People spend money on things that are conspicuous, or highly visible to others, to project wealth. But we shouldn’t assume people are wealthy based on their spending habits. Some people prefer to save most of their income; others spend more than would be financially advisable. Heather Kappes warns us that when we infer people’s wealth by what we see […]
This month sees two billionaires – Richard Branson and Jeff Bezos – perform suborbital flights on vehicles designed by their own companies. Hanh Nguyen-Le tracks the recent history of billionaire space projects, from space tourism, to operating commercially and contracting with the federal government. Despite billionaires’ unpopularity with much of the public, they argue that billionaire-involvement in space is […]
Book Review: The Pay Off: How Changing the Way We Pay Changes Everything by Gottfried Leibbrandt and Natasha de Terán
In The Pay Off: How Changing the Way We Pay Changes Everything, Gottfried Leibbrandt and Natasha de Terán offer a new account of the history and workings of payments infrastructures, showing how the movement of money is crucial to understanding financial power today. Offering careful and accessible insight into the basics of payments and intelligent analysis of the Fintech boom, this […]
In Advanced Introduction to Feminist Economics, Joyce P. Jacobsen provides an overview of feminist economics, exploring how various areas of economics intersect with feminism. Full of rich references, this book is a treasure trove for those embarking on ‘doing’ feminist economics, showing how it can challenge the prevailing dogmas of mainstream economics with multiple approaches, writes Rajshree Bedamatta.
Advanced Introduction to Feminist Economics. Joyce P. […]
Amid fierce public debates about the size of the Biden administration’s coronavirus protection and stimulus package, the Initiative on Global Markets Forum (the University of Chicago Booth School of Business) invited a panel of US experts to express their views on the likelihood of the economy ‘overheating’ and causing inflation as a result. Romesh Vaitilingam writes that the survey […]
How the idea of the local ‘business climate’ was created in the 1950s to give companies leverage at the height of unions’ power.
Most states, cities and local authorities in the US are concerned with promoting and maintaining a favorable “business climate” in order to attract inward investment, jobs and other economic benefits. Using General Electric’s “Better Business Climate” program as a case study, Caroline Hanley finds that the concept was mobilized by a grassroots conservative political movement in the 1950s as […]
In Easy Living: The Rise of the Home Office, Elizabeth A. Patton explores how the status of the home as an intimate space and locus of economic activity is closely tied to the economic, social and cultural transformations of the past century. This accessible and engaging account sheds necessary light on the history of working from home and the vested interests […]
Earlier this year, the Biden administration withdrew an increase of the federal minimum wage to $15 from its COVID-19 relief bill. But to what extent should the federal government be setting a one size fits all minimum wage policy for the US? In new research, Andrew Simon and Matthew Wilson evaluate the US’ hybrid minimum wage system which allows […]
To reach perfect income equality, factors that determine individual income, such as intelligence, inherited wealth, personalities, and social skills, should be identical for everyone. That is an infeasible ideal. Chae Un Kim and Ji-Won Park propose a more feasible and realistic concept of income equality that could be incorporated in the Gini coefficient, the most widely used measure of inequality, guaranteeing […]
Daniel Stempel and Ulrike Neyer analyse the effects of gender discrimination on macroeconomic outcomes. Their study suggests that if there were no gender discrimination, adverse economic shocks like the COVID-19 pandemic would be less detrimental to economic activity. Additional consequences of gender discrimination come via monetary policy: central bank reactions to the crisis end up increasing discriminatory wage gaps and […]