"Reduce, reuse, recycle" urge environmentalists; in other words, do more with less in order to minimize damage. But as this provocative, visionary book argues, this approach perpetuates a one-way, "cradle to grave" manufacturing model that dates to the Industrial Revolution and casts off as much as 90 percent of the materials it uses as waste, much of it toxic. Why not challenge the notion that human industry must inevitably damage the natural world?
In fact, why not take nature itself as our model? A tree produces thousands of blossoms in order to create another tree, yet we do not consider its abundance wasteful but safe, beautiful, and highly effective; hence, "waste equals food" is the first principle the book sets forth. Products might be designed so that, after their useful life, they provide nourishment for something new-either as "biological nutrients" that safely re-enter the environment or as "technical nutrients" that circulate within closed-loop industrial cycles, without being "downcycled" into low-grade uses (as most "recyclables" now are).
Elaborating their principles from experience (re)designing everything from carpeting to corporate campuses, William McDonough and Michael Braungart make an exciting and viable case for change.
The 100 most substantive solutions to reverse global warming, based on meticulous research by leading scientists and policymakers around the world
“At this point in time, the Drawdown book is exactly what is needed; a credible, conservative solution-by-solution narrative that we can do it. Reading it is an effective inoculation against the widespread perception of doom that humanity cannot and will not solve the climate crisis. Reported by-effects include increased determination and a sense of grounded hope.” —Per Espen Stoknes, Author, What We Think About When We Try Not To Think About Global Warming
“There’s been no real way for ordinary people to get an understanding of what they can do and what impact it can have. There remains no single, comprehensive, reliable compendium of carbon-reduction solutions across sectors. At least until now. . . . The public is hungry for this kind of practical wisdom.” —David Roberts, Vox
“This is the ideal environmental sciences textbook—only it is too interesting and inspiring to be called a textbook.” —Peter Kareiva, Director of the Institute of the Environment and Sustainability, UCLA
In the face of widespread fear and apathy, an international coalition of researchers, professionals, and scientists have come together to offer a set of realistic and bold solutions to climate change. One hundred techniques and practices are described here—some are well known; some you may have never heard of. They range from clean energy to educating girls in lower-income countries to land use practices that pull carbon out of the air. The solutions exist, are economically viable, and communities throughout the world are currently enacting them with skill and determination. If deployed collectively on a global scale over the next thirty years, they represent a credible path forward, not just to slow the earth’s warming but to reach drawdown, that point in time when greenhouse gases in the atmosphere peak and begin to decline. These measures promise cascading benefits to human health, security, prosperity, and well-being—giving us every reason to see this planetary crisis as an opportunity to create a just and livable world.
A Washington Post Best Book of the Year
A Businessweek Best Business Book of the Year
A Chicago Tribune Best Book of the Year
In this brilliant, essential book, Pulitzer Prize-winning author Thomas L. Friedman speaks to America's urgent need for national renewal and explains how a green revolution can bring about both a sustainable environment and a sustainable America.
Friedman explains how global warming, rapidly growing populations, and the expansion of the world's middle class through globalization have produced a dangerously unstable planet--one that is "hot, flat, and crowded." In this Release 2.0 edition, he also shows how the very habits that led us to ravage the natural world led to the meltdown of the financial markets and the Great Recession. The challenge of a sustainable way of life presents the United States with an opportunity not only to rebuild its economy, but to lead the world in radically innovating toward cleaner energy. And it could inspire Americans to something we haven't seen in a long time--nation-building in America--by summoning the intelligence, creativity, and concern for the common good that are our greatest national resources.
Hot, Flat, and Crowded is classic Thomas L. Friedman: fearless, incisive, forward-looking, and rich in surprising common sense about the challenge--and the promise--of the future.
Readership: Scientists and policy makers, students and specialists in climate related industries, members of NGOs, and policy advisors.
"Probably America's most prominent Marxist economist."—The New York Times
Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve.
One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers managing their own workplaces, as the basis for a genuine political democracy.
Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action.
Richard D. Wolff is professor of Economics emeritus at the University of Massachusetts, Amherst. He is currently a visiting professor at the New School University in New York. Wolff is the author of many books, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He hosts the weekly hour-long radio program Economic Update on WBAI (Pacifica Radio) and writes regularly for The Guardian, Truthout.org, and the MRZine.
