A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions.

Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in eighteenth-century Britain? Why did some European countries, the United States, and Japan catch up in the nineteenth century? Why did it take until the late twentieth and twenty-first centuries for other countries? 

In their bestselling first book, Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction, they go deeper, examining the most basic unit of analysis: the decision. The authors explain that the two key decision-making ingredients are prediction and judgment, and we perform both together in our minds, often without realizing it.

Rising tensions between China and the United States have kept the financial markets on edge as a showdown between the world's two largest economies seems inevitable. But what most people fail to recognize is the major impact that the financial markets themselves have had on the creation and acceleration of the conflict. In Financial Cold War, market structure and geopolitical finance expert James Fok explores the nuances of China-US relations from the perspective of the financial markets.

In this revelatory, unnerving, and ultimately hopeful book, Bremmer details how domestic and international conflicts leave us unprepared for a trio of looming crises—global health emergencies, transformative climate change, and the AI revolution. Today, Americans cannot reach consensus on any significant political issue, and US and Chinese leaders behave as if they’re locked in a new Cold War. We are squandering opportunities to meet the challenges that will soon confront us all.

An informative and entertaining account of how actions send signals that shape behaviors and how to design better incentives for better results in our life, our work, and our world.

The world’s leading economist of inequality presents a short but sweeping and surprisingly optimistic history of human progress toward equality despite crises, disasters, and backsliding, a perfect introduction to the ideas developed in his monumental earlier books. 

Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises—today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it.

Optimization is the driving principle of our modern world. We now can manufacture, transport, and organize things more cheaply and faster than ever. Optimized models underlie everything from airline schedules to dating site matches. We strive for efficiency in our daily lives, obsessed with productivity and optimal performance. How did a mathematical concept take on such outsize cultural shape? And what is lost when efficiency is gained? Optimal Illusions traces the fascinating history of optimization from its roots in America’s founding principles to its modern manifestations.

Edmund Phelps is among the most important economists of his generation. He developed a new understanding of unemployment and inflation and went on to rethink the roots of innovation.

Eswar Prasad explains the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won't be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies.

The Sino-American contest is driven by clashing geopolitical interests and a stark ideological dispute over whether authoritarianism or democracy will dominate the twenty-first century. But both history and China's current trajectory suggest that this rivalry will reach its moment of maximum danger in the 2020s. The Chinese challenge will most likely prove more manageable than many pessimists currently believe—but during the 2020s, the pace of Sino-American conflict will accelerate, and the prospect of war will be frighteningly real.

Private equity has succeeded in near-stealth—until now. In Two and Twenty, Sachin Khajuria, a former partner at Apollo, gives readers an unprecedented view inside this opaque global economic engine, which plays a vital role underpinning our retirement systems. From illuminating the rituals of firms’ all-powerful investment committees to exploring key precepts (“think like a principal, not an advisor”), Khajuria brings the traits, culture, and temperament of the industry’s leading practitioners to life through a series of vivid and unvarnished deal sketches.

The moving memoir of a scientist coming of age as an immigrant in America who finds her calling at the forefront of the AI revolution.

Finance plays a key role in the prosperity of the modern world—but it also brings grave dangers. We seek to manage those threats with a vast array of sophisticated mathematical tools and techniques of financial risk management. Too often, though, we fail to address the greatest risk—the peril posed by our own behavior. Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices.