I became an economist because I realized that economics was a powerful tool that would help society solve vexing problems. While economics has limits, it has so much to offer in terms of better policy design for tackling everything from climate change to economic inequality. My life’s work has been devoted to both economic research and helping others understand the insights of economics. I spent many years in academia teaching economics and writing papers, and I authored Open in an attempt to make the complexities of international economics more transparent. I’ve also had the chance to work firsthand on some of these issues in the early part of the Biden Administration at the US Treasury.
I wrote...
Open: The Progressive Case for Free Trade, Immigration, and Global Capital
In Open, Clausing argues that Americans, especially those with middle and lower incomes, face stark economic challenges. But these problems do not require us to retreat from the global economy; on the contrary, an open economy overwhelmingly helps. International trade raises living standards, benefits consumers, and makes countries richer. Global capital mobility improves efficiency and innovation. And immigration remains one of America’s greatest strengths, as newcomers play an essential role in economic growth, innovation, and entrepreneurship. Closing the door to the benefits of the open economy would cause untold damage for Americans. Instead, Clausing outlines an economic agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy, modernize tax policy for a global economy, and establish a better partnership between society and the business community.
Ed Kleinbard was a treasured colleague, a brilliant commentator, and a giant in the field of tax policy. In his final year of life, perhaps fittingly, Kleinbard devoted himself to a book on the roleof luck in economic outcomes, which opens with a quote from Stendhal. “Waiting for God toreveal himself, I believe that his prime minister, Chance, governs this sad world just as well.”The book argues that luck, and particularly existential luck (to whom and in what circumstancesyou are born), are paramount in determining economic outcomes. Within that context, Kleinbardmakes a strong case for the role of public insurance in areas like health care, education, andchildcare; he also emphasizes the importance of a progressive income tax system.
The American dream of equal opportunity is in peril. America's economic inequality is shocking, poverty threatens to become a heritable condition, and our healthcare system is crumbling despite ever increasing costs.
In this thought-provoking book, Edward D. Kleinbard demonstrates how the failure to acknowledge the force of brute luck in our material lives exacerbates these crises - leading to warped policy choices that impede genuine equality of opportunity for many Americans. What's Luck Got to Do with It? combines insights from economics, philosophy, and social psychology to argue for government's proper role in addressing the inequity of brute luck. Kleinbard…
Since Adam Smith, economists have understood that market competition is a key ingredient in aligning market outcomes with societal benefits. Yet, market competition has eroded in recent decades in the United States. Among other insights, this book describes the surprising finding that the European economy, by many key metrics, is more competitive than the American economy. The book also discusses the importance of competition for encouraging innovation, economic growth, and widely shared economic prosperity.
A Financial Times Book of the Year A ProMarket Book of the Year
"Superbly argued and important...Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so." -Martin Wolf, Financial Times
"In one industry after another...a few companies have grown so large that they have the power to keep prices high and wages low. It's great for those corporations-and bad for almost everyone else." -David…
So many features of our modern economy (including trade and technological change) make us better off while creating both winners and losers. Tax policy is important not just for raising revenue to fund civilization, but also for ensuring that such sweeping economic changes have the potential to “lift all boats”. In this book, Burman and Slemrod do an excellent job describing the key features of the American tax system. If every American read this book, we’d have a much better tax policy dialogue.
Arguments about taxation are among the most heated- no other topic is as influential to the role of government and the distribution of costs and benefits in America. But while understanding of our tax system is of vital importance, the complexity can create confusion. Two of America's leading authorities on taxes, Leonard E. Burman and Joel Slemrod, bring clarity in this concise explanation of how our tax system works, how it affects people and businesses, and how it might be improved. The book explores what makes a tax system fair, simple, and efficient, why our system falls short, and whether…
When I began researching the economics of immigration, I expected to find that my prejudice in favor of immigrants needed more nuance. However, even more than I suspected, the economic literature is resounding in describing the many large economic benefits of immigration. Streets of Golddescribes how essential immigration has been to American economic success, and it provides a strong argument for a more open immigration policy.
Immigration is one of the most fraught, and possibly most misunderstood, topics in American social discourse-yet, in most cases, the things we believe about immigration are based largely on myth, not facts. Using the tools of modern data analysis and ten years of pioneering research, new evidence is provided about the past and present of the American Dream, debunking myths fostered by political opportunism and sentimentalized in family histories, and draw counterintuitive conclusions, including:
* Upward Mobility: Children of immigrants from nearly every country, especially those of poor immigrants, do better economically than children of U.S.-born residents - a pattern…
This isn’t an economic policy book per se, but I can’t resist recommending this book, as it is a page-turning and heartening account of how one person can improve the world. And improving the world, after all, is what good economic policy is all about. In this book, we track Paul Farmer as he builds the charity Partners in Health, which aims to provide healthcare to some of the poorest people in the world. The book is inspiring and compelling, and Tracy Kidder is a gifted storyteller.
Tracy Kidder's critically acclaimed adult nonfiction work, Mountains Beyond Mountains has been adapted for young people by Michael French. In this young adult edition, readers are introduced to Dr. Paul Farmer, a Harvard-educated doctor with a self-proclaimed mission to transform healthcare on a global scale. Farmer focuses his attention on some of the world's most impoverished people and uses unconventional ways in which to provide healthcare, to achieve real results and save lives.
Reading was a childhood passion of mine. My mother was a librarian and got me interested in reading early in life. When John F. Kennedy was running for president and after his assassination, I became intensely interested in politics. In addition to reading history and political biographies, I consumed newspapers and television news. It is this background that I have drawn upon over the decades that has added value to my research.
It didn’t begin with Donald Trump. When the Republican Party lost five straight presidential elections during the 1930s and 1940s, three things happened: (1) Republicans came to believe that presidential elections are rigged; (2) Conspiracy theories arose and were believed; and (3) The presidency was elevated to cult-like status.
Long before Trump, each of these phenomena grew in importance. The John Birch Society and McCarthyism became powerful forces; Dwight D. Eisenhower was the first “personal president” to rise above the party; and the development of what Harry Truman called “the big lie,” where outrageous falsehoods came to be believed. Trump follows a pattern that was long established within the Republican Party. This is an untold story that resonates powerfully in the present.
Grand Old Unraveling: The Republican Party, Donald Trump, and the Rise of Authoritarianism
It didn't begin with Donald Trump. The unraveling of the Grand Old Party has been decades in the making. Since the time of FDR, the Republican Party has been home to conspiracy thinking, including a belief that lost elections were rigged. And when Republicans later won the White House, the party elevated their presidents to heroic status-a predisposition that eventually posed a threat to democracy. Building on his esteemed 2016 book, What Happened to the Republican Party?, John Kenneth White proposes to explain why this happened-not just the election of Trump but the authoritarian shift in the party as a…
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