Unlike many economists, who present only one view of their discipline, Chang introduces a wide range of economic theories, from classical to Keynesian, revealing how each has its strengths and weaknesses, and why there is no one way to explain economic behavior. Instead, by ignoring the received wisdom and exposing the myriad forces that shape our financial world, Chang gives us the tools we need to understand our increasingly global and interconnected world often driven by economics. From the future of the Euro, inequality in China, or the condition of the American manufacturing industry here in the United States-Economics: The User's Guide is a concise and expertly crafted guide to economic fundamentals that offers a clear and accurate picture of the global economy and how and why it affects our daily lives.
Why do successful people get things done at the last minute? Why does poverty persist? Why do organizations get stuck firefighting? Why do the lonely find it hard to make friends? These questions seem unconnected, yet Sendhil Mullainathan and Eldar Shafir show that they are all examples of a mind-set produced by scarcity.
Drawing on cutting-edge research from behavioral science and economics, Mullainathan and Shafir show that scarcity creates a similar psychology for everyone struggling to manage with less than they need. Busy people fail to manage their time efficiently for the same reasons the poor and those maxed out on credit cards fail to manage their money. The dynamics of scarcity reveal why dieters find it hard to resist temptation, why students and busy executives mismanage their time, and why sugarcane farmers are smarter after harvest than before. Once we start thinking in terms of scarcity and the strategies it imposes, the problems of modern life come into sharper focus.
Mullainathan and Shafir discuss how scarcity affects our daily lives, recounting anecdotes of their own foibles and making surprising connections that bring this research alive. Their book provides a new way of understanding why the poor stay poor and the busy stay busy, and it reveals not only how scarcity leads us astray but also how individuals and organizations can better manage scarcity for greater satisfaction and success.
Take a journey inside the secret world of our biggest export, our most prodigious product, and our greatest legacy: our trash. It’s the biggest thing we make: The average American is on track to produce a whopping 102 tons of garbage across a lifetime, $50 billion in squandered riches rolled to the curb each year, more than that produced by any other people in the world. But that trash doesn’t just magically disappear; our bins are merely the starting point for a strange, impressive, mysterious, and costly journey that may also represent the greatest untapped opportunity of the century.
In Garbology, Pulitzer Prize–winning author Edward Humes investigates the trail of that 102 tons of trash—what’s in it; how much we pay for it; how we manage to create so much of it; and how some families, communities, and even nations are finding a way back from waste to discover a new kind of prosperity. Along the way , he introduces a collection of garbage denizens unlike anyone you’ve ever met: the trash-tracking detectives of MIT, the bulldozer-driving sanitation workers building Los Angeles’ immense Garbage Mountain landfill, the artists in residence at San Francisco’s dump, and the family whose annual trash output fills not a dumpster or a trash can, but a single mason jar.
Garbology digs through our epic piles of trash to reveal not just what we throw away, but who we are and where our society is headed. Are we destined to remain the country whose number-one export is scrap—America as China’s trash compactor—or will the country that invented the disposable economy pioneer a new and less wasteful path? The real secret at the heart of Garbology may well be the potential for a happy ending buried in our landfill. Waste, Humes writes, is the one environmental and economic harm that ordinary working Americans have the power to change—and prosper in the process.
800-CEO-Read “Best Business Book of 2017: Current Events & Public Affairs”
Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times.
Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike.
That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design.
Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like.
Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow?
Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers.
In this powerful and provocative manifesto, Bill McKibben offers the biggest challenge in a generation to the prevailing view of our economy. For the first time in human history, he observes, "more" is no longer synonymous with "better"—indeed, for many of us, they have become almost opposites. McKibben puts forward a new way to think about the things we buy, the food we eat, the energy we use, and the money that pays for it all. Our purchases, he says, need not be at odds with the things we truly value.
McKibben's animating idea is that we need to move beyond "growth" as the paramount economic ideal and pursue prosperity in a more local direction, with cities, suburbs, and regions producing more of their own food, generating more of their own energy, and even creating more of their own culture and entertainment. He shows this concept blossoming around the world with striking results, from the burgeoning economies of India and China to the more mature societies of Europe and New England. For those who worry about environmental threats, he offers a route out of the worst of those problems; for those who wonder if there isn't something more to life than buying, he provides the insight to think about one's life as an individual and as a member of a larger community.
McKibben offers a realistic, if challenging, scenario for a hopeful future. Deep Economy makes the compelling case that the more we nurture the essential humanity of our economy, the more we will recapture our own.
First invented in 1947, hydraulic fracturing, or fracking, has not only become a major source of energy, it is changing the way we use energy, and the energy we use. It is both a threat and a godsend for the environment, and it is leading the revival of manufacturing in the United States.
