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The Next Supercontinent: Solving the Puzzle of a Future Pangea

by Ross Mitchell

An internationally recognized scientist shows that Earth’s separate continents, once together in Pangea, are again on a collision course.You’ve heard of Pangea, the single landmass that broke apart some 175 million years ago to give us our current continents, but what about its predecessors, Rodinia or Columbia? These “supercontinents” from Earth’s past provide evidence that land repeatedly joins and separates. While scientists debate what that next supercontinent will look like—and what to name it—they all agree: one is coming.In this engaging work, geophysicist Ross Mitchell invites readers to remote (and sometimes treacherous) lands for evidence of past supercontinents, delves into the phenomena that will birth the next, and presents the case for the future supercontinent of Amasia, defined by the merging of North America and Asia. Introducing readers to plate tectonic theory through fieldwork adventures and accessible scientific descriptions, Mitchell considers flows deep in the Earth’s mantle to explain Amasia’s future formation and shows how this developing theory can illuminate other planetary mysteries. He then poses the inevitable question: how can humanity survive the intervening 200 million years necessary to see Amasia?An expert on the supercontinent cycle, Mitchell offers readers a front-row seat to a slow-motion mystery and an ongoing scientific debate.

Education in a New Society: Renewing the Sociology of Education

by Jal Mehta Scott Davies

In recent decades, sociology of education has been dominated by quantitative analyses of race, class, and gender gaps in educational achievement. And while there’s no question that such work is important, it leaves a lot of other fruitful areas of inquiry unstudied. This book takes that problem seriously, considering the way the field has developed since the 1960s and arguing powerfully for its renewal. The sociology of education, the contributors show, largely works with themes, concepts, and theories that were generated decades ago, even as both the actual world of education and the discipline of sociology have changed considerably. The moment has come, they argue, to break free of the past and begin asking new questions and developing new programs of empirical study. Both rallying cry and road map, Education in a New Society will galvanize the field.

Handbook of Quantitative Ecology

by Justin Kitzes

An essential guide to quantitative research methods in ecology and conservation biology, accessible for even the most math-averse student or professional. Quantitative research techniques have become increasingly important in ecology and conservation biology, but the sheer breadth of methods that must be understood—from population modeling and probabilistic thinking to modern statistics, simulation, and data science—and a lack of computational or mathematics training have hindered quantitative literacy in these fields. In this book, ecologist Justin Kitzes addresses those challenges for students and practicing scientists alike. Requiring only basic algebra and the ability to use a spreadsheet, Handbook of Quantitative Ecology is designed to provide a practical, intuitive, and integrated introduction to widely used quantitative methods. Kitzes builds each chapter around a specific ecological problem and arrives, step by step, at a general principle through the process of solving that problem. Grouped into five broad categories—difference equations, probability, matrix models, likelihood statistics, and other numerical methods—the book introduces basic concepts, starting with exponential and logistic growth, and helps readers to understand the field’s more advanced subjects, such as bootstrapping, stochastic optimization, and cellular automata. Complete with online solutions to all numerical problems, Kitzes’s Handbook of Quantitative Ecology is an ideal coursebook for both undergraduate and graduate students of ecology, as well as a useful and necessary resource for mathematically out-of-practice scientists.

Religious Liberty and the American Founding: Natural Rights and the Original Meanings of the First Amendment Religion Clauses

by Vincent Phillip Muñoz

An insightful rethinking of the meaning of the First Amendment’s protection of religious freedom. The Founders understood religious liberty to be an inalienable natural right. Vincent Phillip Muñoz explains what this means for church-state constitutional law, uncovering what we can and cannot determine about the original meanings of the First Amendment’s Religion Clauses and constructing a natural rights jurisprudence of religious liberty. Drawing on early state constitutions, declarations of religious freedom, Founding-era debates, and the First Amendment’s drafting record, Muñoz demonstrates that adherence to the Founders’ political philosophy would lead neither to consistently conservative nor consistently liberal results. Rather, adopting the Founders’ understanding would lead to a minimalist church-state jurisprudence that, in most cases, would return authority from the judiciary to the American people. Thorough and convincing, Religious Liberty and the American Founding is key reading for those seeking to understand the Founders’ political philosophy of religious freedom and the First Amendment Religion Clauses.

