NUDGE: IMPROVING DECISIONS ABOUT HEALTH, WEALTH, AND HAPPINESS by Richard H. Thaler and Cass R. Sunstein Penguin Books, 2009, 312 pp, ISBN 978-0-14-311526-7This book is best described formally as a general explanation of and advocacy for libertarian paternalism, a term coined by the authors in earlier publications. Informally, it is about how leaders, systems, organizations, and governments can nudge people to do the things the nudgers want and need done for the betterment of the nudgees, or of society. It is paternalism in the sense that "it is legitimate for choice architects to try to influence people's behavior in order to make their lives longer, healthier, and better", (p. 5) It is libertarian in that "people should be free to do what they like - and to opt out of undesirable arrangements if they want to do so", (p. 5) The built-in possibility of opting out or making a different choice preserves freedom of choice even though people's behavior has been influenced by the nature of the presentation of the information or by the structure of the decisionmaking system. I had never heard of libertarian paternalism before reading this book, and I now find it fascinating.Written for a general audience, this book contains mostly social and behavioral science theory and models, but there is considerable discussion of structure and process that has roots in mathematical and quantitative modeling. One of the main applications of this social system is economic choice in investing, selecting and purchasing products and services, systems of taxes, banking (mortgages, borrowing, savings), and retirement systems. Other quantitative social choice systems discussed include environmental effects, health care plans, gambling, and organ donations. Softer issues that are also subject to a nudge-based approach are marriage, education, eating, drinking, smoking, influence, spread of information, and politics. There is something in this book for everyone.The basis for this libertarian paternalism concept is in the social theory called "science of choice", the study of the design and implementation of influence systems on various kinds of people. The terms Econs and Humans, are used to refer to people with either considerable or little rational decision-making talent, respectively. The various libertarian paternalism concepts and systems presented are tested and compared in light of these two types of people. Two foundational issues that this book has in common with another book, Network of Echoes: Imitation, Innovation and Invisible Leaders, that was also reviewed for this issue of the Journal are that 1 ) there are two modes of thinking (or components of the brain) - an automatic (intuitive) process and a reflective (rational) process and 2) the need for conformity and the desire for imitation are powerful forces in human behavior. …

Nudge: Improving Decisions about Health, Wealth, and Happiness

Since September 11th, we frequently hear that political differences should be put aside: the real struggle is between good and evil. What does this mean for political and social life? Is there a 'Third Way' beyond left and right, and if so, should we fear or welcome it? This thought-provoking book by Chantal Mouffe, a globally recognized political author, presents a timely account of the current state of democracy, affording readers the most relevant and up-to-date information. Arguing that liberal 'third way thinking' ignores fundamental, conflicting aspects of human nature, Mouffe states that, far from expanding democracy, globalization is undermining the combative and radical heart of democratic life. Going back first to Aristotle, she identifies the historical origins of the political and reflects on the Enlightenment, and the social contract, arguing that in spite of its good intentions, it levelled the radical core of political life. Contemporary examples, including the Iraq war, racism and the rise of the far right, are used to illustrate and support her theory that far from combating extremism, the quest for consensus politics undermines the ability to challenge it. These case studies are also highly effective points of reference for student revision. On the Political is a stimulating argument about the future of politics and addresses the most fundamental aspects of democracy that will aid further study.

On the political

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The Precariat. The New Dangerous Class

The Limits to Capital

Veblen has been claimed and rejected both by sociologists and economists as being one of theirs. He enriched and attacked both disciplines, as he did so many others: philosophy, history, social psychology, politics, and linguistics. Because he took all knowledge as necessary and relevant to adequate understanding, Veblen was a holistic analyst of the social process. First published in 1904, this classic analysis of the U.S. economy has enduring value today. In it, Veblen posited a theory of business fluctuations and economic growth which included chronic depression and inflation. He predicted the socioeconomic changes that would occur as a result: militarism, imperialism, fascism, consumerism, and the development of the mass media as well as the corporate bureaucracy. Douglas Dowd's introduction places the volume within the traditions of both macroeconomics and microeconomics, tracing Veblen's place among social thinkers, and the place of this volume in the body of his work.

Theory of business enterprise

Financialization and Marx: Giving Labor and Capital a Financial Makeover:

Capitalism With Derivatives: A Political Economy of Financial Derivatives, Capital and Class

Capitalism with derivatives

The term 'financialization' has acquired significant popularity. This paper evaluates some of the leading applications and identifies the need to link the process of financialization to capitalist class relations. The link we focus on is the way in which financial derivatives impose global competitive calculation on capital, with direct implications for the disciplining of labour. This class dimension becomes the basis of a progressive, transformational politics that focuses not on growing financial fragility in capital markets, but on the ways in which financialization is socializing both accumulation and daily life.

Financialization, Risk and Labour

Financial derivatives are used and counted as money, but it is unclear exactly what sort of money they are. This article explores the monetary role of financial derivatives in securing the global financial system. It finds that derivatives commensurate the values of different forms of financial assets, and, in the process, they facilitate continuity across different forms of money. In this role they are a form of commodity money, but very different from conventional understandings of commodity money. In developing this idea, the paper engages recent debates in Economy and Society about the nature of money. In particular, it takes issue with Ingham's state theory of money, which cannot adequately engage exchange rate volatility and extra-national roles of money, and Lapavitsas’ approach to a Marxist theory of money, which relegates commodity money to a historical abstraction.

Dick Bryan

Papers

Financialization and Marx: Giving Labor and Capital a Financial Makeover:

Capitalism With Derivatives: A Political Economy of Financial Derivatives, Capital and Class

Capitalism with derivatives

Financialization, Risk and Labour

Financial Derivatives and the Theory of Money