A definitive narrative history, The Boom follows the twists and turns in the development and adoption of this radical technology. It is a thrilling journey filled with colorful characters: the green-minded Texas oilman who created the first modern frack; a bare-knuckled Oklahoman natural gas empire-builder who gave the world an enormous new supply of energy and was brought down by his own success and excesses; an environmental leader whose embrace of fracking brought an end to his public career; and an aging fracking pioneer who is now trying to save the industry from itself.
A fascinating and exciting exploration of one of the most controversial and promising sources of energy, The Boom “brings new clarity to a subject awash in hype from all sides…a thoughtful, well-written, and carefully researched book that provides the best overview yet of the pros and cons of fracking. Gold quietly leads both supporters and critics of drilling to consider other views” (Associated Press).
Street-level bureaucrats—from teachers and police officers to social workers and legal-aid lawyers—interact directly with the public and so represent the frontlines of government policy. In Street-Level Bureaucracy, Lipsky argues that these relatively low-level public service employees labor under huge caseloads, ambiguous agency goals, and inadequate resources. When combined with substantial discretionary authority and the requirement to interpret policy on a case-by-case basis, the difference between government policy in theory and policy in practice can be substantial and troubling.
The core dilemma of street-level bureaucrats is that they are supposed to help people or make decisions about them on the basis of individual cases, yet the structure of their jobs makes this impossible. Instead, they are forced to adopt practices such as rationing resources, screening applicants for qualities their organizations favor, “rubberstamping” applications, and routinizing client interactions by imposing the uniformities of mass processing on situations requiring human responsiveness. Occasionally, such strategies work out in favor of the client. But the cumulative effect of street-level decisions made on the basis of routines and simplifications about clients can reroute the intended direction of policy, undermining citizens’ expectations of evenhanded treatment.
This seminal, award-winning study tells a cautionary tale of how decisions made by overburdened workers translate into ad-hoc policy adaptations that impact peoples’ lives and life opportunities. Lipsky maintains, however, that these problems are not insurmountable. Over the years, public managers have developed ways to bring street-level performance more in line with agency goals. This expanded edition of Street-Level Bureaucracy underscores that, despite its challenging nature, street-level work can be made to conform to higher expectations of public service.
Originally handwritten, the book was printed in 1573 in Venice in an abridged and revised version. This new translation makes reference to the new critical edition, based on an earlier manuscript that has only recently been discovered.With scholarly essays placing Cotrugli's work into historical context and highlighting key themes, this volume is an important contribution to our understanding of the origins of management and trade practices.
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Things looked grim for American energy in 2006, but a handful of wildcatters were determined to tap massive deposits of oil and gas that giants like Exxon and Chevron had ignored. They risked everything on a new process called fracking. Within a few years, they solved America’s dependence on imported energy, triggered a global environmental controversy, and made and lost astonishing fortunes.
No one understands the frackers—their ambitions, personalities, and foibles—better than Wall Street Journal reporter Gregory Zuckerman. His exclusive access drives this dramatic narrative, which stretches from North Dakota to Texas to Wall Street.
In the mid-nineteenth century, New Bedford, Massachusetts was the whaling capital of the world. A half-gallon of sperm oil cost approximately $1,400 in today’s dollars, and whale populations were hunted to near extinction for profit. But with the advent of fossil fuels, the whaling industry collapsed, and today, the area around New Bedford is instead known as one of the best places in the world for whale watching.
This transformation is emblematic of a new sort of economic revolution, one that has the power to transform the future of animal welfare. In The Humane Economy, Wayne Pacelle, President/CEO of the Humane Society of the United States, explores how our everyday economic decisions impact the survival and wellbeing of animals, and how we can make choices that better support them. Though most of us have never harpooned a sea creature, clubbed a seal, or killed an animal for profit, we are all part of an interconnected web that has a tremendous impact on animal welfare, and the decisions we make—whether supporting local, not industrial, farming; adopting a rescue dog or a shelter animal instead of one from a “puppy mill”; avoiding products that compromise the habitat of wild species; or even seeing Cirque du Soleil instead of Ringling Brothers—do matter. The Humane Economy shows us how what we do everyday as consumers can benefit animals, the environment, and human society, and why these decisions can make economic sense as well.
ECON. Do these letters make you sweat? You’re not alone. From college freshmen to PhD students, economics tops the list of panic-inducing classes.
But help has arrived. Economics DeMYSTiFieD is a curriculum-based, self-teaching guide that makes learning this important business topic easier than ever. Filled with illustrations, plain-English explanations, and real-life examples, it starts with the fundamentals and eases you into the more complicated theories, concepts, and mathematical formulas.
When it comes to making this complex topic easy to grasp, Economics DeMYSTiFieD corners the market.
