Here are a few comments about some recently published books dealing with economic issues:
ROCKONOMICS by Alan B.
Krueger will be of special interest to those who are curious about the music business. A former chairman of the Council of Economic
Advisers, Krueger provides “A Backstage Tour of What the Music Industry Can
Teach Us about Economics and Life.” In
chapters with titles like “The Supply of Musicians,” “The Economics of
Superstars,” or “Streaming is Changing Everything,” he looks at this evolving
industry from a variety of perspectives. In terms of economics, he notes its
size (employing about 0.2% of the workforce), income inequality that is more
severe than the larger society, and implications of copyright laws and royalty arrangements.
He also writes about the increased reliance on performance revenue as well as
alternative ticketing options. Krueger
provides charts and graphs to illustrate his points, plus extensive notes and an index. Student researchers will definitely find information
and value here, including from the last chapter on “Music and Well-Being” in which
Krueger quotes Oliver Sacks and others, noting “part of the reason for the
durable power of music appears to be that listening to music engages many parts
of the brain, triggering connections and creating associations.” ROCKONOMICS offers a unique reading
experience and received a starred review from Booklist.
THE LEVELLING
by Michael O'Sullivan focuses on “What's
Next After Globalization.” O’Sullivan, currently
chief investment officer for Credit Suisse’s International Wealth Management
Division, describes the shift from the
world-order of the last forty years to one that is “less interconnected, more
multipolar.” He draws parallels with past periods of transition, especially
between the Grandees (elites) and the Levellers of the 1640s. A fan
of Alexander Hamilton, O’Sullivan devotes another chapter to the question of
What would Hamilton do? and outlines some possible courses of action for Europe
(e.g., revising and condensing a constitution-type document so as to increase
the union’s relevance and force in geopolitics), the United States (e.g.,
seeing immigration as a necessary part of economic vitality) and China (e.g., promoting
development of social infrastructure). In terms of the future, he takes a
fairly negative perspective, noting “the probable onset of a recession by early
2020” and “the need to accept expectations that the trend level of growth
worldwide will be lower in the next ten to twenty years than it has been over
the past forty.” Having used a rather verbose writing style throughout, O’Sullivan
concludes with a sweeping statement that the “deep persistent underlying issues
in our world are the need to reduce imbalances in indebtedness globally, the
need to decommission the vast power of central banks, wealth inequality, the
role of women in economies, the search for a new model of economic growth, and
the rise of emerging countries to rival incumbent powers.” His expertise and concern are obvious, but
the sometimes convoluted argument does not seem very practical, actionable or, at times, relevant for the general reader.
THE LEVELLING
by Michael O'Sullivan focuses on “What's
Next After Globalization.” O’Sullivan, currently
chief investment officer for Credit Suisse’s International Wealth Management
Division, describes the shift from the
world-order of the last forty years to one that is “less interconnected, more
multipolar.” He draws parallels with past periods of transition, especially
between the Grandees (elites) and the Levellers of the 1640s. A fan
of Alexander Hamilton, O’Sullivan devotes another chapter to the question of
What would Hamilton do? and outlines some possible courses of action for Europe
(e.g., revising and condensing a constitution-type document so as to increase
the union’s relevance and force in geopolitics), the United States (e.g.,
seeing immigration as a necessary part of economic vitality) and China (e.g., promoting
development of social infrastructure). In terms of the future, he takes a
fairly negative perspective, noting “the probable onset of a recession by early
2020” and “the need to accept expectations that the trend level of growth
worldwide will be lower in the next ten to twenty years than it has been over
the past forty.” Having used a rather verbose writing style throughout, O’Sullivan
concludes with a sweeping statement that the “deep persistent underlying issues
in our world are the need to reduce imbalances in indebtedness globally, the
need to decommission the vast power of central banks, wealth inequality, the
role of women in economies, the search for a new model of economic growth, and
the rise of emerging countries to rival incumbent powers.” His expertise and concern are obvious, but
the sometimes convoluted argument does not seem very practical, actionable or, at times, relevant for the general reader. 
Written by Pat Garofalo, THE BILLIONAIRE BOONDOGGLE was
published earlier this spring. Garofalo is a managing editor at the Center for
American Progress who takes a fairly liberal view, subtitling this work, “How
Our Politicians Let Corporations and Bigwigs Steal Our Money and Jobs.” His
focus is primarily the interplay between the entertainment and sporting
industries and local government and politicians. For example, Garofalo writes
about the movie/television industry and explains the tax breaks and subsidies
they receive. He also touches on a
number of “celebrity-type” events such as the Olympics and World Cup, arguing that
the cost to taxpayers of playing host is rarely if ever, justified, and often “a waste of money
that could be used for the greater good.” Although clearly opinionated and sometimes
quite informal, Garofalo’s writing style is very accessible and his choice of
topics will appeal to students. In fact, there is an entire chapter which discusses
“why lotteries and casinos are a bad bet” which is a frequently chosen topic
for student research (roughly ten percent of THE BILLIONAIRE BOONDOGGLE is devoted to notes and an index).
