2014 economics booklet

ECONOMICSaNd

FINaNCE

Stanford UniverSity PreSS 2014new & forthcoming

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15 Sports Myths and Why They’re WrongROdNEy FORt aNd JaSON WINFREE

In 15 Sports Myths and Why They’re Wrong, Rodney Fort and Jason Win-free apply sharp economic analysis to bust some of the most widespread urban legends about college and professional athletics.

They take on common misconcep-tions, breaking down the assumptions behind the myths, showing how they perpetuate themselves, and making it clear that these tall tales serve a handful of powerful parties—such as franchise owners, reporters, and players—at the expense of the larger community of sports fans. This book strips down pervasive accounts of how our favorite games function, allowing us to look at them in a new, more informed way.

“As mythbusters, Fort and Winfree had me nodding my head in concurrence, shaking it in disagreement, and smok-ing over the hotly contested issues that they raise. They consistently deliver thoughtful, insightful, and provocative arguments that make for an entertain-ing and eye-opening read.”

—Paul J. dolan, ceo, chairman and owner,

cleveland indians

312 pp., 16 tables, 17 figures, 20139780804774369 Cloth $29.95 $23.96 sale

Homer EconomicusThe Simpsons and EconomicsEdItEd by JOShua hall

In Homer Economicus a cast of lively contributors take a field trip to Springfield, where the Simpsons reveal that economics is everywhere. By exploring the hometown of televi-sion’s first family, this book provides readers with the economic tools and insights to guide them at work, at home, and at the ballot box.

Reinforcing the nuts and bolts laid out in any principles text, this book is an excellent teaching resource that will also be at home on the bookshelf of any pop economics reader.

“Homer Economicus quenches your thirst for learning like a Duff beer. Through the lens of The Simpsons, a reader will learn more about econom-ics in a few hours than any textbook can possibly teach. My advice is that you kick back, put your feet up at your desk, and enjoy a donut or two while you read. Mmm.”—g. dirk mateer, University of Kentucky

240 pp., 8 tables, 13 figures, 20149780804791717 Paper $24.95 $19.96 sale9780804790970 Cloth $90.00 $72.00 sale

Judaism in TransitionHow Economic Choices Shape Religious TraditionCaRMEl u. ChISWICk

At the core of Judaism stands a body of traditions that have remained consistent over millennia. Yet, the practice of these rituals has varied widely across historical and cultural contexts. In Judaism in Transition, Carmel U. Chiswick draws on her Jewish upbringing, her journey as a Jewish parent, and her perspective as an economist to consider how incen-tives affect the ways that mainstream American Jews have navigated and continue to manage the conflicting demands of everyday life and religious observance. Arguing that economics is a blind spot in our understanding of religion, Chiswick blends her personal experiences with economic analysis to illustrate the cost of Jewish participation—finan-cially, and in terms of time and effort.

“Nobody but Carmel Chiswick could write this book. It has the mark of maturity and was obviously written by someone who has spent a lifetime thinking about economics and religion.”

—Larry iannaconne, director, center for the economic

Study of religion, chapman University


GEnEral InTErEST

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Irrationality in Health CareWhat Behavioral Economics Reveals About What We Do and WhydOuglaS E. hOugh

The health care industry in the United States is peculiar. We spend close to 18% of our GDP on health care, and yet we still lack consensus on issues such as the value of mandatory health insurance or physician checklists. Drawing on behavioral economics as an alternative to the standard tools of health economics, author Douglas E. Hough seeks to more clearly diag-nose the ills of health care today.

A behavioral perspective makes sense of key contradictions—from the seemingly irrational choices that we sometimes make as patients, to

the incongruous behavior of physicians, to the morass of the long-lived debate surrounding reform. With the new health care law in effect, it is more important than ever that consumers, health care industry leaders, and the policymakers who are governing change reckon with the power and sources of our behavior when it comes to health.

“Hough does an extraordinary job of distilling the literature and providing key in-sights to help us understand how health care consumers and providers really behave, and how government can formulate better policy.”