This fast and easy guide features:Expert overviews of key topics, including supply and demand, macro- and microeconomics, consumer price index, and monetary policy Chapter-ending quizzes and a final exam for charting your progress Math equations you can work out to bolster your comprehension Special-focus chapters on the environment, healthcare, and insurance
Simple enough for a beginner, but challenging enough for an advanced student, Economics DeMYSTiFieD is your shortcut to mastery of this otherwise perplexing subject.
Topics considered link economic issues (oligopolistic market structures, firm heterogeneity, and the strategic behavior of governments) to environmental issues (emission abatements, cleaner technologies, and environmental taxation).
The articles in this volume were chosen to achieve a balance between breadth and depth and were written by leading experts in the field. In short, this book is rich in policy implications and raises new issues and questions for future research.
"These essays bear rereading. Coase's careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase's methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of emulation."—Lewis A. Kornhauser, Journal of Economic Literature
Ronald H. Coase was awarded the Nobel Prize in Economic Science in 1991.
In this new history Bartow J. Elmore explores Coke through its ingredients, showing how the company secured massive quantities of coca leaf, caffeine, sugar, and other inputs. Its growth was driven by shrewd leaders such as Asa Candler, who scaled an Atlanta soda-fountain operation into a national empire, and “boss” Robert Woodruff, who nurtured partnerships with companies like Hershey and Monsanto. These men, and the company they helped build, were seen as responsible citizens, bringing jobs and development to every corner of the globe. But as Elmore shows, Coke was usually getting the sweet end of the deal.
It continues to do so. Alongside Coke’s recent public investments in water purification infrastructure, especially in Africa, it has also built—less publicly—a rash of bottling plants in dangerously arid regions. Looking past its message of corporate citizenship, Elmore finds a strategy of relentless growth.
The costs shed by Coke have fallen on the public at large. Its annual use of many billions of gallons of water has strained an increasingly scarce global resource. Its copious servings of high-fructose corn syrup have threatened public health. Citizen Coke became a giant in a world of abundance. In a world of scarcity it is a strain on resources and all who depend on them.
Globalisation, technology and an increasingly competitive business environment have encouraged huge changes in what is known as supply chain management, the art of sourcing components and delivering finished goods to the customer as cost effectively and efficiently as possible. Dell transformed the way people bought and were able to customise computers. Wal-Mart and Tesco have used their huge buying power and logistical skills to ensure the supply and stock management of their stores is finely honed. Manufacturers now make sure that components are where they are needed on the production line just in time for when they are needed and no longer. Such finessing of the way the supply chain works boosts the corporate bottom line and can make the difference between being a market leader or an also ran. This guide explores all the different aspects of supply chain management and gives hundreds of real life examples of what firms have achieved in the field.
The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability.Readers of the first edition will notice new analysis of cestimation as well as specific market instruments, including municipal water pricing and waste disposal. Particular attention is paid to behavioral economics and cap-and-trade programs for carbon.
Throughout, Markets and the Environment is written in an accessible, student-friendly style. It includes study questions for each chapter, as well as clear figures and relatable text boxes. The authors have long understood the need for a book to bridge the gap between short articles on environmental economics and tomes filled with complex algebra. Markets and the Environment makes clear how economics influences policy, the world around us, and our own lives.
This book shows you how to implement time-driven activity-based costing (TDABC), an easier and more powerful way to implement ABC. You can now estimate directly the resource demands imposed by each business transaction, product, or customer. The payoff? You spend less time and money obtaining and maintaining TDABC data—and more time addressing problems that TDABC reveals, such as inefficient processes, unprofitable products and customers, and excess capacity. The authors also show how to use TDABC to link strategic planning to operational budgeting, to enhance the due diligence process for mergers and acquisitions, and to support continuous improvement activities such as lean management and benchmarking.
In presenting their model, the authors define the two questions required to build TDABC:
1) How much does it cost per time unit to supply resource capacity for each business process?
2) How much resource capacity (time) is required to perform work for a company’s many transactions, products, and customers?
The book demonstrates how to develop simple, valid answers to these two questions.
Kaplan and Anderson illustrate the TDABC approach with a wealth of case studies, in diverse settings, based on actual implementations.
The study of microeconomics isn't for the faint of heart. Fortunately, Microeconomics For Dummies is here to help make this tough topic accessible to the masses. If you're a business or finance major looking to supplement your college-level microeconomics coursework—or a professional who wants to expand your general economics knowledge into the microeconomics area—this friendly and authoritative guide will take your comprehension of the subject from micro to macro in no time! Cutting through confusing jargon and complemented with tons of step-by-step instructions and explanations, it helps you discover how real individuals and businesses use microeconomics to analyze trends from the bottom up in order to make smart decisions.
