google, and Cambridge Analytica. Jill Lepore, best-selling author of These Truths, came across the company's papers in MIT's archives and set out to tell this forgotten history, the long-lost backstory to the methods, and the arrogance, of Silicon Valley.

Founded in 1959 by some of the nation's leading social scientists--"the best and the brightest, fatally brilliant, Icaruses with wings of feathers and wax, flying to the sun"--Simulmatics proposed to predict and manipulate the future by way of the computer simulation of human behavior. In summers, with their wives and children in tow, the company's scientists met on the beach in Long Island under a geodesic, honeycombed dome, where they built a "People Machine" that aimed to model everything from buying a dishwasher to counterinsurgency to casting a vote. Deploying their "People Machine" from New York, Washington, Cambridge, and even Saigon, Simulmatics' clients included the John F. Kennedy presidential campaign, the New York Times, the Department of Defense, and dozens of major manufacturers: Simulmatics had a hand in everything from political races to the Vietnam War to the Johnson administration's ill-fated attempt to predict race riots. The company's collapse was almost as rapid as its ascent, a collapse that involved failed marriages, a suspicious death, and bankruptcy. Exposed for false claims, and even accused of war crimes, it closed its doors in 1970 and all but vanished. Until Lepore came across the records of its remains.

The scientists of Simulmatics believed they had invented "the A-bomb of the social sciences." They did not predict that it would take decades to detonate, like a long-buried grenade. But, in the early years of the twenty-first century, that bomb did detonate, creating a world in which corporations collect data and model behavior and target messages about the most ordinary of decisions, leaving people all over the world, long before the global pandemic, crushed by feelings of helplessness. This history has a past; If Then is its cautionary tale.

NEW YORK TIMES BESTSELLER

Shortlisted for the Financial Times/McKinsey Business Book of the Year Award

The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it.

Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.

Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world.

As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit.

The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.

Economists regularly promote Capitalism as the greatest system ever to grace the planet. With the same breath, they implore us to leave the job of understanding the magical powers of the market to the "experts.&rdquo

Despite the efforts of these mainstream commentators to convince us otherwise, many of us have begun to question why this system has produced such vast inequality and wanton disregard for its own environmental destruction. This book offers answers to exactly these questions on their own terms: in the form of a radical economic theory.

When Henry David Thoreau went for his daily walk, he would consult his instincts on which direction to follow. More often than not his inner compass pointed west or southwest. "The future lies that way to me," he explained, "and the earth seems more unexhausted and richer on that side." In his own imaginative way, Thoreau was imitating the countless young pioneers, prospectors, and entrepreneurs who were zealously following Horace Greeley's famous advice to "go west." Yet while the epic chapter in American history opened by these adventurous men and women is filled with stories of frontier hardship, we rarely think of one of their greatest problems--the lack of water resources. And the same difficulty that made life so troublesome for early settlers remains one of the most pressing concerns in the western states of the late-twentieth century.

The American West, blessed with an abundance of earth and sky but cursed with a scarcity of life's most fundamental need, has long dreamed of harnessing all its rivers to produce unlimited wealth and power. In Rivers of Empire, award-winning historian Donald Worster tells the story of this dream and its outcome. He shows how, beginning in the mid-nineteenth century, Mormons were the first attempting to make that dream a reality, damming and diverting rivers to irrigate their land. He follows this intriguing history through the 1930s, when the federal government built hundreds of dams on every major western river, thereby laying the foundation for the cities and farms, money and power of today's West. Yet while these cities have become paradigms of modern American urban centers, and the farms successful high-tech enterprises, Worster reminds us that the costs have been extremely high. Along with the wealth has come massive ecological damage, a redistribution of power to bureaucratic and economic elites, and a class conflict still on the upswing. As a result, the future of this "hydraulic West" is increasingly uncertain, as water continues to be a scarce resource, inadequate to the demand, and declining in quality.

Rivers of Empire represents a radically new vision of the American West and its historical significance. Showing how ecological change is inextricably intertwined with social evolution, and reevaluating the old mythic and celebratory approach to the development of the West, Worster offers the most probing, critical analysis of the region to date. He shows how the vast region encompassing our western states, while founded essentially as colonies, have since become the true seat of the American "Empire." How this imperial West rose out of desert, how it altered the course of nature there, and what it has meant for Thoreau's (and our own) mythic search for freedom and the American Dream, are the central themes of this eloquent and thought-provoking story--a story that begins and ends with water.

In this groundbreaking alternative history of the most dominant ideology of our time, Milton Friedman's free-market economic revolution, Naomi Klein challenges the popular myth of this movement's peaceful global victory. From Chile in 1973 to Iraq today, Klein shows how Friedman and his followers have repeatedly harnessed terrible shocks and violence to implement their radical policies. As John Gray wrote in The Guardian, There are very few books that really help us understand the present. The Shock Doctrine is one of those books.

A Junior Library Guild Gold Standard Selection

In Talking to My Daughter About the Economy, activist Yanis Varoufakis, Greece's former finance minister and the author of the international bestseller Adults in the Room, pens a series of letters to his young daughter, educating her about the business, politics, and corruption of world economics.

Yanis Varoufakis has appeared before heads of nations, assemblies of experts, and countless students around the world. Now, he faces his most important--and difficult--audience yet. Using clear language and vivid examples, Varoufakis offers a series of letters to his young daughter about the economy: how it operates, where it came from, how it benefits some while impoverishing others. Taking bankers and politicians to task, he explains the historical origins of inequality among and within nations, questions the pervasive notion that everything has its price, and shows why economic instability is a chronic risk. Finally, he discusses the inability of market-driven policies to address the rapidly declining health of the planet his daughter's generation stands to inherit.

Throughout, Varoufakis wears his expertise lightly. He writes as a parent whose aim is to instruct his daughter on the fundamental questions of our age--and through that knowledge, to equip her against the failures and obfuscations of our current system and point the way toward a more democratic alternative.

Major New York Times bestseller
Over two million copies sold
Selected by the New York Times Book Review as one of the ten best books of 2011
Selected by The Wall Street Journal as one of the best nonfiction books of 2011
2013 Presidential Medal of Freedom Recipient
Daniel Kahneman's work with Amos Tversky is the subject of Michael Lewis's best-selling The Undoing Project: A Friendship That Changed Our Minds

In his mega bestseller, Thinking, Fast and Slow, Daniel Kahneman, world-famous psychologist and winner of the Nobel Prize in Economics, takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation--each of these can be understood only by knowing how the two systems shape our judgments and decisions.

Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives--and how we can use different techniques to guard against the mental glitches that often get us into trouble. Topping bestseller lists for almost ten years, Thinking, Fast and Slow is a contemporary classic, an essential book that has changed the lives of millions of readers.

But, as Andrew Skinner reveals in his introduction to this edition, the real sophistication of "The Wealth of Nations" lies less in individual areas of economic analysis than in its overall picture of a vast analytical system--a capitalist economy--in which all the parts can be seen simultaneously interacting with each other. In addition, Smith's view of society was not merely an economic one. "The Wealth of Nations" is far from being an apologia for unregulated business enterprise: Smith was at pains to point out that economic advance can have undesirable social consequences, and that labour which is economically unproductive can be beneficial to society at large.