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Archive for the 'Economics' Category

Friday, October 10th, 2014

Joseph Stiglitz and Bruce Greenwald discuss the idea of a learning society

Creating a Learning Society

In a recent event at the Heyman Center for the Humanities at Columbia University, Joseph Stiglitz and Bruce Greenwald discussed the ideas from their recent book, Creating a Learning Society: A New Approach to Growth, Development, and Social Progress. You can read the Heyman Center’s description of the panel and view a video below.

It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.

Thus, to understand how countries grow and develop, it is essential to know how they learn and become more productive and what government can do to promote learning. In Creating a Learning Society, Joseph E. Stiglitz and Bruce C. Greenwald cast light on the significance of this insight for economic theory and policy. Taking as a starting point Kenneth J. Arrow’s 1962 paper “Learning by Doing,” they explain why the production of knowledge differs from that of other goods and why market economies alone typically do not produce and transmit knowledge efficiently. Closing knowledge gaps and helping laggards learn are central to growth and development. But creating a learning society is equally crucial if we are to sustain improved living standards in advanced countries.

The Disciplines Series: The Idea of Development The Learning Society with Joseph Stiglitz and Bruce Greenwald from Heyman Center/Society of Fellows on Vimeo.

Friday, September 5th, 2014

Dean Starkman: Wrecking an Economy Means Never Having to Say You’re Sorry

Dean Starkman, The Watchdog That Didn't Bark

“We know the banks are eager to put the scandal of the financial crisis behind them. What’s disturbing is that, in the name of deference, convenience, or something darker, the Justice Department is letting them do just that.”—Dean Starkman

In his book The Watchdog That Didn’t Bark: The Financial Crisis and the Disappearance of Investigative Journalism, Dean Starkman charts the history of the financial press culminating in an analysis of the failure of mainstream journalism to cover the events and trends leading up to the 2008 financial crisis.

In a sense, he argues that the financial press abandoned its roots in investigative journalism and let mortgage lenders, banks, and Wall Street off the hook. Recently, in the New Republic, Starkman suggests that the government is doing the same after the fact. Despite some settlements paid out by the likes of J.P. Morgan and Citigroup, the Justice Department “has permitted the banks, for a price, to bury their sins.” Starkman writes:

It bears saying one more time: It’s a disgrace that the Justice Department has failed to bring a single criminal charge against any Wall Street or mortgage executive of consequence for their roles in wrecking the economy, despite having managed to make arrests in the comparatively piddling schemes of Enron and the Savings & Loan flimflam. (The latter resulted in more than 800 convictions, including those of many top executives.) These settlements are wan consolation. The sums being surrendered, for starters, are large only until compared with the $13 trillion or so the public lost in the financial crash—or, for that matter, with the banks’ own coffers. (Citi’s pure profit in the two years before the wipeout was more than triple its penalty.) Not to mention that the money won’t be paid by any parties actually responsible, but by the banks’ current shareholders, who pretty much had nothing to do with the misdeeds in question. And the bulk of the settlements will be tax deductible. For destroying trillions in wealth and thousands of jobs, banks will get a write-off.

(more…)

Friday, August 22nd, 2014

Stiglitz and Greenwald’s Introduction to Creating a Learning Society

The Kenneth J. Arrow Lecture Series

“The fact that markets on their own are not efficient when innovation is endogenous raised the question which is at the heart of our lecture and the book to which it gave rise: What should be the role of policy in promoting economic efficiency?” — Joseph E. Stiglitz and Bruce C. Greenwald

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today is the final day of the book giveaway, and we are featuring the introduction to Stiglitz and Greenwald’s Creating a Learning Society!

Thursday, August 21st, 2014

Arrow and the Impossibility Theorem, by Amartya Sen

The Kenneth J. Arrow Lecture Series

“The informational foundation of modern social choice theory relates to the basic democratic conviction that social judgments and public decisions must depend, in some transparent way, on individual preferences, broadly understood.” – Amartya Sen

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today, we are focusing on The Arrow Impossibility Theorem, and in this post we are offering Amartya Sen’s essay from that book: “Arrow and the Impossibility Theorem.”

