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Archive for the 'Economics' Category

Friday, March 20th, 2015

A Genealogy of Morgan Stanley

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Today, for the final day of the feature, we’ve excerpted a sample chapter focused on one of the Big 50: Morgan Stanley.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Thursday, March 19th, 2015

Charles Royce’s Foreword to Genealogy of American Finance

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla. Today, we are happy to present Charles M. Royce’s foreword to Wright and Sylla’s book, in which Royce focuses on the importance of the Museum of American Finance both in the process of creating the Genealogy and in a broader cultural context.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Foreword
By Charles M. Royce, CEO, The Royce Funds

I was introduced to the leadership of the Museum of American Finance through my friend and television personality, Consuelo Mack, who serves on the Museum’s Board of Trustees. During the course of my initial conversation with President David Cowen, I brought up an idea I have had for years, which is to trace the genealogies — or family trees — of the major American financial firms. I have been working in finance for more than 50 years and have witnessed first-hand many dramatic changes in the industry. So many firms that existed when I first began investing are no longer around.

Given that my firm looks for “value” in companies when we invest, I asked David if there was value in this idea. His response was that, indeed, this would be an invaluable research tool. This book is the first output of that discussion.

As the only independent finance museum in the nation, the Museum often fields calls from researchers inquiring about what happened to certain firms or banks — now defunct or acquired. Many times those questions have been difficult to answer. Moreover, the two main regulatory bodies, The Federal Reserve and the FDIC, do not have complete information and are, therefore, also unable to also answer those questions. According to the Museum’s exhibit team, an area of the “Banking in America” exhibit featuring an abridged genealogy of the Bank of America was the single largest piece of research that went into any section of the Museum’s permanent exhibits. This is largely because more than one hundred years’ worth of merger and acquisition data is so difficult to come by.

My conversations with David and the Museum team resulted in my commitment to underwrite a massive research project to compile these family trees and house them in a central location. It has taken well over a year of research — which included hundreds of hours of archival legwork — to compile these genealogies and make them publicly available.

I applaud Professors Wright and Sylla for their research and writing efforts, which have made this project a reality. As a Columbia University MBA, I am pleased to note that my alma mater has enthusiastically embraced this idea as well, and that this beautiful book has been produced by Columbia Business School Publishing.

Now, if the Museum receives a research inquiry about past financial firms, the staff is able to answer where that firm’s history fits into the modern financial landscape. Or, better yet, people can access the information themselves via this book or the Museum’s website.

This project sheds tremendous light into the dynamic nature of our nation’s financial history. One can never completely understand the future without a comprehension of the past. In an easy-to-read and understandable manner, this book gives a narrative history that is accessible to all — from the newcomer working at a bank to the finance professional, from the student to the scholar, from the practitioner to the regulator.

Please enjoy the book, as each chapter will transport you back in time to see the birth and growth of these 50 financial institutions.

Wednesday, March 18th, 2015

An Overview of the Big 50 Banks

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Today, we’ve excerpted “Overview of the Big 50,” a set of infographics provided by Wright and Sylla that give context for their discussion of the Big 50 Banks.

Don’t forget to enter our book giveaway for a chance to win a free copy!

Tuesday, March 17th, 2015

A Brief History of Banking in the United States

Genealogy of American Finance

“To fully comprehend the history or genealogy of any bank or BHC, a general knowledge of US banking and business organizational history is required.” — Robert E. Wright and Richard Sylla

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Today, we are happy to present an excerpt from the book’s introduction, “A Brief History of Banking in the United States.”

Don’t forget to enter our book giveaway for a chance to win a free copy!

Monday, March 16th, 2015

Book Giveaway! Genealogy of American Finance, by Robert E. Wright and Richard Sylla

Genealogy of American Finance

Genealogy of American Finance is a treasure trove of information on American banking and its history, in an unusual — and unusually useful — format.” — John Steele Gordon

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

We are also offering a FREE copy of Genealogy of American Finance. 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, March 20th at 1:00 pm. Good luck, and spread the word!

Wednesday, March 11th, 2015

Thomas Hockenhull on the Ten Coins That Changed the World

In the following video Thomas Hockenhull, author of Symbols of Power: Ten Coins That Changed the World, discusses the book and the companion exhibit at the British Museum.

Friday, March 6th, 2015

Jeffrey Sachs Discusses Sustainable Development at Columbia University

In the University Lecture (see below) delivered at Columbia University, Jeffrey Sachs, author of The Age of Sustainable Development, discusses sustainable development as an emerging scholarly discipline and as an urgent policy imperative, and describes the evolving role of universities and other social institutions in addressing these complex challenges:

Monday, March 2nd, 2015

Book Giveaway! The Age of Sustainable Development, Jeffrey Sachs

This week our featured book is The Age of Sustainable Development, by Jeffrey D. Sachs; Foreword by Ban Ki-moon.