Arresting Citizenship: The Democratic Consequences of American Crime Control (Chicago Studies In American Politics Ser.)

by Vesla M. Weaver Amy E. Lerman

The numbers are staggering: One-third of America’s adult population has passed through the criminal justice system and now has a criminal record. Many more were never convicted, but are nonetheless subject to surveillance by the state. Never before has the American government maintained so vast a network of institutions dedicated solely to the control and confinement of its citizens. A provocative assessment of the contemporary carceral state for American democracy, Arresting Citizenship argues that the broad reach of the criminal justice system has fundamentally recast the relation between citizen and state, resulting in a sizable—and growing—group of second-class citizens. From police stops to court cases and incarceration, at each stage of the criminal justice system individuals belonging to this disempowered group come to experience a state-within-a-state that reflects few of the country’s core democratic values. Through scores of interviews, along with analyses of survey data, Amy E. Lerman and Vesla M. Weaver show how this contact with police, courts, and prisons decreases faith in the capacity of American political institutions to respond to citizens’ concerns and diminishes the sense of full and equal citizenship—even for those who have not been found guilty of any crime. The effects of this increasingly frequent contact with the criminal justice system are wide-ranging—and pernicious—and Lerman and Weaver go on to offer concrete proposals for reforms to reincorporate this large group of citizens as active participants in American civic and political life.

The Haunted Monastery: A Judge Dee Mystery (The Judge Dee Mysteries)

by Robert van Gulik

Judge Dee and his entourage, seeking refuge from a mountain storm, become trapped in a Taoist monastery, where the Abbott Jade mysteriously dies after delivering an ecstatic sermon. The monks call it a supernatural experience, but the judge calls it murder. Recalling the allegedly accidental deaths of three young women in the same monastery, Judge Dee seeks clues in the eyes of a cat to solve cases of impersonation and murder. A painting by one of the victims reveals the truth about the killings, propelling the judge on a quest for justice and revenge."Entertaining, instructive, and impressive."—Times Literary Supplement

The Feeling of Forgetting: Christianity, Race + Violence in America

by John Corrigan

A provocative examination of how religious practices of forgetting drive white Christian nationalism. The dual traumas of colonialism and slavery are still felt by Native Americans and African Americans as victims of ongoing violence toward people of color today. In The Feeling of Forgetting, John Corrigan calls attention to the trauma experienced by white Americans as perpetrators of this violence. By tracing memory’s role in American Christianity, Corrigan shows how contemporary white Christian nationalism is motivated by a widespread effort to forget the role race plays in American society. White trauma, Corrigan argues, courses through American culture like an underground river that sometimes bursts forth into brutality, terrorism, and insurrection. Tracing the river to its source is a necessary first step toward healing.

Instructions for American Servicemen in Iraq during World War II

by United States Army

“American success or failure in Iraq may well depend on whether the Iraqis like American soldiers or not.” The U.S. military could certainly have used that bit of wisdom in 2003, as violence began to eclipse the Iraq War’s early successes. Ironically, had the Army only looked in its own archives, they would have found it—that piece of advice is from a manual the U.S. War Department handed out to American servicemen posted in Iraq back in 1943. The advice in Instructions for American Servicemen in Iraq during World War II,presented here in a new facsimile edition, retains a surprising, even haunting, relevance in light of today’s muddled efforts to win Iraqi hearts and minds. Designed to help American soldiers understand and cope with what was at the time an utterly unfamiliar culture—the manual explains how to pronounce the word Iraq, for instance—this brief, accessible handbook mixes do-and-don’t-style tips (“Always respect the Moslem women.” “Talk Arabic if you can to the people. No matter how badly you do it, they will like it.”) with general observations on Iraqi history and society. The book’s overall message still rings true—dramatically so—more than sixty years later: treat an Iraqi and his family with honor and respect, and you will have a strong ally; treat him with disrespect and you will create an unyielding enemy. With a foreword by Lieutenant Colonel John A. Nagl reflecting on the manual’s continuing applicability—and lamenting that it was unknown at the start of the invasion—this new edition of Instructions for American Servicemen in Iraq will be essential reading for anyone who cares about the future of Iraq and the fate of the American soldiers serving there.