Thursday, August 21st, 2014

The Origins of the Impossibility Theorem, by Kenneth J. Arrow

The Kenneth J. Arrow Lecture Series

“I was concerned with the fact that firms in the modern world typically had many owners (shareholders). If one ignored the time dimension, this posed no problem; each owner was interested in maximizing profits, and therefore they would all make the same choice. In the more general temporal situation, each owner would want to maximize expected profits. But the owners might easily hold different expectations. Therefore, they would not agree what investment policy would be optimal.” – Kenneth J. Arrow

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today, we are proud to present an article written by Kenneth J. Arrow and included in Sen and Maskin’s The Arrow Impossibility Theorem in which Arrow looks back on the steps by which he came to prove his impossibility theorem for social choices.

Wednesday, August 20th, 2014

Kenneth J. Arrow comments on José Scheinkman’s Speculation, Trading, and Bubbles

The Kenneth J. Arrow Lecture Series

“I think José correctly emphasizes that a belief system and a rational information system are not the same, even apart from the logical difficulties I have raised…. Individuals can of course err in self-assessment, but this result does not come from random error.” – Kenneth J. Arrow

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today, we are focusing on Speculation, Trading, and Bubbles in particular. In this post, we’ll take a look at Kenneth J. Arrow’s Commentary on Scheinkman’s arguments.

Wednesday, August 20th, 2014

Joseph Stiglitz introduces José A. Scheinkman’s Speculation, Trading, and Bubbles

The Kenneth J. Arrow Lecture Series

“Much of the research of the past forty years has focused on assessing market behavior in the presence of rational expectations, where individuals use all available information to make inferences about the future, and in which all individuals share the same beliefs. And much of the literature has focused on situations where, even though there may not be a complete set of markets, there are not constraints, such as on short sales. In practice, of course, individuals do differ in their beliefs.” – Joseph Stiglitz

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today, we are focusing on Speculation, Trading, and Bubbles in particular. In this post, we are happy to present Joseph E. Stiglitz’s introduction to José Scheinkman’s book.

Tuesday, August 19th, 2014

Joseph Stiglitz discusses the creation of The Kenneth J. Arrow Lecture Series

The Kenneth J. Arrow Lecture Series

“When we initiated the series, we had hoped that it would open up a lively discussion about a variety of areas within economics, political science, and philosophy. The Committee of Global Thought spans multiple disciplines, and Arrow is one of the few scholars of recent decades whose work has cut across fields, having profound implications on each.” — Joseph E. Stiglitz

This week we are excited to feature The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz, and are giving away free copies of the first three books in the series (Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen) in our book giveaway! Today, we are posting an excerpt from Joseph Stiglitz’s preface to Creating a Learning Society, in which he discusses the impact of Kenneth Arrow’s work, and the Committee of Global Thought at Columbia University’s decision to discuss Arrow’s work in the yearly Arrow Lectures.

Monday, August 18th, 2014

Book Giveaway! Three titles from The Kenneth J. Arrow Lecture Series

The Kenneth J. Arrow Lecture Series

This week we are featuring The Kenneth J. Arrow Lecture Series, edited by Joseph E. Stiglitz. Kenneth J. Arrow’s work has shaped the course of economics for the past sixty years so deeply that, in a sense, every modern economist is his student. His ideas, style of research, and breadth of vision have been a model for generations of the boldest, most creative, and most innovative economists. His work has yielded such seminal theorems as general equilibrium, social choice. and endogenous growth, proving that simple ideas have profound effects. The Kenneth J. Arrow Lecture Series highlights economists, from Nobel laureates to groundbreaking younger scholars, whose work builds on Arrow’s scholarship as well as his innovative spirit. The books in the series are an expansion of the lectures that are held in Arrow’s honor at Columbia University.