In addition to featuring the book and the author on the blog, we will also be posting about the book on twitter, and facebook.

We are also offering a FREE copy of The Age of Sustainable Development to one winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Friday, March 6th at 1:00 pm.

The Age of Sustainable Development is my candidate for most important book in current circulation. Inspirational, encyclopedic in coverage, moving smoothly from discipline to discipline as though composed by multiple experts, Sachs explains why humanity must attain sustainability as its highest priority—and he outlines the best ways to do it.”—Edward O. Wilson, University Research Professor Emeritus, Harvard University

For more on the book, you can read an excerpt from the introduction:

Wednesday, January 28th, 2015

Newly Elected Greek Prime Minister Alexis Tsipras on the Future Europe Deserves

What Does Europe Want?

“The experience of previous years leads to one conclusion: there is one morality in politics and another for economy. In the years since 1989, the morality of the economy has fully prevailed over the ethics of politics and democracy.” — Alexis Tsipras

Alexis Tsipras was just sworn in as Prime Minister of Greece, after his Syriza party and the Independent Greeks party came to an agreement resulting in a coalition government. The focus of Tsipras’s campaign was his pledge to oppose the austerity program imposed on Greece by European creditors. In “The Destruction of Greece as a Model for All of Europe: Is This the Future That Europe Deserves?,” his foreword to Slavoj Žižek and Srecko Horvat’s What Does Europe Want? which we have excerpted below, Tsipras explains his stance against austerity and looks to alternative visions of the future to provide hope for Greek citizens.

Wednesday, December 17th, 2014

How Expectations and Uncertainty Affect the Economy — An Interview with Eric Barthalon

Uncertainty, Expectations, and Financial Instability

The following is an interview with Eric Barthalon, author of Uncertainty, Expectations, and Financial Instability: Reviving Allais’s Lost Theory of Psychological Time.

Question: What is your book about?

Eric Barthalon: Uncertainty, Expectations and Financial Instability is about what we call “expectations” and the pro-cyclical responses they trigger. I argue that, under uncertainty, we infer the future largely from our experience of the past, and I show how Allais’s lost theory of psychological time gives an operational and testable content to this intuition or hypothesis.

Q: What exactly do you mean by uncertainty?

EB: When we throw four dices repeatedly, we cannot tell the outcome of each throw, but experience as well as mathematics tell us very precisely what we should expect: there will not be many instances where the sum of the four dices is either 4 or 24; most of the throws will yield a result close to 14. This is a situation of “known unknowns” or risk, in which it would be insane to expect a throw to yield either a 2 or a 30, and—even if the first throws are not close to 14—it would be equally insane not to expect the average of the throws to converge toward 14. In such risky situations, our expectations should be identical to the model’s forecasts. This is the very definition of rational expectations. (more…)

Wednesday, November 12th, 2014

Joseph Stiglitz and Others Help to Launch the Kenneth J. Arrow Series

Kenneth J. Arrow Lecture Series

Next week there will be two great events relating to the Arrow Lectures and our book series. Both events are free and open to the public:

On Monday, November 17th, Columbia University Faculty House will be hosting a book launch for The Kenneth J. Arrow Series to celebrate the books in the series, including the just-published Moral Hazard in Health Insurance, by Amy Finkelstein. The event will include a roundtable discussion with a remarkable group of economists and scholars, including Kenneth J. Arrow, Stanford University; Scott Barrett, Columbia University; Patrick Bolton, Columbia University; Bruce C. Greenwald, Columbia University; Geoffrey Heal, Columbia University; Eric Maskin, Harvard University and IAS; Bernard Salanié, Columbia University; José A. Scheinkman, Columbia University; and Joseph E. Stiglitz, Columbia University. This event will be moderated by Jan Svejnar, Columbia SIPA.

The 7th Kenneth J. Arrow Lecture itself will take place the next night and be delivered by Paul Milgrom, Shirley and Leonard Ely Professor of Humanities and Sciences, Stanford University, will focus on prices and resource allocations in computationally challenging environments. Discussants will include Kenneth J. Arrow, Stanford University; Jay Sethuraman, Columbia University; Joseph Stiglitz, Columbia University.

For more, here is Joseph Stiglitz on the creation of the Kenneth J. Arrow Lecture Series.

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!