Behavioral Economics and the Credit-Crisis Novel

Author(s):  
Annie McClanahan

Chapter 1 analyzes novelistic representations of the 2008 credit crisis. Focusing on Jonathan Dee’s The Privileges, Adam Haslett’s Union Atlantic, and Martha McPhee’s Dear Money, it reads the post-crisis novel’s interest in individual psychology alongside and against the rise of behavioral economics. Behavioral economists understand the financial crisis as a consequence of individual choices and cultural climates: from excessive optimism and irrational exuberance to greed and overweening self-interest. At once mirroring and refuting these explanations, the post-credit-crisis novel reveals a deep ambivalence about the model of psychological complexity that undergirds both novelistic character and behavioralist economics. Exploring these problems through experiments with narrative perspective, these post-crisis novels suggest that the rich, full, autonomous homines economici of both the realist novel and microeconomic theory are bankrupt.

Author(s):  
Laurie Maguire

This book explores blank space in early modern printed books; it addresses physical blank space (from missing words to vacant pages) as well as the concept of the blank. It is a book about typographical marks, readerly response, and editorial treatment. It is a story of the journey from incunabula to Google books, told through the signifiers of blank space: empty brackets, dashes, the et cetera, the asterisk. It is about the semiotics of print and about the social anthropology of reading. The book explores blank space as an extension of Elizabethan rhetoric with readers learning to interpret the mise-en-page as part of a text’s persuasive tactics. It looks at blanks as creators of both anxiety and of opportunity, showing how readers respond to what is not there and how writers come to anticipate that response. Each chapter focuses on one typographical form of what is not there on the page: physical gaps (Chapter 1), the &c (Chapter 2) and the asterisk (Chapter 3). The Epilogue uncovers the rich metaphoric life of these textual phenomena and the ways in which Elizabethan printers experimented with typographical features as they considered how to turn plays into print.


2019 ◽  
Vol 65 (9) ◽  
pp. 4049-4062 ◽  
Author(s):  
Judd B. Kessler ◽  
Katherine L. Milkman ◽  
C. Yiwei Zhang

What motivates the rich and powerful to exhibit generosity? We explore this important question in a large field experiment. We solicit donations from 32,174 alumni of an Ivy League university, including thousands of rich and powerful alumni. Consistent with past psychology research, we find that the rich and powerful respond dramatically, and differently than others, to being given a sense of agency over the use of donated funds. Gifts from rich and powerful alumni increase by 100%–350% when they are given a sense of agency. This response arises primarily on the intensive margin with no effect on the likelihood of donating. Results suggest that motivating the rich and powerful to act may require tailored interventions. This paper was accepted by Uri Gneezy, behavioral economics.


2015 ◽  
Vol 1 (2) ◽  
pp. 25-50 ◽  
Author(s):  
Andrew Schrank

What explains the differential growth rates that foster international income inequality? The leading sociological answers have taken conflicting positions on the assumptions of self-interest and diminishing returns that are taken for granted in the neoclassical literature. While modernization theorists traced the periphery's inability to take advantage of diminishing returns in the core to “traditional” values that allegedly militated against savings, investment, and growth, and thus denied the universality of self-interest, their neo-Marxist successors traced underdevelopment less to the values of the poor than to the “cumulative” advantages of the rich, and thus denied the inevitability of diminishing returns. The result is a two-front assault that suffers from a serious coordination problem, and I therefore take issue with both the neoclassical accounts and their critics by, first, calling the validity of their assumptions—self-interest and diminishing returns—into question and, second, defending an alternative approach that treats the subordination of self-interest to norms of fairness, trust, and cooperation in the short run as the sine qua non of increasing returns and growth over the long run. The research challenge, therefore, is to unearth the roots of collaborative social norms in particular historical contexts—a challenge that will prove more tractable if development sociologists not only abandon the assumptions of self-interest and diminishing returns but embrace the tools and insights of the new economic sociology.


2009 ◽  
Vol 34 (6-7) ◽  
pp. 856-867 ◽  
Author(s):  
John Roberts ◽  
Megan Jones
Keyword(s):  

1970 ◽  
pp. 181-199
Author(s):  
Joanna Maria Garbula Joanna Maria Garbula

This article revolves around the memory of a site, i.e. the past captured in sources, reported memories of witnesses of events and symbols. The examples of such places of memory examined here are the streets and squares on the UWM Kortowo campus. They consist of references to the past which has significance for contemporary times. The article consists of an introduction and two chapters. The introduction presents the rich history of Kortowo, spanning several centuries from the Old Prussian settlements to the establishment of the University of Warmia and Masuria in Olsztyn. Chapter 1 is dedicated to the history of the streets and squares on the Kortowo campus from the time when, to make the academic community’s life easier, the university authorities gave names to the streets on the campus, following the specific faculties’ suggestions. The streets were named after M. Oczapowski (an agronomist, theorist of agriculture, pioneer of agricultural experimentation), R. Prawocheński (an expert in animal husbandry), J. Licznerski (a pioneer of modern dairy science), K. Obitz (Doctor of veterinary medicine, a journalist, a social activist in Masuria), J. Hevelius (an astronomer from Gdansk), B. Dybowski (a biologist and traveller), C. Kanafojski (Professor of automation in agriculture). Chapter 2 presents short biographies of three of the seven street patrons: B. Dybowski, K. Obitz and R. Prawocheński, who are the most characteristic and multi-dimensional figures. The names of the streets reflect the memory of the scientific, social and personal achievements of these individuals, at the same time justifying their selection as patrons.