—thomas rice, distinguished Professor, UcLa fielding School of Public health

“Hough explains and applies the emerging field of behavioral economics to patient and physician decision making, providing a rationale for seemingly irrational behavior, and its particular usefulness for designing health policies.”

—Paul J. feldstein, University of california, irvine

“Balancing rigor and policy relevance, Hough shows the application of behavioral economics to health policy in a most compelling way. I liked this book so much, I wish I had written it!”

—richard Scheffler, University of california, Berkeley

312 pp., 20139780804777971 Cloth $39.95 $31.96 sale

The Global Organ ShortageEconomic Causes, Human Consequences, Policy Responsest. RaNdOlph bEaRd, davId l. kaSERMaN, aNd RIgMaR OStERkaMp

“A growing number of transplant professionals, ethicists, and economists recognize the potential for incentives to improve access to transplants, but rarely has the argument for incentives been put forward with so much clarity, logic, and in-depth knowledge of transplantation.”

—david howard, emory University


TablE Of COnTEnTS

General Interest .............................2

Health Economics ........................3

Political Economy ...................4-5

Law & Public Policy ................ 5-7

Finance ..............................................8

Economic History .........................8

Economic Sociology ...................9

Economics & Philosophy ........10

Stanford Briefs.............................. 11

Exam Copy Policy .......................6

Ordering Information ................ 7

This icon indicates books that are especially appropriate for classroom adoption. Please see our examination copy policy on page 6.

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Doing bad by Doing GoodWhy Humanitarian Action FailsChRIStOphER J. COyNE

In 2010, Haiti was ravaged by a brutal earthquake. Millions suffered. The call to assist those in need was heard around the globe. Yet, two years later, the humanitarian efforts of govern-ments and NGOs have largely failed. How can these measures, intended to help the suffering, fail so badly? In this timely and provocative book, Christo-pher J. Coyne uses the economic way of thinking to explain why humanitarian efforts that intend to do good end up doing nothing or causing harm.

Considering a wide range of interventions, this book offers a bold alternative to state-led humanitarian action, focused on establishing an environment of economic freedom. If we are willing to experiment by asking questions about how to foster develop-ment as a process of societal discovery, we increase the range of alternatives to help people and empower them to improve their well being.


Collective action and ExchangeA Game-Theoretic Approach to Contemporary Political EconomyWIllIaM d. FERguSON

In Collective Action and Exchange, William D. Ferguson presents a comprehensive political economy text aimed at advanced undergraduates in economics and graduate students in the social sciences. The text utilizes collective action as a unifying concept, arguing that collective-action problems lie at the foundation of market success, market failure, economic development, and the motivations for policy.

Ferguson draws on information economics, social preference theory, cognition theory, institutional econom-ics, as well as political and policy theory to develop this approach. The text uses classical, evolutionary, and epistemic game theory, along with ba-sic social network analysis, as modeling frameworks. These models effectively bind the ideas presented, generating a coherent theoretic approach to politi-cal economy that stresses sometimes overlooked implications.


Democracy and Political IgnoranceWhy Smaller Government Is Smarter Ilya SOMIN

One of the biggest problems with modern democracy is that most of the public has little knowledge of politics and government. Often, people understand that their votes are unlikely to change the outcome of an election and don't see the point in doing research to inform their decisions. This may be rational, but it creates a nation of people who are largely ignorant when it comes to politics, with little ability to objectively evaluate what they do know.

In Democracy and Political Ignorance, Ilya Somin mines the depths of ignorance in America and reveals the extent to which it is a major problem for democracy. Somin provocatively argues that people make better deci-sions when they choose what to purchase in the market, or which state to live in, than when they go to the ballot box because they have stronger incentives to acquire relevant informa-tion and to use it wisely.

280 pp., 20139780804786614 Paper $27.95 $22.36 sale9780804786089 Cloth $90.00 $72.00 sale

POlITICal ECOnOMy

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Madmen, Intellectuals, and academic ScribblersThe Economic Engine of Political ChangeWayNE a. lEIghtON aNd EdWaRd J. lópEz

Madmen, Intellectuals, and Academic Scribblers presents a simple, economic framework for understanding the systematic causes of political change. Leighton and López take up three fundamental, interrelated questions: Why do democracies generate policies that impose net costs on society? Why do such policies persist over long periods of time, even if they are known to be socially wasteful and better alternatives exist? And, why do certain wasteful policies eventually get repealed, while others endure?

