The most recommended books on value in economics

This book is one of the most effective attacks against the market tendency to commercialize any good, ending up corroding what is most intrinsically human in social relationships and in people's intimate lives.

The effectiveness of the book lies in the examples, ranging from the sale of kidneys to paying someone to be substituted in the queue.

The most important lesson of the book is that market-driven economic growth has not only transformed the environment to make our lives more comfortable, thus hitting the limit in environmental degradation, but it has also transformed ourselves, because it has made us more consumers and less human.

This silent transformation - the philosopher Sandel teaches us - must be limited.

Lasch’s critique of widespread culture-induced narcissism was recommended to me when it first came out by my mother, of all people. It hasn't held up well, but despite its one-sidedness, it still helped me understand the impact of capitalism on the Western psyche. 

Although it covers some of the same ground as Richard Sennett’s earlier Fall of Public Man, I really benefited from the way it couched its critique in psychoanalytic terms, drawing on the work of respected analysts Heinz Kohut and Otto Kernberg.

Perhaps no one object was more demonstrative of the Dutch thirst for beauty, novelty and showing-off-but-not-showing-off riches than the tulip. The famous mania for these exotic bulbs, bred to produce ever more exotic flowers and to command ever higher prices, supposedly produced the world’s first economic bubble, which burst spectacularly in February 1637.

The truth is less spectacular (few people were involved in the trade and even fewer were ruined) but, in Goldgar’s skilful telling, much richer and more nuanced than the myth. The episode tells us about the growth of maritime trade and the emergence of the modern financial industry (including the important concept of risk) as well as the cultural interests of Dutch people at this exciting time in their history when the accumulation and subtle display of wealth vied in importance with the quest for aesthetic novelty and genuine curiosity about the natural world. One fashion-conscious doctor… show more.

I grabbed this book off a bargain shelf, unsure whether it was fiction. That was a perfect misconception. I encourage you to buy the book without finding out.

Read this description and nothing else: Boggs is an artist. His work: exquisite duplicates of currency notes. Not counterfeits! Boggs always emphasizes that his bills are art, not currency. Nevertheless, he attempts to “spend” them. After running up a restaurant tab for $87, he offers to “pay” his server a drawing of a $100 bill—which, of course, is hard to price, being art, but he’s willing to value it at, let’s say…how does $100 sound?

His work, then, is not just the bills. It is the bizarre interactions with strangers, the way he challenges them to think about value, money, currency, art, exchange… all very interesting, in a good way. But when the Secret Service gets involved, it’s interesting in a less… show more.

Sociologist Viviana Zelizer began the research quest to understand modern American childhood and policies toward children by proposing that how we understand the value of children changed radically in the late nineteenth century. 

By redefining children as emotional assets rather than as economic investments—as objects of love and caretaking, rather than contributors to the household and public economy—American parenting was revolutionized.

This fundamental transformation offers the basis for understanding policy changes, a new commitment to schooling, and other efforts on behalf of children that took root at the turn of the twentieth century.

Liberals and conservatives strongly disagree on the appropriate scope of government. No book has helped me understand why more than Thomas Sowell’s Conflict of Visions.

He describes how the ideological difference results from disagreements about the malleability of human nature. The unconstrained vision, typically associated with liberals, sees human nature as altruistic and perfectible. The government should be used expansively to promote social justice and equality to realize this vision. 

In contrast, the constrained vision, typically associated with conservatives, sees human nature as limited, selfish, and imperfectible. The government should play a limited role in society, as elites cannot hope to restructure society without unintended destructive consequences.

This book contributes greatly to the global history of the Cold War by showing that “moral technocrats” during the military dictatorship in Brazil equated political subversion with sexual subversion: Anticommunist countersubversion included anxieties about gender, sex, and youth. South American Cold War dictatorships have been traditionally understood as modernizing projects but Cowan complicates the definition by exploring the moral panic, and consequent calls and attempts at repression, related to the sexual revolution, new forms of female sexual expression, and pornography. 

When I first entered the crypto space, I found that one of the biggest issues was the dominance of free market fundamentalist ideology even when trying to learn about things completely technical. I desperately searched for writing that aligned more with my political leanings, and this book was the first one I found.

In the book, Mark argues that the significance of cryptocurrencies goes well beyond cryptoanarchism. In so far as they allow us "to appropriate, collectively, the means of monetary production," to paraphrase Marx, and to replace "the government of persons by the administration of things," as Engels advocated, they form the basis for a political regime that begins to look like a communism which has, at last, come to fruition–a cryptocommunism. 

Malcom Gladwell is undoubtedly the best translator of social science research writing these days. 

What the Dog Saw is a compendium of New Yorker essays penned by Gladwell, several of which have a direct link to managing people. Two of my favorites are “Late Bloomers” – an essay on the fallacy of inherent talent, and “Most Likely to Succeed”.

These essays say a lot about employee selection and development, challenging the assumptions held by too many managers that good staff are born, not made, and that selecting top talent is the key to competitive advantage. Gladwell goes with the evidence, but does so in a super-engaging manner. 

If you want to learn about the history of the concept of authenticity and how it is understood in the western world, this is probably the best book to read (after my book, of course!). Charles Taylor is one of the most prominent living philosophers of selfhood, and this book (topping out at only a little over 100 pages) is an easy-to-read digestion of the ideas that he elaborated in his much-longer book Sources of the Self. Taylor is ambivalent about whether personal authenticity is a good or a bad thing in our era. He recognizes the harms imposed by some of the debased forms that it takes in modern society, but Taylor also tries to articulate an ethics that could rehabilitate authenticity in a way that affirms the dignity of and respect for each individual. I don’t like the fence-sitting, but this remains required reading.