Losing the Plot: Film and Feeling in the Modern Novel

by Pardis Dabashi

An examination of the relationship between literature and classical Hollywood cinema reveals a profound longing for plot in modernist fiction. The modernist novel sought to escape what Virginia Woolf called the “tyranny” of plot. Yet even as twentieth-century writers pushed against the constraints of plot-driven Victorian novels, plot kept its hold on them through the influence of another medium: the cinema. Focusing on the novels of Nella Larsen, Djuna Barnes, and William Faulkner—writers known for their affinities and connections to classical Hollywood—Pardis Dabashi links the moviegoing practices of these writers to the tensions between the formal properties of their novels and the characters in them. Even when they did not feature outright happy endings, classical Hollywood films often provided satisfying formal resolutions and promoted normative social and political values. Watching these films, modernist authors were reminded of what they were leaving behind—both formally and in the name of aesthetic experimentalism—by losing the plot.

Character: Three Inquiries in Literary Studies (TRIOS)

by Amanda Anderson Toril Moi Rita Felski

Over the last few decades, character-based criticism has been seen as either naive or obsolete. But now questions of character are attracting renewed interest. Making the case for a broad-based revision of our understanding of character, Character rethinks these questions from the ground up. Is it really necessary to remind literary critics that characters are made up of words? Must we forbid identification with characters? Does character-discussion force critics to embrace humanism and outmoded theories of the subject? Across three chapters, leading scholars Amanda Anderson, Rita Felski, and Toril Moi reimagine and renew literary studies by engaging in a conversation about character. Moi returns to the fundamental theoretical assumptions that convinced literary scholars to stop doing character-criticism, and shows that they cannot hold. Felski turns to the question of identification and draws out its diverse strands, as well as its persistence in academic criticism. Anderson shows that character-criticism illuminates both the moral life of characters, and our understanding of literary form. In offering new perspectives on the question of fictional character, this thought-provoking book makes an important intervention in literary studies.

Extreme Measures: The Ecological Energetics of Birds and Mammals

by Brian K. McNab

Along with reproduction, balancing energy expenditure with the limits of resource acquisition is essential for both a species and a population to survive. But energy is a limited resource, as we know well, so birds and mammals—the most energy-intensive fauna on the planet—must reduce energy expenditures to maintain this balance, some taking small steps, and others extreme measures. Here Brian K. McNab draws on his over sixty years in the field to provide a comprehensive account of the energetics of birds and mammals, one fully integrated with their natural history. McNab begins with an overview of thermal rates—much of our own energy is spent maintaining our 98.6?F temperature—and explains how the basal rate of metabolism drives energy use, especially in extreme environments. He then explores those variables that interact with the basal rate of metabolism, like body size and scale and environments, highlighting their influence on behavior, distribution, and even reproductive output. Successive chapters take up energy and population dynamics and evolution. A critical central theme that runs through the book is how the energetic needs of birds and mammals come up against rapid environmental change and how this is hastening the pace of extinction.

The Modernity Bluff: Crime, Consumption, and Citizenship in Côte d’Ivoire

by Sasha Newell

In Côte d’Ivoire, appearing modern is so important for success that many young men deplete their already meager resources to project an illusion of wealth in a fantastic display of Western imitation, spending far more than they can afford on brand name clothing, accessories, technology, and a robust nightlife. Such imitation, however, is not primarily meant to deceive—rather, as Sasha Newell argues in The Modernity Bluff, it is an explicit performance so valued in Côte d’Ivoire it has become a matter of national pride. Called bluffeurs, these young urban men operate in a system of cultural economy where reputation is essential for financial success. That reputation is measured by familiarity with and access to the fashionable and expensive, which leads to a paradoxical state of affairs in which the wasting of wealth is essential to its accumulation. Using the consumption of Western goods to express their cultural mastery over Western taste, Newell argues, bluffeurs engage a global hierarchy that is profoundly modern, one that values performance over authenticity­—highlighting the counterfeit nature of modernity itself.

Social Security Programs and Retirement around the World: Disability Insurance Programs and Retirement (National Bureau Economic Research)

by David A. Wise

Even as life expectancy in many countries has continued to increase, social security and similar government programs can provide strong incentives for workers to leave the labor force when they reach the age of eligibility for benefits. Disability insurance programs can also play a significant role in the departure of older workers from the labor force, with many individuals in some countries relying on disability insurance until they are able to enter into full retirement. The sixth stage of an ongoing research project studying the relationship between social security programs and labor force participation, this volume draws on the work of an eminent group of international economists to consider the extent to which differences in labor force participation across countries are determined by the provisions of disability insurance programs. Presented in an easily comparable way, their research covers twelve countries, including Canada, Japan, and the United States, and considers the requirements of disability insurance programs, as well as other pathways to retirement.