To celebrate this exciting new series, we are offering FREE copies of the first three Arrow Lecture Series titles: Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph Stiglitz and Bruce Greenwald; Speculation, Trading, and Bubbles, by José Scheinkman; and The Arrow Impossibility Theorem, by Eric Maskin and Amartya Sen. Throughout the week, we will be featuring content about the books and their authors on our blog as well as on our Twitter feed and our Facebook page.

To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, July 18th at 1:00 pm. Good luck, and spread the word!

Thursday, July 3rd, 2014

The Value of Moats

The Nature of Value

“The investor’s job is to make a judgment about intrinsic value based on faith in the underlying capabilities to maintain the moat relative to the cluster and economy on a go-forward basis.” — Nick Gogerty

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. In today’s excerpt from The Nature of Value, Gogerty explains the concept of “moats,” and argues that identifying a moat is an extremely lucrative pursuit for any business.

Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!

Wednesday, July 2nd, 2014

The Nature of Value, as Illustrated Through Pins

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty.

Last month, we pinned many of the most profound illustrations from the book on CUP’s Pinterest profile.
As one can see below, Gogerty takes a completely original approach to explaining the relationship between intrinsic value and price. As the intrinsic value of a golden-egg-laying goose may not be obvious at a quick glance, neither is the value of a firm’s unique capabilities. View the full The Nature of Value board here.









Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!
Additionally, you can read an excerpt from the first chapter here.

Tuesday, July 1st, 2014

A Glimpse into The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Today, we are happy to present an excerpt from the first chapter of The Nature of Value, “The Problem with Price? It’s Not Value,” in which Gogerty illustrates the concept of intrinsic value as a golden-egg-laying goose. After seeing these original graphics, you won’t be able to confuse “price” for “value” again!

Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!

Monday, June 30th, 2014

Book Giveaway! The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.

The Nature of Value explores the function of economic value in the context of evolution’s processes to explain how investors can improve their allocation decisions. View the book trailer here:

We are also offering a FREE copy of The Nature of Value. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Monday, July 7th at 1:00 pm. Good luck, and spread the word!

Monday, June 9th, 2014

Piketty and the Pope — A Post by Santiago Zabala

“Although Piketty will probably continue to teach economics in France instead of moving into the Vatican, the Pope now has an economist whom he can rely upon when he pontificates from Rome, regardless of all accusations of Marxism.”—Santiago Zabala

Santiago Zabala, Hermeneutic CommunismOver the past couple of years, Thomas Piketty, author of Capital in the Twenty-First Century, and Pope Francis have become two of the most high-profile critics of the current capitalist economic system. As Santiago Zabala, co-author of Hermeneutic Communism: From Heidegger to Marx, points out, this has brought them condemnation from conservatives like Rush Limbaugh, who have accused Piketty and the Pope of Marxism.

In his essay Piketty and the Pope, and why Marx is back, Zabala argues that being labeled a Marxist is “simply a sign that Marx has returned from the remnants of communism to invite academics, activists, and even clerics to seek in his thought solutions to the ongoing global recession.” Zabala goes on to examine the ways in which Piketty’s economic analysis and his call for a progressive global tax on capital or wealth address some of the concerns Pope Francis has about the growing economic inequality and the current economic system. Zabala writes:

Piketty seems to have provided both historical and economic justification for the Pope’s concerns over an “economy of exclusion” and a “financial system which rules rather than serves.” If capitalism has become such an economic system it is not simply because of its natural drift toward high inequality, which the author demonstrates through detailed historical analysis, but also because capitalism permits the concentration of wealth to perpetuate from one generation to the next.

(more…)

Friday, June 6th, 2014

Will New York City Remain the Capital of Capital?

