Knowledge that Transforms

Andrew Zimbalist of Smith College reviews “Diamond Dollars: The Economics of Winning in Baseball” by Vince Gennaro,. The EconLit Abstract of the reviewed work begins “Presents new analytical approaches and tools that can help Major League Baseball make the transition to the new management model. Discusses the Major League Baseball business model; the power of winning; winning by the numbers; player valuation--the model; player value--loaded with options; valuing Babe Ruth in his Yankee years; the economics of player development; a strategic approach to assembling the roster; a brand-building approach; the value of fan loyalty; and a new management model. Gennaro is a consultant and author. Index.”

Kate Antonovics of University of California, San Diego reviews “Chutes and Ladders: Navigating the Low-Wage Labor Market” by Katherine S. Newman,. The EconLit Abstract of the reviewed work begins “Explores whether the poorest workers and families in America benefited from the tight labor markets and good economic times of the late 1990s. Discusses lives in the long run; the best-case scenario; high flyers, low riders, and the “up but not out” club; all in the family; the national picture; streetwise economics; work and welfare in the boom years; dreams deferred--aspirations and obstacles in work and family life; and opening the gates. Newman is Malcolm Forbes Class of 1941 Professor of Sociology and Public Affairs at Princeton University. Index.”

Ajay Mahal of Harvard University reviews “The Economics of Infectious Disease” by Jennifer A. Roberts,. The EconLit Abstract of the reviewed work begins “Nineteen papers introduce economists to the major challenges of work in infectious disease, including the most important professions, concepts, terminology, and methodological approaches. Discusses an introduction to the economics of infectious disease; choosing the first-line drug for malaria treatment--how cost-effectiveness analysis can inform policy; economic issues related to antimicrobial resistance; economic evaluation of HIV prevention activities--dynamic challenges for cost-effectiveness analysis; modeling the cost-effectiveness of the new interventions--how technological change can be incorporated; complexity and the attribution of cost to hospital-acquired infection (HAI); decision analysis of strategies to deal with noncompliance with tuberculosis treatment; the economic evaluation of HAI; the socioeconomic burden of influenza--costs of illness and “willingness to pay” in a publicly funded health care system; willingness to pay for insecticide-treated mosquito nets in Surat, India; disentangling value--assessing the benefits of containing antimicrobial resistance; economics of animal health--implications for public health; risk assessment models, economic analysis, and food safety policy; transaction cost economics and principal-agent theory--insights into investigations of outbreaks of infectious diseases; governance arrangements for the control of infectious disease; evaluating U.S. food safety regulations which use benefit and cost information; global governance of international public health--the role of international regulatory cooperation; trade and infectious disease outbreaks--ensuring public health… Index.”

Lucie Schmidt of Williams College reviews “Poverty and Discrimination” by Kevin Lang,. The EconLit Abstract of the reviewed work begins “Explores what we know about poverty and discrimination and how we know about them, using rigorous statistical analysis and economic thinking. Discusses who is poor; the evolution of poverty policy; trends in poverty; labor market policies; family composition; concentrated poverty; education and education reform; welfare reform; discrimination--theory; race discrimination in the labor market; race discrimination and education; race discrimination in customer markets and the judicial system; sex discrimination; and an agenda to decrease poverty and discrimination. Lang is Chairman of the Boston University Department of Economics. Author and subject indexes.”

Zvi Bodie of Boston University reviews “Social Security and the Stock Market: How the Pursuit of Market Magic Shapes the System” by Alicia H. Munnell, Steven A. Sass,. The EconLit Abstract of the reviewed work begins “Explores the use of equities to help solve the Social Security financing problem. Discusses the creation of modern retirement income systems; the retirement income challenge facing the United States; lessons from the United Kingdom--privatization and a safety net; lessons from Australia--mandating “add-on” individual accounts; and lessons from Canada--investing the trust fund in equities. Munnell is Director of the Center for Retirement Research at Boston College and Peter F. Drucker Professor in Management Sciences at Boston College's Carroll School of Management. Sass is Associate Director for Research at the Center for Retirement Research at Boston College. Index.”