Author(s):  
Peter Turchin ◽  
Cheryl J. Briggs

The population dynamics of the larch budmoth (LBM), Zeiraphera diniana, in the Swiss Alps are perhaps the best example of periodic oscillations in ecology (figure 7.1). These oscillations are characterized by a remarkably regular periodicity, and by an enormous range of densities experienced during a typical cycle (about 100,000-fold difference between peak and trough numbers). Furthermore, nonlinear time series analysis of LBM data (e.g., Turchin 1990, Turchin and Taylor 1992) indicates that LBM oscillations are definitely generated by a second-order dynamical process (in other words, there is a strong delayed density dependence—see also chapter 1). Analysis of time series data on LBM dynamics from five valleys in the Alps suggests that around 90% of variance in Rt is explained by the phenomenological time series model employing lagged LBM densities, R, =f(Ni-1,Ni-2,) (Turchin 2002). As discussed in the influential review by Baltensweiler and Fischlin (1988) about a decade ago, ecological theory suggests a number of candidate mechanisms that can produce the type of dynamics observed in the LBM (see also chapter 1). Baltensweiler and Fischlin concluded that changes in food quality induced by previous budmoth feeding was the most plausible explanation for the population cycles. During the last decade, the issue of larch budmoth oscillations was periodically revisited by various population ecologists looking for general insights about insect population cycles (e.g., Royama 1977, Bowers et al. 1993, Ginzburg and Taneyhill 1994, Den Boer and Reddingius 1996, Hunter and Dwyer 1998, Berryman 1999). These authors generally concurred with the view that budmoth cycles are driven by the interaction with food quality. A recent reanalysis of the rich data set on budmoth population ecology collected by Swiss researchers over a period of several decades, however, suggested that the role of parasitism is underappreciated (Turchin et al. 2002). Before focusing on the roles of food quality and parasitism in LBM dynamics, we briefly review the status of other hypotheses that were discussed in the literature on LBM cycles. First, the natural history of the LBM-larch system is such that food quantity is an unlikely factor to explain LBM oscillations.


2015 ◽  
Vol 1 (2) ◽  
pp. 233-258 ◽  
Author(s):  
Andrew Schrank

What explains the differential growth rates that foster international income inequality? The leading sociological answers have taken conflicting positions on the assumptions of self-interest and diminishing returns that are taken for granted in the neoclassical literature. While modernization theorists traced the periphery's inability to take advantage of diminishing returns in the core to “traditional” values that allegedly militated against savings, investment, and growth, and thus denied the universality of self-interest, their neo-Marxist successors traced underdevelopment less to the values of the poor than to the “cumulative” advantages of the rich, and thus denied the inevitability of diminishing returns. The result is a two-front assault that suffers from a serious coordination problem, and I therefore take issue with both the neoclassical accounts and their critics by, first, calling the validity of their assumptions—self-interest and diminishing returns—into question and, second, defending an alternative approach that treats the subordination of self-interest to norms of fairness, trust, and cooperation in the short run as the sine qua non of increasing returns and growth over the long run. The research challenge, therefore, is to unearth the roots of collaborative social norms in particular historical contexts—a challenge that will prove more tractable if development sociologists not only abandon the assumptions of self-interest and diminishing returns but embrace the tools and insights of the new economic sociology.


2013 ◽  
Vol 12 (1) ◽  
pp. 66-94 ◽  
Author(s):  
David Weakliem ◽  
Robert Biggert

Abstract The logic of self-interest suggests that most people will favor imposing heavy taxes on the rich and distributing the proceeds among the general population, but in reality this is not a popular position. A number of explanations have been suggested, but there has been little systematic research. This paper reviews a wide range of survey data with the goal of identifying more or less promising explanations. Three receive clear support: most people underestimate the earnings of those at the top, believe that the chance of earning high incomes contributes to economic growth, and have little faith in the government’s ability to redistribute wealth. One can be rejected: that people tend to overestimate their own economic standing. Others receive mixed or moderate support. The paper concludes by discussing how public opinion may help to account for national differences in the concentration of wealth and income.


Worldview ◽  
1972 ◽  
Vol 15 (5) ◽  
pp. 47-48
Author(s):  
Richard Neuhaus

Mr. Peter G. Peterson, Assistant to the President for International Economic Affairs and frequently called the President's “economic Kissinger,” must be credited at least with candor when he recently stated: “I believe we must dispel any ‘Marshall Plan psychology’ or relatively unconstrained generosity that may remain. This is not just a matter of choice but of necessity.” In a hungry world, unfortunately, an American imperial policy of unmitigated self-interest is not made more morally palatable by the candor with which it is proclaimed. Mr. Peterson's recommendations would remove the ethical linchpin of the Jewish-Christian tradition (and of the American experience at its best), namely, the belief that the rich are accountable to the poor and the strong to the weak. As “idealistic” as they may seem, it is the better part of realism to recognize that such ideals are an essential ingredient in holding together the experiment that is American society.


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