The Other Arab-Israeli Conflict: Making America's Middle East Policy, from Truman to Reagan

by Steven L. Spiegel

The Other Arab-Israeli Conflict illuminates the controversial course of America's Middle East relations from the birth of Israel to the Reagan administration. Skillfully separating actual policymaking from the myths that have come to surround it, Spiegel challenges the belief that American policy in the Middle East is primarily a relation to events in that region or is motivated by bureaucratic constraints or the pressures of domestic politics. On the contrary, he finds that the ideas and skills of the president and his advisors are critical to the determination of American policy. This volume received the 1986 National Jewish Book Award.

Minor Creatures: Persons, Animals, and the Victorian Novel (Animal Lives Ser.)

by Ivan Kreilkamp

In the nineteenth century, richly-drawn social fiction became one of England’s major cultural exports. At the same time, a surprising companion came to stand alongside the novel as a key embodiment of British identity: the domesticated pet. In works by authors from the Brontës to Eliot, from Dickens to Hardy, animals appeared as markers of domestic coziness and familial kindness. Yet for all their supposed significance, the animals in nineteenth-century fiction were never granted the same fullness of character or consciousness as their human masters: they remain secondary figures. Minor Creatures re-examines a slew of literary classics to show how Victorian notions of domesticity, sympathy, and individuality were shaped in response to the burgeoning pet class. The presence of beloved animals in the home led to a number of welfare-minded political movements, inspired in part by the Darwinian thought that began to sprout at the time. Nineteenth-century animals may not have been the heroes of their own lives but, as Kreilkamp shows, the history of domestic pets deeply influenced the history of the English novel.

Women in the Club: Gender and Policy Making in the Senate

by Michele L. Swers

In the run-up to the 2012 presidential election, Democrats and Republicans were locked in a fierce battle for the female vote. Democrats charged Republicans with waging a “war on women,” while Republicans countered that Democratic policies actually undermined women’s rights. The women of the Senate wielded particular power, planning press conferences, appearing on political programs, and taking to the Senate floor over gender-related issues such as workplace equality and reproductive rights.The first book to examine the impact of gender differences in the Senate, Women in the Club is an eye-opening exploration of how women are influencing policy and politics in this erstwhile male bastion of power. Gender, Michele L. Swers shows, is a fundamental factor for women in the Senate, interacting with both party affiliation and individual ideology to shape priorities on policy. Women, for example, are more active proponents of social welfare and women’s rights. But the effects of gender extend beyond mere policy preferences. Senators also develop their priorities with an eye to managing voter expectations about their expertise and advancing their party’s position on a given issue. The election of women in increasing numbers has also coincided with the evolution of the Senate as a highly partisan institution. The stark differences between the parties on issues pertaining to gender have meant that Democratic and Republican senators often assume very different roles as they reconcile their policy views on gender issues with the desire to act as members of partisan teams championing or defending their party’s record in an effort to reach various groups of voters.

Maimonides & Spinoza: Their Conflicting Views of Human Nature

by Joshua Parens

Until the last century, it was generally agreed that Maimonides was a great defender of Judaism, and Spinoza—as an Enlightenment advocate for secularization—among its key opponents. However, a new scholarly consensus has recently emerged that the teachings of the two philosophers were in fact much closer than was previously thought. In his perceptive new book, Joshua Parens sets out to challenge the now predominant view of Maimonides as a protomodern forerunner to Spinoza—and to show that a chief reason to read Maimonides is in fact to gain distance from our progressively secularized worldview.Turning the focus from Spinoza’s oft-analyzed Theologico-Political Treatise, this book has at its heart a nuanced analysis of his theory of human nature in the Ethics. Viewing this work in contrast to Maimonides’s Guide of the Perplexed, it makes clear that Spinoza can no longer be thought of as the founder of modern Jewish identity, nor should Maimonides be thought of as having paved the way for a modern secular worldview. Maimonides and Spinoza dramatically revises our understanding of both philosophers.

The Revolution’s Echoes: Music, Politics, and Pleasure in Guinea (Chicago Studies in Ethnomusicology)

by Nomi Dave

Music has long been an avenue for protest, seen as a way to promote freedom and equality, instill hope, and fight for change. Popular music, in particular, is considered to be an effective form of subversion and resistance under oppressive circumstances. But, as Nomi Dave shows us in The Revolution’s Echoes, the opposite is also true: music can often support, rather than challenge, the powers that be. Dave introduces readers to the music supporting the authoritarian regime of former Guinean president Sékou Touré, and the musicians who, even long after his death, have continued to praise dictators and avoid dissent. Dave shows that this isn’t just the result of state manipulation; even in the absence of coercion, musicians and their audiences take real pleasure in musical praise of leaders. Time and again, whether in traditional music or in newer genres such as rap, Guinean musicians have celebrated state power and authority. With The Revolution’s Echoes, Dave insists that we must grapple with the uncomfortable truth that some forms of music choose to support authoritarianism, generating new pleasures and new politics in the process.