The authors examine these questions through policies in contemporary American politics, but also draw on examples from around the world and throughout history.

Assuming that incentives drive people’s decisions, the book matches up three key ingredients—ideas, rules, and incentives—with the characters who make political waves: madmen in authority (such as Franklin Delano Roosevelt and Margaret Thatcher), intellectuals (like Jon Stewart and George Will), and academic scribblers (in the vein of Friedrich Hayek and John Maynard Keynes).

224 pp., 5 figures, 1 table, 20129780804780971 Cloth $29.95 $23.96 sale

all I Want Is a Job!Unemployed Women Navigating the Public Workforce SystemMaRy gatta

All I Want Is a Job! puts a human face on work-force development policy. An ethnographic sociologist, Mary Gatta went undercover as a client in a New Jersey One-Stop Career Center. One-Stop Centers, developed as part of the fed-eral Workforce Investment Act, are supposed to be an unemployed worker’s go-to resource on the way to re-employment. But, how well do these centers function? With swarms of new clients coming through their doors, are they fit for the task of pairing America’s workforce with new jobs?

Weaving together her own account with interviews of jobless women and caseworkers, Gatta offers a revealing glimpse of the toll that unemployment takes and the realities of social policy. Women—both educated and low-skilled—are particularly vulnerable in the current economy. Since they are routinely paid less than their male counterparts, economic security is even harder to grasp. And, women are more easily tracked into available, low-wage work in sectors such as retail or food service.

Drawing together tales from the frontlines, Gatta highlights the promise and weaknesses of One-Stop Career Centers, recommending key shifts in workforce policy.

“This book illustrates Mary’s rare talent for looking at individual concerns alongside bureaucracy with an eye toward reform. All I Want Is a Job! is at once an eye opener and a beacon.”

—frank Pallone, Jr., new Jersey congressman


lifecycle Events and Their ConsequencesJob Loss, Family Change, and Declines in HealthEdItEd by kENNEth a. COuCh, MaRy C. daly, aNd JulIE M. zISSIMOpOulOS

“This book does an excellent job of analyzing the nature and consequences of various types of common, but often unanticipated, shocks in the lifecycle. Elegantly edited, this volume provides interesting, important information that readers in economics and public policy should know.”

—robert d. Plotnick, University of washington


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Hispanic Entrepreneurs in the 2000sAn Economic Profile and Policy ImplicationsalbERtO dávIla aNd MaRIE t. MORa

Far-reaching and nuanced, His-panic Entrepreneurs in the 2000s is an important study of a population that is quickly becoming a vital component of American job creation. Hispanics account for more than half the popula-tion growth in the United States over the last decade, and with this surge has come a dramatic spike in the number of Hispanic-owned businesses. Draw-ing on rich quantitative data, authors Alberto Dávila and Marie T. Mora examine key economic issues facing Hispanic entrepreneurs, such as access to financial capital and the adoption and vitality of digital technology. They also analyze the varying effects that socioeconomic factors have on subsets of the Hispanic business community while considering gender and im-migrant status. This account highlights key policies to drive the success of Hispanic entrepreneurs, while drawing out strategies that entrepreneurs can use in order to cultivate their busi-nesses.


Can Green Sustain Growth?From the Religion to the Reality of Sustainable ProsperityJOhN zySMaN aNd MaRk hubERty

Green growth has proven to be politically popular, but economi-cally elusive. Can Green Sustain Growth? asks how we can move from theoretical support to imple-mentation, and argues that this leap will require radical experi-mentation. But systemic change is costly, and a sweeping shift cannot be accomplished without political support, not to mention large-scale cooperation between business and government.

