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Law, Legislation, and Liberty, Volume 19 (The Collected Works of F. A. Hayek #19)
by F. A. HayekA new edition of F. A. Hayek’s three-part opus Law, Legislation, and Liberty, collated in a single volume In this critical entry in the University of Chicago’s Collected Works of F. A. Hayek series, political philosopher Jeremy Shearmur collates Hayek’s three-part study of law and liberty and places Hayek’s writings in careful historical context. Incisive and unrestrained, Law, Legislation, and Liberty is Hayek at his late-life best, making it essential reading for understanding the philosopher’s politics and worldview. These three volumes constitute a scaling up of the framework offered in Hayek’s famed The Road to Serfdom. Volume 1, Rules and Order, espouses the virtues of classical liberalism; Volume 2, The Mirage of Social Justice, examines the societal forces that undermine liberalism and, with it, liberalism’s capacity to induce “spontaneous order”; and Volume 3, The Political Order of a Free People, proposes alternatives and interventions against emerging anti-liberal movements, including a rule of law that resides in stasis with personal freedom. Shearmur’s treatment of this challenging work—including an immersive new introduction, a conversion of Hayek’s copious endnotes to footnotes, corrections to Hayek’s references and quotations, and the provision of translations to material that Hayek cited only in languages other than English—lends it new importance and accessibility. Rendered anew for the next generations of scholars, this revision of Hayek’s Law, Legislation, and Liberty is sure to become the standard.
Law, Legislation, and Liberty, Volume 19: A New Statement Of The Liberal Principles Of Justice And Political Economy (The Collected Works of F. A. Hayek #19)
by F. A. HayekA new edition of F. A. Hayek’s three-part opus Law, Legislation, and Liberty, collated in a single volume In this critical entry in the University of Chicago’s Collected Works of F. A. Hayek series, political philosopher Jeremy Shearmur collates Hayek’s three-part study of law and liberty and places Hayek’s writings in careful historical context. Incisive and unrestrained, Law, Legislation, and Liberty is Hayek at his late-life best, making it essential reading for understanding the philosopher’s politics and worldview. These three volumes constitute a scaling up of the framework offered in Hayek’s famed The Road to Serfdom. Volume 1, Rules and Order, espouses the virtues of classical liberalism; Volume 2, The Mirage of Social Justice, examines the societal forces that undermine liberalism and, with it, liberalism’s capacity to induce “spontaneous order”; and Volume 3, The Political Order of a Free People, proposes alternatives and interventions against emerging anti-liberal movements, including a rule of law that resides in stasis with personal freedom. Shearmur’s treatment of this challenging work—including an immersive new introduction, a conversion of Hayek’s copious endnotes to footnotes, corrections to Hayek’s references and quotations, and the provision of translations to material that Hayek cited only in languages other than English—lends it new importance and accessibility. Rendered anew for the next generations of scholars, this revision of Hayek’s Law, Legislation, and Liberty is sure to become the standard.
Insurance Era: Risk, Governance, and the Privatization of Security in Postwar America
by Caley HoranActuarial thinking is everywhere in contemporary America, an often unnoticed byproduct of the postwar insurance industry’s political and economic influence. Calculations of risk permeate our institutions, influencing how we understand and manage crime, education, medicine, finance, and other social issues. Caley Horan’s remarkable book charts the social and economic power of private insurers since 1945, arguing that these institutions’ actuarial practices played a crucial and unexplored role in insinuating the social, political, and economic frameworks of neoliberalism into everyday life. Analyzing insurance marketing, consumption, investment, and regulation, Horan asserts that postwar America’s obsession with safety and security fueled the exponential expansion of the insurance industry and the growing importance of risk management in other fields. Horan shows that the rise and dissemination of neoliberal values did not happen on its own: they were the result of a project to unsocialize risk, shrinking the state’s commitment to providing support, and heaping burdens upon the people often least capable of bearing them. Insurance Era is a sharply researched and fiercely written account of how and why private insurance and its actuarial market logic came to be so deeply lodged in American visions of social welfare.
Insurance Era: Risk, Governance, and the Privatization of Security in Postwar America
by Caley HoranActuarial thinking is everywhere in contemporary America, an often unnoticed byproduct of the postwar insurance industry’s political and economic influence. Calculations of risk permeate our institutions, influencing how we understand and manage crime, education, medicine, finance, and other social issues. Caley Horan’s remarkable book charts the social and economic power of private insurers since 1945, arguing that these institutions’ actuarial practices played a crucial and unexplored role in insinuating the social, political, and economic frameworks of neoliberalism into everyday life. Analyzing insurance marketing, consumption, investment, and regulation, Horan asserts that postwar America’s obsession with safety and security fueled the exponential expansion of the insurance industry and the growing importance of risk management in other fields. Horan shows that the rise and dissemination of neoliberal values did not happen on its own: they were the result of a project to unsocialize risk, shrinking the state’s commitment to providing support, and heaping burdens upon the people often least capable of bearing them. Insurance Era is a sharply researched and fiercely written account of how and why private insurance and its actuarial market logic came to be so deeply lodged in American visions of social welfare.