Snagging a job as an economist is fiercely competitive—and highly lucrative. Having microeconomics under your belt as you work toward completing your degree will put you head and shoulders above the competition and set you on the course for career advancement once you land a job. So what are you waiting for? Analyze small-scale market mechanisms Determine the elasticity of products within the market systems Decide upon an efficient way to allocate goods and services Score higher in your microeconomics class
Everything you need to make microeconomics your minion is a page away!
This redesigned and updated second edition:
• includes a brand new chapter on behavioral welfare economics and the nudge agenda;
• contains new sections on overconfidence, projection bias, and more; and
• offers an expanded range of real-life examples and exercises, reflecting the continued uptake of behavioral economics across the disciplines.
It is an ideal textbook for students coming to behavioral economics from various fields, for general readers looking for a thorough
and readable introduction to the subject, and for anyone who has been captivated by popular-science books on behavioral economics and wants to know more.
From the Trade Paperback edition.
In 1994, Interface founder and chairman Ray Anderson set an audacious goal for his commercial carpet company: to take nothing from the earth that can't be replaced by the earth. Now, in the most inspiring business book of our time, Anderson leads the way forward and challenges all of industry to share that goal.
The Interface story is a compelling one: In 1994, making carpets was a toxic, petroleum-based process, releasing immense amounts of air and water pollution and creating tons of waste. Fifteen years after Anderson's "spear in the chest" revelation, Interface has:
-Cut greenhouse gas emissions by 82%
-Cut fossil fuel consumption by 60%
-Cut waste by 66%
-Cut water use by 75%
-Invented and patented new machines, materials, and manufacturing processes
-Increased sales by 66%, doubled earnings, and raised profit margins
With practical ideas and measurable outcomes that every business can use, Anderson shows that profit and sustainability are not mutually exclusive; businesses can improve their bottom lines and do right by the earth.
In a compelling and accessible style, Jeff Rubin reveals that despite the recent recessionary dip, oil prices will skyrocket again once the economy recovers. The fact is, worldwide oil reserves are disappearing for good. Consequently, the amount of food and other goods we get from abroad will be curtailed; long-distance driving will become a luxury and international travel rare. Globalization as we know it will reverse. The near future will be a time that, in its physical limits, may resemble the distant past.
But Why Your World Is About to Get a Whole Lot Smaller is a hopeful work about how we can benefit–personally, politically, and economically–from this new reality. American industries such as steel and agriculture, for instance, will be revitalized. As well, Rubin prescribes priorities for President Obama and other leaders, from imposing carbon tariffs that will increase competition and productivity, to investing in mass transit instead of car-clogged highways, to forging “green” alliances between labor and management that will be good for both business and the air we breathe.
Most passionately, Rubin recommends ways every citizen can secure this better life for himself, actions that will end our enslavement to chain-store taste and strengthen our communities and timeless human values.
From the Hardcover edition.
Understand opportunity cost, diminishing returns, demand and supply, the market equilibrium, market failure, adverse selection and moral hazard. Learn how to calculate price and income elasticities.
Consumer theory explores budget constraints, indifference curves, marginal rate of substitution, utility maximization, Hicks and Slutsky income and substitution effects, and Samuelson’s revealed preference theory.
Firm theory examines production factors, Cobb-Douglas and other production functions, returns to scale, isoquant curves, isocost lines, cost minimization, profit maximization, Lerner index, and differentiation to derive a marginal revenue curve.
Perfect competition, monopolistic competition, oligopoly, and monopoly are explained. Monopoly welfare effects are shown, with oligopoly models of kinked demand, cartels, dominant price leadership, Cournot and Bertrand.
Game theory investigates duopoly and battle of the sexes games, assessing them with dominance and credible threats.
The authors explain how our conception of who we are and who we want to be may shape our economic lives more than any other factor, affecting how hard we work, and how we learn, spend, and save. Identity economics is a new way to understand people's decisions--at work, at school, and at home. With it, we can better appreciate why incentives like stock options work or don't; why some schools succeed and others don't; why some cities and towns don't invest in their futures--and much, much more.
Identity Economics bridges a critical gap in the social sciences. It brings identity and norms to economics. People's notions of what is proper, and what is forbidden, and for whom, are fundamental to how hard they work, and how they learn, spend, and save. Thus people's identity--their conception of who they are, and of who they choose to be--may be the most important factor affecting their economic lives. And the limits placed by society on people's identity can also be crucial determinants of their economic well-being.