Michael Sherris of University of New South Wales reviews “The Econometrics of Individual Risk: Credit, Insurance, and Marketing” by Christian Gourieroux, Joann Jasiak,. The EconLit Abstract of the reviewed work begins “Provides a complete econometric methodology for quantifying and managing the individual risks faced by banks, insurers, and marketers. Discusses dichotomous risk; estimation; score performance; count data models; durations; endogenous selection and partial observability; transition models; multiple scores; serial dependence in longitudinal data; and management of credit risk. Gourieroux is Director of the Laboratory for Finance and Insurance at the Center for Research in Economics and Statistics, Paris, and Professor at the University of Toronto. Jasiak is Associate Professor of Economics at York University. Index.”

Esther Duflo of Ecole D'economie de Paris reviews “How to Spend $50 Billion to Make the World a Better Place” by Bjorn Lomborg,. The EconLit Abstract of the reviewed work begins “Nine papers, resulting from the Copenhagen Consensus conference held in May 2004, explore various aspects of the debate regarding global priorities, focusing on some of the world's most pressing challenges, what can be done, how much it will cost, and what benefits will result. Papers discuss meeting the challenge of global warming (William R. Cline); communicable diseases (Anne Mills and Sam Shillcutt); the challenge of reducing the global incidence of civil war (Paul Collier and Anke Hoeffler); the move toward a new consensus for addressing the global challenge of the lack of education (Lant Pritchett); the challenge of poor governance and corruption (Susan Rose-Ackerman); hunger and malnutrition (Jere R. Behrman, Harold Alderman, and John Hoddinott); population and migration (Philip Martin); the water challenge (Frank Rijsberman); and subsidies and trade barriers (Kym Anderson). Lomborg is Adjunct Professor and Director of the Copenhagen Consensus Center at the Copenhagen Business School. Index.”

Angus Deaton of Princeton University reviews “How to Spend $50 Billion to Make the World a Better Place” by Bjorn Lomborg,. The EconLit Abstract of the reviewed work begins “Nine papers, resulting from the Copenhagen Consensus conference held in May 2004, explore various aspects of the debate regarding global priorities, focusing on some of the world's most pressing challenges, what can be done, how much it will cost, and what benefits will result. Papers discuss meeting the challenge of global warming (William R. Cline); communicable diseases (Anne Mills and Sam Shillcutt); the challenge of reducing the global incidence of civil war (Paul Collier and Anke Hoeffler); the move toward a new consensus for addressing the global challenge of the lack of education (Lant Pritchett); the challenge of poor governance and corruption (Susan Rose-Ackerman); hunger and malnutrition (Jere R. Behrman, Harold Alderman, and John Hoddinott); population and migration (Philip Martin); the water challenge (Frank Rijsberman); and subsidies and trade barriers (Kym Anderson). Lomborg is Adjunct Professor and Director of the Copenhagen Consensus Center at the Copenhagen Business School. Index.”

Jonathan B. Wight of University of Richmond reviews “Micro Mischief: A Dia Fenner Economic Thriller” by Michael L. Walden, M. E. Whitman Walden,. The EconLit Abstract of the reviewed work begins “Fictional tale explores the adventures of two professors seeking a sustainable fuel source for America. Combines an entertaining mystery story with insights into the American microeconomy. Michael L. Walden is Reynolds Distinguished Professor at North Carolina State University. M. E. Whitman Walden is an educator and artist. No index.”

Thomas Lemieux of University of British Columbia reviews “The paradox of American unionism: Why Americans like unions more than Canadians do but join much less” by Seymour Martin Lipset, Noah M. Meltz,. The EconLit Abstract of the reviewed work begins “Probes U.S. and Canadian views on a range of subjects related to work, social values, and political institutions to try to understand the apparent paradox that Americans approve of unions more than Canadians do but join them less. Draws on an in-depth survey of over three thousand people, mostly employees, conducted in the two countries. Examines trends in union membership in a number of industrialized countries, highlighting an association between social democratic strength and support for unions. Describes the evolution of trade unions in the United States and Canada from 1901 to 2001. Discusses the social, political, and economic factors that underlie the more robust legislative protection and the much greater strength of unions in Canada than in the United States. Proposes that perceived union power is negatively correlated with union approval and that this relationship explains some of the attitudinal anomalies in the survey data. Measures the extent to which there is a frustrated demand for union membership in the United States. Investigates the contribution of the individual states and provinces to the cross-border unionization gap. Examines the attitudes and behaviors of white-collar workers and professionals toward unions in the United States and Canada. Studies the location and extent… Index.”