Bound by Creativity: How Contemporary Art Is Created and Judged
by Hannah WohlWhat is creativity? While our traditional view of creative work might lead us to think of artists as solitary visionaries, the creative process is profoundly influenced by social interactions even when artists work alone. Sociologist Hannah Wohl draws on more than one hundred interviews and two years of ethnographic research in the New York contemporary art market to develop a rich sociological perspective of creativity. From inside the studio, we see how artists experiment with new ideas and decide which works to abandon, destroy, put into storage, or exhibit. Wohl then transports readers into the art world, where we discover how artists’ understandings of their work are shaped through interactions in studio visits, galleries, international art fairs, and collectors’ homes. Bound by Creativity reveals how artists develop conceptions of their distinctive creative visions through experimentation and social interactions. Ultimately, we come to appreciate how judgment is integral to the creative process, both resulting in the creation of original works while also limiting an artist’s ability to break new ground. Exploring creativity through the lens of judgment sheds new light on the production of cultural objects, markets, and prestige.
Bound by Creativity: How Contemporary Art Is Created and Judged
by Hannah WohlWhat is creativity? While our traditional view of creative work might lead us to think of artists as solitary visionaries, the creative process is profoundly influenced by social interactions even when artists work alone. Sociologist Hannah Wohl draws on more than one hundred interviews and two years of ethnographic research in the New York contemporary art market to develop a rich sociological perspective of creativity. From inside the studio, we see how artists experiment with new ideas and decide which works to abandon, destroy, put into storage, or exhibit. Wohl then transports readers into the art world, where we discover how artists’ understandings of their work are shaped through interactions in studio visits, galleries, international art fairs, and collectors’ homes. Bound by Creativity reveals how artists develop conceptions of their distinctive creative visions through experimentation and social interactions. Ultimately, we come to appreciate how judgment is integral to the creative process, both resulting in the creation of original works while also limiting an artist’s ability to break new ground. Exploring creativity through the lens of judgment sheds new light on the production of cultural objects, markets, and prestige.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
The Sounds of Capitalism: Advertising, Music, and the Conquest of Culture
by Timothy D. TaylorFrom the early days of radio through the rise of television after World War II to the present, music has been used more and more to sell goods and establish brand identities. And since the 1920s, songs originally written for commercials have become popular songs, and songs written for a popular audience have become irrevocably associated with specific brands and products. Today, musicians move flexibly between the music and advertising worlds, while the line between commercial messages and popular music has become increasingly blurred. Timothy D. Taylor tracks the use of music in American advertising for nearly a century, from variety shows like The Clicquot Club Eskimos to the rise of the jingle, the postwar upsurge in consumerism, and the more complete fusion of popular music and consumption in the 1980s and after. The Sounds of Capitalism is the first book to tell truly the history of music used in advertising in the United States and is an original contribution to this little-studied part of our cultural history.