Insightful and timely, this book brings together eight original, international case studies to consider what we can learn from the implementation of green growth strategies to date. The analysis reveals that coalitions for green experimentation emerge and survive when they link climate solutions to specific problems with near-term benefits that appeal to both environmental and industrial interests. Based on these findings, the volume delivers concrete policy recommendations for the next steps in the necessary shift towards sustainable prosperity.

InnOVaTIOn anD TECHnOlOGy In THE WOrlD ECOnOMy

352 pp., 13 figures, 4 tables, 20139780804785259 Cloth $45.00 $36.00 sale

6 laW & PublIC POlICy

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Competition law and DevelopmentEdItEd by d. daNIEl SOkOl, thOMaS k. ChENg, aNd IOaNNIS lIaNOS

The vast majority of the countries in the world are developing countries—there are only thirty-four OECD coun-tries. And yet, there is a serious dearth of attention to developing countries in the international and comparative law scholarship, which has been preoccupied with the United States and the European Union. Competition Law and Development investigates whether or not competition law and policy transplanted from Europe and the United States can be successfully implemented in the developing world, or whether the political and economic environment of the developing world suggests the need for a different analytical framework.


Competition and the StateEdItEd by thOMaS k. ChENg, IOaNNIS lIaNOS aNd d. daNIEl SOkOl

Competition and the State analyzes the role of the state across a number of dimensions as it relates to competi-tion law and policy. This book re-con-ceptualizes the interaction between competition law and government activities in light of the profound transformation of the conception of state action in recent years. By look-ing to the challenges of privatization, new public management, and public-private partnerships, it asks whether there is a substantive legal framework that might be put in place to address competition issues as they relate to the role of the state. Various chapters also provide case studies of national experiences. This volume speaks to one of the most controversial policy issues within the competition and regulatory sphere—the role of competition law and policy in the financial sector.

320 pp., 20149780804789394 Cloth $55.00 $44.00 sale

GlObal COMPETITIOn laW anD ECOnOMICS

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The Economics of business ValuationTowards a Value Functional ApproachpatRICk l. aNdERSON

For decades, the market, asset, and income approaches have taken center stage in the valuation of the firm. This book brings to light an expanded valuation toolkit, consisting of ten well-defined valu-ation principles from the fields of economics, finance, accounting, and control theory. It ultimately argues that a “value functional” approach to business valuation avoids most of the shortcomings of its competitors, and more correctly matches valuation theory and stakeholder motivations.

Much of what we know about finance derives from a narrow subset of firms—publicly traded corpora-tions—whereas the vast majority of firms are privately held. The value functional approach can be readily applied to both large firms and those that do not issue publicly traded stocks and bonds, cannot borrow without constraints, and often rely upon entrepreneurs to both finance and manage their operations. With historical side notes from an interna-tional set of sources and real-world examples, this book is a future-facing resource for scholars in economics and finance, as well as academically-minded valuation practitioners.


Chinese Money in Global ContextHistoric Junctures Between 600 BCE and 2012NIv hORESh

Chinese Money in Global Context offers a groundbreaking interpretation of the Chinese monetary system, charting its evolution by examining key moments in history and placing them in interna-tional perspective.

Expertly navigating primary sources in multiple languages and across three millennia, Niv Horesh explores the trajectory of Chinese currency from the birth of coinage to the current global financial crisis. His narrative highlights the way that Chinese money developed in relation to the currencies of other countries, paying special attention to the origins of paper money; the relationship between the West’s ascendancy and its mineral riches; the links between pre-modern finance and political economy; and looking ahead to the possible globalization of the RMB, the currency of the People’s Republic of China. This analysis casts new light on the legacy of China’s financial system both retrospectively and at present—when China’s global influence looms large.

384 pp., 6 tables, 5 figures, 3 illustrations, 20139780804787192 Cloth $65.00 $52.00 sale

Wall Street researchPast, Present, and FuturebORIS gROySbERg aNd paul M. hEaly

Wall Street Research provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. The authors get to the heart of the industry—the analysts engaged in equity research—and demonstrate how their roles have evolved, what drives their perfor-mance today, and how they stack up against their buy-side counterparts. This book unpacks key trends and describes how different firms have coped with the shifting regulatory, technological, and global landscape. Groysberg and Healy conclude with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry’s future challenges.