What Is Critique?: & The Culture of the Self

by Michel Foucault

Newly published lectures by Foucault on critique, Enlightenment, and the care of the self. On May 27, 1978, Michel Foucault gave a lecture to the French Society of Philosophy where he redefined his entire philosophical project in light of Immanuel Kant’s 1784 text “What Is Enlightenment?” Foucault strikingly characterizes critique as the political and moral attitude consisting in the “art of not being governed like this,” one that performs the function of destabilizing power relations and creating the space for a new formation of the self within the “politics of truth.” This volume presents the first critical edition of this crucial lecture alongside a previously unpublished lecture about the culture of the self and three public debates with Foucault at the University of California, Berkeley, in April 1983. There, for the first time, Foucault establishes a direct connection between his reflections on the Enlightenment and his analyses of Greco-Roman antiquity. However, far from suggesting a return to the ancient culture of the self, Foucault invites his audience to build a “new ethics” that bypasses the traditional references to religion, law, and science.

Making Spirit Matter: Neurology, Psychology, and Selfhood in Modern France

by Larry Sommer McGrath

The connection between mind and brain has been one of the most persistent problems in modern Western thought; even recent advances in neuroscience haven’t been able to explain it satisfactorily. Historian Larry Sommer McGrath’s Making Spirit Matter studies how a particularly productive and influential group of nineteenth- and early twentieth-century French thinkers attempted to solve this puzzle by showing the mutual dependence of spirit and matter. The scientific revolution taking place at this point in history across disciplines, from biology to psychology and neurology, located our mental powers in the brain and offered a radical reformulation of the meaning of society, spirit, and the self. Tracing connections among thinkers such as Henri Bergson, Alfred Fouillée, Jean-Marie Guyau, and others, McGrath plots alternative intellectual movements that revived themes of creativity, time, and experience by applying the very sciences that seemed to undermine metaphysics and religion. Making Spirit Matter lays out the long legacy of this moment in the history of ideas and how it might renew our understanding of the relationship between mind and brain today.

Practical Cues and Social Spectacle in the Chester Plays

by Matthew Sergi

Amid the crowded streets of Chester, guild players portraying biblical characters performed on colorful mobile stages hoping to draw the attention of fellow townspeople. In the fifteenth and sixteenth centuries, these Chester plays employed flamboyant live performance to adapt biblical narratives. But the original format of these fascinating performances remains cloudy, as surviving records of these plays are sparse, and the manuscripts were only written down a generation after they stopped. Revealing a vibrant set of social practices encoded in the Chester plays, Matthew Sergi provides a new methodology for reading them and a transformative look at medieval English drama. Carefully combing through the plays, Sergi seeks out cues in the dialogues that reveal information about the original staging, design, and acting. These “practical cues,” as he calls them, have gone largely unnoticed by drama scholars, who have focused on the ideology and historical contexts of these plays, rather than the methods, mechanics, and structures of the actual performances. Drawing on his experience as an actor and director, he combines close readings of these texts with fragments of records, revealing a new way to understand how the Chester plays brought biblical narratives to spectators in the noisy streets. For Sergi, plays that once appeared only as dry religious dramas come to life as raucous participatory spectacles filled with humor, camp, and devotion.