Monetary Policy Rules (National Bureau of Economic Research Studies in Business Cycles #31)
by John B. TaylorThis timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Monetary Policy Rules (National Bureau of Economic Research Studies in Business Cycles #31)
by John B. TaylorThis timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Confidence Games: Money and Markets in a World without Redemption (Religion and Postmodernism)
by Mark C. TaylorAwash in a sea of data that seems to have no meaning and bombarded by images and sounds transmitted from around the globe 24/7, people are no longer sure what is real and what is fake. Artists recycle ads in their paintings and businesses use images of artists in their ads; politicians mount campaigns based on hit films; and bankers make billions trading incomprehensible financial products backed by nothing more than abstract figures and signs. In Confidence Games, Mark C. Taylor considers the implications of these developments for our digital and increasingly virtual economy. According to Taylor, money and markets do not exist in a vacuum but grow in a profoundly cultural medium, reflecting and in turn shaping their world. To understand the recent changes in our economy, it is not enough to analyze the impact of politics and technology—one must consider the influence of art, philosophy, and religion as well. Bringing John Calvin, G. W. F. Hegel, and Adam Smith to Wall Street by way of Las Vegas, Taylor first explores the historical and psychological origins of money, the importance of religious beliefs and practices for the emergence of markets, and the unexpected role of religion and art in the classical understanding of economics. He then moves to an account of economic developments during the past four decades, exploring the dawn of our new information age, the growing virtuality of money and markets, and the complexity of the networks by which monetary value is now negotiated. Returning full circle to a version of the market first proposed by Adam Smith when he used theology and aesthetics to rethink economics, Confidence Games closes with a plea for a conception of life that embraces uncertainty and insecurity as signs of the openness of the future. Like religion and economics, life is a confidence game in which the challenge is not to find redemption but to learn to live without it. "Before the global credit system began its collapse in 2007, Mark Taylor had connected the dots between increasingly complex financial instruments and larger cultural forces. Anyone who wants to understand the disappearing foundation of our financial markets needs to read this book immediately."—Michael Lewitt, editor, The HCM Market Letter “Beyond simply dealing with ‘money and markets,’ Confidence Games is a fascinating and wide-ranging tour of modern and postmodern ideas and conditions from Aristotle to Nietzsche, from Wall Street to Las Vegas.”—Craig Bay, Journal of Markets & Morality
Inside the Business Enterprise: Historical Perspectives on the Use of Information (National Bureau of Economic Research Conference Report)
by Peter TeminHow do business enterprises control their subunits? In what ways do existing paths of communication within a firm affect its ability to absorb new technology and techniques? How do American banks affect how companies operate? Do theoretical constructs correspond to actual behavior? Because business enterprises are complex institutions, these questions can prove difficult to address. All too often, firms are treated as the atoms of economics, the irreducible unit of analysis. This accessible volume, suitable for course use, looks more closely at the American firm—into its internal workings and its genesis in the Gilded Age. Focusing on the crucial role of imperfect and asymmetric information in the operation of enterprises, Inside the Business Enterprise forges an innovative link between modern economic theory and recent business history.
The Ends of Freedom: Reclaiming America's Lost Promise of Economic Rights
by Mark PaulAn urgent and galvanizing argument for an Economic Bill of Rights—and its potential to confer true freedom on all Americans. Since the Founding, Americans have debated the true meaning of freedom. For some, freedom meant the provision of life’s necessities, those basic conditions for the “pursuit of happiness.” For others, freedom meant the civil and political rights enumerated in the Bill of Rights and unfettered access to the marketplace—nothing more. As Mark Paul explains, the latter interpretation—thanks in large part to a particularly influential cadre of economists—has all but won out among policymakers, with dire repercussions for American society: rampant inequality, endemic poverty, and an economy built to benefit the few at the expense of the many. In this book, Paul shows how economic rights—rights to necessities like housing, employment, and health care—have been a part of the American conversation since the Revolutionary War and were a cornerstone of both the New Deal and the Civil Rights Movement. Their recuperation, he argues, would at long last make good on the promise of America’s founding documents. By drawing on FDR’s proposed Economic Bill of Rights, Paul outlines a comprehensive policy program to achieve a more capacious and enduring version of American freedom. Among the rights he enumerates are the right to a good job, the right to an education, the right to banking and financial services, and the right to a healthy environment. Replete with discussions of some of today’s most influential policy ideas—from Medicare for All to a federal job guarantee to the Green New Deal—The Ends of Freedom is a timely and urgent call to reclaim the idea of freedom from its captors on the political right—to ground America’s next era in the country’s progressive history and carve a path toward a more economically dynamic and equitable nation.
Pushing Cool: Big Tobacco, Racial Marketing, and the Untold Story of the Menthol Cigarette
by Keith WailooSpanning a century, Pushing Cool reveals how the twin deceptions of health and Black affinity for menthol were crafted—and how the industry’s disturbingly powerful narrative has endured to this day. Police put Eric Garner in a fatal chokehold for selling cigarettes on a New York City street corner. George Floyd was killed by police outside a store in Minneapolis known as “the best place to buy menthols.” Black smokers overwhelmingly prefer menthol brands such as Kool, Salem, and Newport. All of this is no coincidence. The disproportionate Black deaths and cries of “I can’t breathe” that ring out in our era—because of police violence, COVID-19, or menthol smoking—are intimately connected to a post-1960s history of race and exploitation. In Pushing Cool, Keith Wailoo tells the intricate and poignant story of menthol cigarettes for the first time. He pulls back the curtain to reveal the hidden persuaders who shaped menthol buying habits and racial markets across America: the world of tobacco marketers, consultants, psychologists, and social scientists, as well as Black lawmakers and civic groups including the NAACP. Today most Black smokers buy menthols, and calls to prohibit their circulation hinge on a history of the industry’s targeted racial marketing. In 2009, when Congress banned flavored cigarettes as criminal enticements to encourage youth smoking, menthol cigarettes were also slated to be banned. Through a detailed study of internal tobacco industry documents, Wailoo exposes why they weren’t and how they remain so popular with Black smokers.