8 fInanCE ECOnOMIC HISTOry

Plastic MoneyConstructing Markets for Credit Cards in Eight Postcommunist CountriesakOS RONa-taS aNd alya guSEva

We take our ability to pay with plastic for granted. Yet, building credit card markets requires solutions to difficult puzzles. For instance, how do banks learn to select reliable cardholders, convince people to pay with cards, and make card acceptance appealing to retailers?

Plastic Money tells the story of how banks overcame these and other quan-daries as they constructed markets for credit cards in eight postcommunist countries. We know a lot about how markets work once they are built, but this book explains how markets are engineered from the ground up. Drawing on extensive interviews and fieldwork, the authors chronicle how banks generated desire for their new product in the midst of a transition from communism to capitalism. Plastic Money chronicles an intriguing chapter in the global spread of the credit card concept, and of consumer culture more generally.

336 pp., 33 figures, 20149780804768573 Cloth $45.00 $36.00 sale

architects of austerityInternational Finance and the Politics of GrowthaaRON MaJOR

Architects of Austerity argues that the seeds of neoliberal politics were sown in the 1950s and 1960s. Suggesting that the postwar era was less socially democratic than we think, Aaron Major presents a comparative-historical analysis of economic policy in the United States, the United Kingdom, and Italy during the early 1960s. In each of these cases, domestic politics shifted to the left and national governments repudiated the conservative eco-nomic policies of the past, promising a new way forward. Yet, these social democratic experiments were short-lived and deeply compromised. Studies of social welfare policy have emphasized domestic factors. However, international social forces profoundly shaped national deci-sions in these cases. Taking a page from history, Architects of Austerity encourages us to critically consider the power that we vest in public financial authorities, which play an ever larger role in international economic regulation.

256 pp., 1 table, 9 figures, 20149780804788342 Cloth $60.00 $48.00 sale

from Social Movement to Moral MarketHow the Circuit Riders Sparked an IT Revolution and Created a Technology Marketpaul-bRIaN MCINERNEy

What happens when a movement of activists morphs into a market for entrepreneurs? From Social Movement to Moral Market explains this transition by tracing the brief and colorful history of the Circuit Riders, a group of activists who sought to lead nonprofits across the digital divide. In a single decade, this movement spawned a market for technology assistance providers, dedicated to serving nonprofit orga-nizations. In contrast to the Circuit Riders’ grassroots approach, which was rooted in their commitment to a cause, these consultancies sprang up as social enterprises, blending the values of the nonprofit sector with the economic principles of for-profit businesses. Through a historical-institutional analysis, this narrative shows how the values of a movement remain intact even as entrepreneurs displace activists.

256 pp., 1 table, 3 figures, 20139780804785129 Cloth $55.00 $44.00 sale

9ECOnOMIC SOCIOlOGy

Conservatives Versus WildcatsA Sociology of Financial ConflictSIMONE pOlIllO

For decades, the banking industry seemed like a Swiss watch, quietly ticking along. But the recent financial crisis hints at the true nature of the financial sector. As Simone Polillo reveals, conflict is a driving force at the center of finance.

Conservative bankers strive to control money as an instrument of exclusion by allying themselves with political elites to restrict access to credit. Bar-riers to credit create social resistance, so rival bankers—wildcats—attempt to subvert the status quo by using money as a tool for breaking existing boundaries.

Drawing on examples from the economic and social histories of nineteenth-century America and Italy, two decentralized polities where challenges to sound banking originated from above and below, this book reveals the collective tactics that conservative bankers devise to legitimize strict boundaries around credit—and the transgressive strategies that wildcat bankers employ in their challenge to this restrictive stance.


NOW IN papERbaCk

Markets in the name of SocialismThe Left-Wing Origins of NeoliberalismJOhaNNa bOCkMaN

The worldwide spread of neoliberal-ism has transformed economies, polities, and societies everywhere. In conventional accounts, American and Western European economists, such as Milton Friedman and Friedrich von Hayek, sold neoliberalism by popularizing their free-market ideas and radical criticisms of the state. Rather than focusing on the agency of a few prominent, conservative economists, Markets in the Name of Socialism reveals a dialogue among many economists on both sides of the Iron Curtain about democracy, socialism, and markets. These discus-sions led to the transformations of 1989 and, unintentionally, the rise of neoliberalism.