Capital of Capital

“Ultimately, the question asked today is the same one raised in the 1790s, the 1830s, the 1890s, the 1910s, and the 1930s: how can the city and the nation balance their own needs with those of a banking system that they cannot afford to be without?”—from Capital of Capital

As noted in Capital of Capital: Money, Banking, and Power in New York City, 1784-2012, according to the Z/Yen Group’s Global Financial Centres Index, New York City has slipped from its top position as the leading financial center, replaced by London. Here are the top 10 cities:

1. London
2. New York City
3. Hong Kong
4. Singapore
5. Tokyo
6. Zurich
7. Chicago
8. Shanghai
9. Seoul
10. Toronto

Will New York City reclaim its top position or slip further down as emerging economies become even bigger players in the global economy? In the conclusion to Capital of Capital, authors Lautin and Jaffe explore the challenges faced by New York City as the Capital of Capital as well as the city’s resiliency as a leading financial center:

If, despite traumas and changes, New York City endured as the nation’s financial headquarters, its identity as the world’s banking hub, a role it had played for decades, faced serious challenges in the new century. In the early 2000s, even before the meltdown, the city seemed to be losing out to global financial centers like Hong Kong, Singapore, and London. Press stories pointed to startling statistics: in 2007, less than 15 percent of the world’s new initial public offerings of stock shares were brought to market on one of the New York exchanges. As recently as the 1990s, that figure had topped 74 percent. And even though today most of the world’s biggest banks are located in Europe (the largest American bank, JPMorgan Chase, was number nine on that list in 2012), by 2050 the emerging economies of the developing world are expected to overtake the industrialized nations.

(more…)

Thursday, June 5th, 2014

Images from Capital of Capital: Money, Banking, and Power in New York City

Capital of Capital

The following are some examples of the extraordinary images and historical documents from Capital of Capital: Money, Banking, and Power in New York City, 1784-2012, by Steven H. Jaffe and Jessica Lautin:

New York One-Cent Note
New Yorkers were familiar with paper money before the founding of the Bank of New-York in 1784. In the early republic, the issuing of paper money would become the province of private, state-chartered banks such as the Bank of New-York. City governments and even private businesses also issued notes in payment to employees or vendors.

Greenback
Recognizing that the Northern economy needed a more ample and liquid money supply in order to win the war, Secretary of Treasury Samuel Chase resorted to a radical new plan in 1862 and 1863. The secretary now pressed Congress to authorize the Treasury to issue a new paper currency “bearing a common impression.” These greenbacks as they became known , would enter the economy as the government paid soldiers, sailors, and war contractors with them; as banks made loans and cashed checks for customers; and as citizens exchanged notes from state banks for the federal money.

Women's Banking
The divided spaces of Beaux-Arts banks reflected the diversified operations and activities of Gilded Age banking. Clerks, tellers, and cashiers were separated from the public by elaborate brass grillwork, and female customers were segregated. Responding to the fast-growing population of women depositors while adhering to Victorian gender norms, banks provided women with their own teller windows and maid service.

Depression
Albert Potter evoked the despair of the depression years in New York with the figure of a beggar; Death hovers above.

(more…)

Wednesday, June 4th, 2014

New York City as the Capital of Capital — Steven Jaffe and Jessica Lautin on The Brian Lehrer Show

Today, we offer another interview with the authors of Capital of Capital: Money, Banking, and Power in New York City, 1784-2012.

Steven H. Jaffe and Jessica Lautin recently appeared on The Brian Lehrer Show to discuss the book and the frequently contentious history of banks in New York City. Among other issues, Jaffe and Lautin discussed why New York City became the “capital of capital,” surpassing Philadelphia and other cities; how New York City became not only the center of banking but also the center of protests against capitalism from the union movement to Occupy Wall Street; how immigration gave rise to savings banks; and whether or not New York City will remain the “capital of capital”

Tuesday, June 3rd, 2014

Interview with Jessica Lautin, Co-Author of Capital of Capital

Capital of Capital “Banks are not a monolith; and their functions have been extraordinarily diverse—worthy of both ire and praise.”—Jessica Lautin

The following is an interview with Jessica Lautin, co-author of Capital of Capital: Money, Banking, and Power in New York City, 1784-2012

Question: What is Capital of Capital about?

Jessica Lautin: Capital of Capital examines how New York’s banks became central first to the city’s, then the nation’s, and ultimately the world’s economy. And it’s about the symbiotic relationship between the development of New York’s banks and the city itself.