Pushing Cool: Big Tobacco, Racial Marketing, and the Untold Story of the Menthol Cigarette
by Keith WailooSpanning a century, Pushing Cool reveals how the twin deceptions of health and Black affinity for menthol were crafted—and how the industry’s disturbingly powerful narrative has endured to this day. Police put Eric Garner in a fatal chokehold for selling cigarettes on a New York City street corner. George Floyd was killed by police outside a store in Minneapolis known as “the best place to buy menthols.” Black smokers overwhelmingly prefer menthol brands such as Kool, Salem, and Newport. All of this is no coincidence. The disproportionate Black deaths and cries of “I can’t breathe” that ring out in our era—because of police violence, COVID-19, or menthol smoking—are intimately connected to a post-1960s history of race and exploitation. In Pushing Cool, Keith Wailoo tells the intricate and poignant story of menthol cigarettes for the first time. He pulls back the curtain to reveal the hidden persuaders who shaped menthol buying habits and racial markets across America: the world of tobacco marketers, consultants, psychologists, and social scientists, as well as Black lawmakers and civic groups including the NAACP. Today most Black smokers buy menthols, and calls to prohibit their circulation hinge on a history of the industry’s targeted racial marketing. In 2009, when Congress banned flavored cigarettes as criminal enticements to encourage youth smoking, menthol cigarettes were also slated to be banned. Through a detailed study of internal tobacco industry documents, Wailoo exposes why they weren’t and how they remain so popular with Black smokers.
Law and the Economy in a Young Democracy: India 1947 and Beyond (Markets and Governments in Economic History)
by Tirthankar Roy Anand V. SwamyAn essential history of India's economic growth since 1947, including the legal reforms that have shaped the country in the shadow of colonial rule. Economists have long lamented how the inefficiency of India's legal system undermines the country’s economic capacity. How has this come to be? The prevailing explanation is that the postcolonial legal system is understaffed and under-resourced, making adjudication and contract enforcement slow and costly. Taking this as given, Law and the Economy in a Young Democracy examines the contents and historical antecedents of these laws, including how they have stifled economic development. Economists Roy and Swamy argue that legal evolution in independent India has been shaped by three factors: the desire to reduce inequality and poverty; the suspicion that market activity, both domestic and international, can be detrimental to these goals; and the strengthening of Indian democracy over time, giving voice to a growing fraction of society, including the poor. Weaving the story of India's heralded economic transformation with its social and political history, Roy and Swamy show how inadequate legal infrastructure has been a key impediment to the country's economic growth during the last century. A stirring and authoritative history of a nation rife with contradictions, Law and the Economy in a Young Democracy is essential reading for anyone seeking to understand India's current crossroads—and the factors that may keep its dreams unrealized.
Economic Analysis and Infrastructure Investment (National Bureau of Economic Research Conference Report)
Policy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.
Economic Analysis and Infrastructure Investment (National Bureau of Economic Research Conference Report)
by Edward L. Glaeser and James M. PoterbaPolicy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.
Big Data for Twenty-First-Century Economic Statistics (National Bureau of Economic Research Studies in Income and Wealth #79)
The papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement. The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
Big Data for Twenty-First-Century Economic Statistics (National Bureau of Economic Research Studies in Income and Wealth #79)
by Katharine G. Abraham, Ron S. Jarmin, Brian C. Moyer, and Matthew D. ShapiroThe papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement. The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
Innovation and Public Policy (National Bureau of Economic Research Conference Report)
by Austan Goolsbee Benjamin F. JonesUsing the latest empirical and conceptual research for readers in economics, business, and policy, this volume surveys the key components of innovation policy and the social returns to innovation investment. In advanced economies like the United States, innovation has long been recognized as a central force for increasing economic prosperity and human welfare. Today, the US government promotes innovation through various mechanisms, including tax credits for private-sector research, grant support for basic and applied research, and institutions like the Small Business Innovation Research Program of the National Science Foundation. Drawing on the latest empirical and conceptual research, Innovation and Public Policy surveys the key components of innovation policy and the social returns to innovation investment. It examines mechanisms that can advance the pace of invention and innovative activity, including expanding the research workforce through schooling and immigration policy and funding basic research. It also considers scientific grant systems for funding basic research, including those at institutions like the National Institutes of Health and the National Science Foundation, and investigates the role of entrepreneurship policy and of other institutions that promote an environment conducive to scientific breakthroughs.