Tag Archives: Economics

In My Hands Today…

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The Haves and Have-Yachts: Dispatches on the Ultrarich – Evan Osnos

The ultra-rich hold more of America’s wealth than they did in the heyday of the Carnegies and Rockefellers. Here, Evan Osnos’s incisive reportage yields an unforgettable portrait of the tactics and obsessions driving this new Gilded Age, in which superyachts, luxury bunkers, elite tax dodges, and a torrent of political donations bespeak staggering disparities of wealth and power.

With deft storytelling and meticulous reporting, this is a book about the indulgences, incentives, and psychological distortions that define our economic age. In each essay, Osnos delves into a world that is rarely visible, from the outrageous to the fabulous to the a private wealth manager who broke with members of an American dynasty and spilled their secrets; the pop stars who perform at lavish parties for thirteen-year-olds; the status anxieties that spill out of marinas in Monaco and Palm Beach like real-world episodes of Succession and The White Lotus; the ethos behind the largest Ponzi scheme in Hollywood history; the confessions of disgraced titans in a “white-collar support group.” A celebrated political reporter, Osnos delves into the unprecedented Washington influence of Silicon Valley and Wall Street, drawing on in-depth interviews with Mark Zuckerberg and other billionaires, about their power and the explosive backlash it stirs.

Originally published in The New Yorker, these essays have been revised and expanded to deliver an unflinching portrait of raw ambition, unimaginable fortune, and the rise of America’s modern oligarchy. Osnos’s essays are a wake-up call—a case against complacency in the face of unchecked excess, as the choices of the ultra-rich ripple through our lives. Entertaining, unsettling, and eye-opening, The Haves and the Have-Yachts couldn’t be more relevant to today’s world.

In My Hands Today…

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Abundance – Ezra Klein, Derek Thompson

To trace the global history of the twenty-first century so far is to trace a history of growing unaffordability and shortage. After years of refusing to build sufficient housing, the entire country has a national housing crisis. After years of slashing immigration, we don’t have enough workers. After decades of off-shoring manufacturing, we have a shortage of chips for cars and computers. Despite decades of being warned about the consequences of climate change, we haven’t built anything close to the clean energy infrastructure we need. The crisis that’s clicking into focus now has been building for decades—because we haven’t been building enough.

Abundance explains that our problems today are not the results of yesteryear’s villains. Rather, one generation’s solutions have become the next generation’s problems. Rules and regulations designed to solve the environmental problems of the 1970s often prevent urban density and green energy projects that would help solve the environmental problems of the 2020s. Laws meant to ensure that government considers the consequences of its actions in matters of education and healthcare have made it too difficult for government to act consequentially. In the last few decades, our capacity to see problems has sharpened while our ability to solve them has diminished.

Progress requires the ability to see promise rather than just peril in the creation of new ideas and projects, and an instinct to design systems and institutions that make building possible. In a book exploring how can move from a liberalism that not only protects and preserves but also builds, Klein and Thompson trace the political, economic, and cultural barriers to progress and how we can adopt a mindset directed toward abundance, and not scarcity, to overcome them.

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Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity – Yoni Appelbaum

How did America cease to be the land of opportunity?

We take it for granted that good neighbourhoods—with good schools and good housing—are only accessible to the wealthy. But in America, this wasn’t always the case.

Though for most of world history, your prospects were tied to where you were born, Americans came up with a revolutionary If you didn’t like your lot in life, you could find a better location and reinvent yourself there. Americans moved to new places with unprecedented frequency, and, for two hundred years, that remarkable mobility was the linchpin of American economic and social opportunity.

In this illuminating debut, Yoni Appelbaum, historian and journalist for The Atlantic, shows us that this idea has been under attack since reformers first developed zoning laws to ghettoize Chinese Americans in nineteenth-century Modesto, California. The century of legal segregation that ensued—from the zoning laws enacted to force Jewish workers back into New York’s Lower East Side to the private-sector discrimination and racist public policy that trapped Black families in Flint, Michigan to Jane Jacobs’ efforts to protect her vision of the West Village—has raised housing prices, deepened political divides, emboldened bigots, and trapped generations of people in poverty. Appelbaum shows us that these problems have a common people can’t move as readily as they used to. They are, in a word, stuck.

Cutting through more than a century of mythmaking, Stuck tells a vivid, surprising story of the people and ideas that caused our economic and social sclerosis and lays out common-sense ways to get Americans moving again.

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The India Way: Strategies for an Uncertain World – S. Jaishankar

The decade from the 2008 global financial crisis to the 2020 coronavirus pandemic has seen a real transformation of the world order. The very nature of international relations and its rules are changing before our eyes.

For India, this means optimal relationships with all the major powers to best advance its goals. It also requires a bolder and non-reciprocal approach to its neighbourhood. A global footprint is now in the making that leverages India’s greater capability and relevance, as well as its unique diaspora. This era of global upheaval entails greater expectations from India, putting it on the path to becoming a leading power.

In The India Way, S. Jaishankar, India’s Minister of External Affairs, analyses these challenges and spells out possible policy responses. He places this thinking in the context of history and tradition, appropriate for a civilizational power that seeks to reclaim its place on the world stage.

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Mine!: How the Hidden Rules of Ownership Control Our Lives – Michael A. Heller, James Salzman

A hidden set of rules governs who owns what–explaining everything from whether you can recline your airplane seat to why HBO lets you borrow a password illegally–and in this lively and entertaining guide, two acclaimed law professors reveal how things become mine.

Mine is one of the first words babies learn. By the time we grow up, the idea of ownership seems natural, whether buying a cup of coffee or a house. But who controls the space behind your airplane seat: you reclining or the squished laptop user behind? Why is plagiarism wrong, but it’s okay to knock-off a recipe or a dress design? And after a snowstorm, why does a chair in the street hold your parking space in Chicago, but in New York you lose the space and the chair?

Mine! explains these puzzles and many more. Surprisingly, there are just six simple stories that everyone uses to claim everything. Owners choose the story that steers us to do what they want. But we can always pick a different story. This is true not just for airplane seats, but also for battles over digital privacy, climate change, and wealth inequality. As Michael Heller and James Salzman show–in the spirited style of Freakonomics, Nudge, and Predictably Irrational–ownership is always up for grabs.

With stories that are eye-opening, mind-bending, and sometimes infuriating, Mine! reveals the rules of ownership that secretly control our lives.