Q: Why is it important?

JL: You can’t understand the growth of New York City without understanding the growth of its banks. There are excellent books and articles out there on specific periods in this great narrative—on Alexander Hamilton, the Gilded Age, the Depression, the fiscal crisis, and of course the Great Recession. But this book is the first to cover the full sweep. By looking at this long history you can see certain themes, trends and topics emerge: the cycles of booms and busts; the denial of and access to credit; the relationship between New York’s banks and government; the creation by New York’s banks of new financial instruments and strategies; and banks’ investment in the infrastructure of the city.

Q: The exhibition that preceded the book was on view at the Museum of the City of New York in 2012. Why did the City Museum decide to cover this topic at this time?

JL: Citigroup was interested in sponsoring an exhibition about the history of banking in Gotham to honor the 200th anniversary of the founding of the City Bank of New York in 1812. This idea dovetailed perfectly with the Museum’s mission to connect New York City’s past, present, and future. We began planning this exhibition when the city and nation were still reeling from the financial crisis and the Occupy Wall Street movement had just made the news. Everything was still so fresh that we wondered if the opening of the exhibition might even draw protestors. (It didn’t). All of the headlines echoed those that appeared in the 18th, 19th and 20th centuries: outrage at the city’s banks and attacks on its wealthiest citizens; calls for tighter regulation; announcements of new forms of currency; concerns about banks leaving town. We covered this history in the exhibition while also leaving visitors with a question about the future: Would New York City continue to be the capital of global finance? Newly generated and designed infographics in the last section (that also appear in the book) helped visitors to come up with an answer—graphics on such topics as: banks and the labor force; assets of commercial banks; and loans by foreign bank branches. Then there was an opportunity to register an answer in a survey programmed on old ATMs.

Q: Banks today and throughout NYC’s history have been the frequent targets of criticism. How fair is this?

JL: It’s true that banks have been the target of vitriol since their founding. Like the Occupy Wall Street protestors, John Adams attacked them as corrupt and elitist, calling bankers “swindlers and thieves.” It makes sense, and yes, it’s fair, that Americans have always been suspicious of the institutions that pool, grow and distribute money and credit. There are many instances throughout the nearly 230 years when banks have willfully ignored excessive risk to themselves and their customers in the interest of profit. If in 2008 it was the packaging and selling of subprime mortgages, in 1857 it was speculation in railroad securities. Also, before legislation forced banks to change their lending and hiring policies in the 1960s, ‘70s and ‘80s, many banks systematically denied employment and credit to African Americans, women, gays and lesbians. And this denial of credit had profound and lasting effects, for example, on the segregation of neighborhoods. By subsidizing the building of single-family homes for whites in the suburbs while refusing home loans to blacks and Hispanics in poorer neighborhoods, banks perpetuated poverty and racism.

(more…)

Friday, May 30th, 2014

Kenneth Arrow’s Commentary on Creating a Learning Society

Creating a Learning Society

“Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This is something that all teachers know.” — Kenneth Arrow

This week our featured book is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph E. Stiglitz and Bruce C. Greenwald. Today, we have excerpted Kenneth J. Arrow’s Commentary on the ideas Stiglitz and Greenwald put forth in Creating a Learning Society.

Thursday, May 29th, 2014

Joseph Stiglitz on the Kenneth Arrow Lecture Series

Creating a Learning Society

“When we initiated the series, we had hoped that it would open up a lively discussion about a variety of areas within economics, political science, and philosophy. The Committee of Global Thought spans multiple disciplines, and Arrow is one of the few scholars of recent decades whose work has cut across fields, having profound implications on each.” — Joseph E. Stiglitz

This week our featured book is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress, by Joseph E. Stiglitz and Bruce C. Greenwald. Today, we have an excerpt from Joseph Stiglitz’s Preface to Creating a Learning Society, in which he discusses the impact of Kenneth Arrow’s work, and the Committee of Global Thought at Columbia University’s decision to discuss Arrow’s work in the yearly Arrow Lectures.