Curiosity: How Science Became Interested in Everything

by Philip Ball

With the recent landing of the Mars rover Curiosity, it seems safe to assume that the idea of being curious is alive and well in modern science—that it’s not merely encouraged but is seen as an essential component of the scientific mission. Yet there was a time when curiosity was condemned. Neither Pandora nor Eve could resist the dangerous allure of unanswered questions, and all knowledge wasn’t equal—for millennia it was believed that there were some things we should not try to know. In the late sixteenth century this attitude began to change dramatically, and in Curiosity:How Science Became Interested in Everything, Philip Ball investigates how curiosity first became sanctioned—when it changed from a vice to a virtue and how it became permissible to ask any and every question about the world. Looking closely at the sixteenth through eighteenth centuries, Ball vividly brings to life the age when modern science began, a time that spans the lives of Galileo and Isaac Newton. In this entertaining and illuminating account of the rise of science as we know it, Ball tells of scientists both legendary and lesser known, from Copernicus and Kepler to Robert Boyle, as well as the inventions and technologies that were inspired by curiosity itself, such as the telescope and the microscope. The so-called Scientific Revolution is often told as a story of great geniuses illuminating the world with flashes of inspiration. But Curiosity reveals a more complex story, in which the liberation—and subsequent taming—of curiosity was linked to magic, religion, literature, travel, trade, and empire. Ball also asks what has become of curiosity today: how it functions in science, how it is spun and packaged for consumption, how well it is being sustained, and how the changing shape of science influences the kinds of questions it may continue to ask. Though proverbial wisdom tell us that it was through curiosity that our innocence was lost, that has not deterred us. Instead, it has been completely the contrary: today we spend vast sums trying to reconstruct the first instants of creation in particle accelerators, out of a pure desire to know. Ball refuses to let us take this desire for granted, and this book is a perfect homage to such an inquisitive attitude.

The Calamity Form: On Poetry and Social Life

by Anahid Nersessian

Romanticism coincided with two major historical developments: the Industrial Revolution, and with it, a turning point in our relationship to the earth, its inhabitants, and its climate. Drawing on Marxism and philosophy of science, The Calamity Form shines new light on Romantic poetry, identifying a number of rhetorical tropes used by writers to underscore their very failure to make sense of our move to industrialization. Anahid Nersessian explores works by Friedrich Hölderlin, William Wordsworth, John Keats, and others to argue that as the human and ecological costs of industry became clear, Romantic poetry adopted formal strategies—among them parataxis, the setting of elements side by side in a manner suggestive of postindustrial dissonance, and apostrophe, here an address to an absent or vanishing natural environment—as it tried and failed to narrate the calamities of capitalism. These tropes reflect how Romantic authors took their bewilderment and turned it into a poetics: a theory of writing, reading, and understanding poetry as an eminently critical act. Throughout, Nersessian pushes back against recent attempts to see literature as a source of information on par with historical or scientific data, arguing instead for an irreducibility of poetic knowledge. Revealing the ways in which these Romantic works are of their time but not about it, The Calamity Form ultimately exposes the nature of poetry’s relationship to capital—and capital’s ability to hide how it works.

On Knowing: The Social Sciences

by Richard P. McKeon

As a philosopher, Richard McKeon spent his career developing Pragmatism in a new key, specifically by tracing the ways in which philosophic problems arise in fields other than philosophy—across the natural and social sciences and aesthetics—and showed the ways in which any problem, pushed back to its beginning or taken to its end, is a philosophic problem. The roots of this book, On Knowing—The Social Sciences, are traced to McKeon’s classes where he blended philosophy with physics, ethics, politics, history, and aesthetics. This volume—the second in a series—leaves behind natural science themes to embrace freedom, power, and history, which, McKeon argues, lay out the whole field of human action. The authors McKeon considers—Hobbes, Machiavelli, Spinoza, Kant, and J. S. Mill—show brilliantly how philosophic methods work in action, via analyses that do not merely reduce or deconstruct meaning, but enhance those texts by reconnecting them to the active history of philosophy and to problems of ethics, politics, and history. The waves of modernism and post-modernism are receding. Philosophic pluralism is now available, fully formulated, in McKeon’s work, spreading from the humanities to the social sciences.

Measuring Wealth and Financial Intermediation and Their Links to the Real Economy: Studies in Income and Wealth (National Bureau of Economic Research Conference Report #73)

by Charles R. Hulten and Marshall B. Reinsdorf

More than half a decade has passed since the bursting of the housing bubble and the collapse of Lehman Brothers. In retrospect, what is surprising is that these events and their consequences came as such a surprise. What was it that prevented most of the world from recognizing the impending crisis and, looking ahead, what needs to be done to prevent something similar? Measuring Wealth and Financial Intermediation and Their Links to the Real Economy identifies measurement problems associated with the financial crisis and improvements in measurement that may prevent future crises, taking account of the dynamism of the financial marketplace in which measures that once worked well become misleading. In addition to advances in measuring financial activity, the contributors also investigate the effects of the crisis on households and nonfinancial businesses. They show that households’ experiences varied greatly and some even experienced gains in wealth, while nonfinancial businesses’ lack of access to credit in the recession may have been a more important factor than the effects of policies stimulating demand.

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