This book takes a truly transna-tional look at economists’ professional outlook over 100 years across the capitalist West and the socialist East. Clearly translating complicated eco-nomic ideas and neoliberal theories, it presents a significant reinterpretation of Cold War history, the fall of communism, and the rise of today’s dominant economic ideology.


What Money WantsAn Economy of DesireNOaM yuRaN WIth a pREFaCE by kEIth haRt

One thing all mainstream economists agree upon is that money has nothing whatsoever to do with desire. This blindness of the profession to what is otherwise considered a basic feature of economic life serves as the starting point for Noam Yuran’s provocative new theory of money. Through the works of Karl Marx, Thorstein Veblen, and Max Weber, What Money Wants argues that money is first and foremost an object of desire. Rather than conceiving of the desire for money as pathological,Yuran shows how it permeates economic reality, from finance to its spectacular double in our consumer economy of addictive shopping. Analyzing both classical and contemporary economic theory, it reveals the philosophical dimensions of the controversy between orthodox and heterodox economics.


10 ECOnOMIC SOCIOlOGy ECOnOMICS & PHIlOSOPHy

What Should Think Tanks Do?A Strategic Guide to Policy ImpactaNdREW SElEE

Think tanks and research organiza-tions set out to influence policy ideas and decisions—a goal that is key to the very fabric of these organizations. And yet, the ways that they actually achieve impact or measure progress along these lines remains fuzzy and underexplored. What Should Think Tanks Do? A Strategic Guide for Policy Impact is the first practical guide that is specifically tailored to think tanks, policy research, and advocacy organizations. Author Andrew Selee draws on extensive interviews with members of leading think tanks, as well as cutting-edge thinking in business and non-profit management, to provide concrete strategies for setting policy-oriented goals and shaping public opinion. Concise and practically-minded, What Should Think Tanks Do? helps those with an interest in think tanks to envision a well-oiled machine, while giving leaders in these organizations tools and tangible metrics to drive and evaluate success.

128 pp., 3 figures, 20139780804787987 Paper $12.99 $10.39 sale

a new Era in u.S. Health CareCritical Next Steps Under the Affordable Care ActStEphEN h. davIdSON

A New Era in U.S. Health Care de-mystifies the Affordable Care Act for unfamiliar readers, setting an agenda for lawmakers and the health industry alike. It focuses on four key issues that will determine the success of this 2010 legislation: the use of state-run Medicaid programs to expand access to insurance; the implementation process; the creation of health insur-ance exchanges; and the introduction of a new organizational form, account-able care organizations.

“This is a succinct account of a mind-bogglingly complicated piece of legisla-tion. Well-grounded in the literature, it is well suited for policy classes or edu-cated readers who are seeking a short, trustworthy introduction to the ACA.”

—harold Pollack, University of chicago

“A concise and accessible guide to the law and its consequences.”

—Bill Keller, The New York Times

128 pp., 20139780804787000 Paper $12.99 $10.39 sale

Two Sports Myths and Why They’re WrongROdNEy FORt aNd JaSON WINFREE

In Two Sports Myths and Why They’re Wrong, authors Rodney Fort and Jason Winfree apply sharp economic analysis to bust a couple of the most widespread urban legends about professional athletics.

Exploring the claim that player salary demands increase ticket prices and asking whether Major League Baseball should emulate the National Football League, this quick read gives us a taste of 15 Sports Myths and Why They’re Wrong.

Fort and Winfree take apart these common misconceptions, showing how the assumptions behind them fail to add up. They demonstrate how these myths perpetuate themselves and substitute rigorous, informed explanations for the intuitive appeal of emotionally charged fallacies that are just plain wrong.

56 pp., 3 tables, 8 figures, 20139780804788908 Paper $5.99 $4.79 sale

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