Cambridge Forecast Group Blog: Backup

“HOW ECONOMICS SHAPES SCIENCE”: PAULA STEPHAN BOOK

How Economics Shapes Science

Paula Stephan (Author)

Review

This is a marvelous book—lucid, cogent, and lively, full of fascinating anecdotes and news about what university science costs, who pays for it, and who benefits. Paula Stephan saw science as an economic enterprise long before other economists did, and she’s written what will be the definitive book for years to come.
–Richard Freeman, Herbert Ascherman Chair in Economics, Harvard University

We in Europe often invoke the US science system as the frontier for us, but most of us don’t know in detail how it actually operates. With its wealth of facts and stories, and its rich multidisciplinary perspective, Paula Stephan’s book can teach us. It will help scientists understand their environment and help policy makers see what levers they have (or do not have) to direct science. No one other than Paula Stephan could write with such insight and depth.
–Reinhilde Veugelers, Professor of Managerial Economics, Strategy and Innovation, Katholieke Universiteit Leuven

About the Author

Paula Stephan is Professor of Economics at Georgia State University and Research Associate at the National Bureau of Economic Research. She has served on the Board on Higher Education and Workforce at the NRC, the National Institute of General Medical Sciences Council, and the Social, Behavioral, and Economics Advisory Committee at the NSF.

Product Details:

• Hardcover: 384 pages
• Publisher: Harvard University Press
• January 9, 2012
• Language: English
• ISBN-10: 0674049713
• ISBN-13: 978-0674049710

Book Description

Publication Date: January 9, 2012

The beauty of science may be pure and eternal, but the practice of science costs money. And scientists, being human, respond to incentives and costs, in money and glory. Choosing a research topic, deciding what papers to write and where to publish them, sticking with a familiar area or going into something new—the payoff may be tenure or a job at a highly ranked university or a prestigious award or a bump in salary. The risk may be not getting any of that.

At a time when science is seen as an engine of economic growth, Paula Stephan brings a keen understanding of the ongoing cost-benefit calculations made by individuals and institutions as they compete for resources and reputation. She shows how universities offload risks by increasing the percentage of non-tenure-track faculty, requiring tenured faculty to pay salaries from outside grants, and staffing labs with foreign workers on temporary visas. With funding tight, investigators pursue safe projects rather than less fundable ones with uncertain but potentially path-breaking outcomes. Career prospects in science are increasingly dismal for the young because of ever-lengthening apprenticeships, scarcity of permanent academic positions, and the difficulty of getting funded.

Vivid, thorough, and bold, How Economics Shapes Science highlights the growing gap between the haves and have-nots—especially the vast imbalance between the biomedical sciences and physics/engineering—and offers a persuasive vision of a more productive, more creative research system that would lead and benefit the world.

How Economics Shapes Science

“THE CONSERVATIVE REVOLUTION IN WEIMAR GERMANY”: ROGER WOODS BOOK

The Conservative Revolution in the Weimar Republic

Roger Woods (Author)

Book Description

ISBN-10: 033365014X | ISBN-13: 978-0333650141 | Publication Date: September 1997

Embracing some of Germany’s best known writers, academics, journalists and philosophers, the Conservative Revolution in the Weimar Republic was the intellectual vanguard of the Right.

By approaching the Conservative Revolution as an intellectual movement, this study sheds light on the evolution of its ideas on the meaning of World War I, its appropriation of the work of Friedrich Nietzsche, its enthusiasm for political activism and a strong leader, and its ambiguous relationship with National Socialism.

Product Details:

• Hardcover: 173 pages
• Publisher: MacMillan
• September 1997
• Language: English
• ISBN-10: 033365014X
• ISBN-13: 978-0333650141

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 26-27 2011: ISLAMIC FINANCIAL INDUSTRY

Central bankers’ speeches for 26 and 27 October now available‏

Press, Service (press@bis.org)

Fri 10/28/11

Central bankers’ speeches for 27 October 2011

now available on the BIS website

Mark Carney: Summary of the latest Monetary Policy Report

Yves Mersch: Optimal currency area revisited

Rasheed Mohammed Al Maraj: Relevance of international standards to the Islamic financial industry

Mario Draghi: 2011 World Savings Day

Central bankers’ speeches for 26 October 2011

now available on the BIS website

Andrew G Haldane: Control rights (and wrongs)

Mugur Isărescu: Challenges to economic growth in the European Union – reforms for the future of Europe

Lorenzo Bini Smaghi: The European debt crisis

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches for 26 and 27 October now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Fri 10/28/11

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 25 2011: SOVEREIGN DEBT CRISIS

Central bankers’ speeches for 25 October now available‏

Central bankers’ speeches for 25 October now available‏

Press, Service (press@bis.org)

Tue 10/25/11

Central bankers’ speeches for 25 October 2011

now available on the BIS website

Ric Battellino: Economic and financial developments

Yves Mersch: Current challenges in the sovereign debt crisis

Njuguna Ndung’u: Financial stability and financial inclusion

William C Dudley: The national and regional economic outlook

Jean-Claude Trichet: Tomorrow and the day after tomorrow – a vision for Europe

Narayana Kocherlakota: Further thoughts on making monetary policy

Janet L Yellen: The outlook for the US economy and economic policy

Elizabeth A Duke: The Federal Reserve System and individual financial planning

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Tue 10/25/11

DEBT CRISIS: DEVELOPING COUNTRIES

DEBT CRISIS IN AFFLUENT STATES THREATENS

DEVELOPING ECONOMIES, UN OFFICIALS WARN‏

UNNews (UNNews@un.org)

Mon 10/24/11

DEBT CRISIS IN AFFLUENT STATES THREATENS DEVELOPING

ECONOMIES, UN OFFICIALS WARN

New York, Oct 24 2011

Two top United Nations economic bodies held their first ever joint meeting today to discuss the serious risks to developing countries and economies in transition stemming from the sovereign debt crisis currently affecting some developed countries.

“We must remain mindful of the fact that developing countries are especially vulnerable to external shocks, and often have limited capacity to cope,” Bangladesh’s Permanent Representative Abulkalam Abdul Momen, Chairperson of the General Assembly’s Second Committee, which deals with economic and financial issues, told a joint session with the UN Economic and Social Council (ECOSOC).

“The slowdown in economic growth in developed economies, coupled with this on-going financial turmoil and uncertainty, could further impede efforts to eradicate poverty and to achieve the Millennium Development Goals (MDGs),” he said.

The MDGs, set during the UN Millennium Summit of 2000, seek to slash hunger and poverty, maternal and infant mortality, a host of diseases, and lack of access to education and health care, all by 2015, but many countries have fallen behind schedule in many or all of the targets.

Mr. Momen noted that while the momentum of global economic growth is diminishing, with heightened risks for some major developed economies to slide into a double-dip recession, growth in developing countries and countries in transition has remained strong, yet moderated.

But these countries also face challenges brought on by a deteriorating international economic environment, including renewed turbulence in global financial markets, reversal of capital inflows, heightened volatility in commodity prices, and weakened external demand.

“While globalization has brought increased opportunities for prosperity, it has also made countries more vulnerable to external financial and economic shocks and challenges,” he stressed, noting how the financial meltdown three years ago in one part of the world turned into a global crisis, affecting all countries.

“This year, a new form of financial crisis now confronts the global economy. At the heart of this problem, similar to three years ago, is the interconnectedness of international financial markets. This time, however, rather than being an issue of private debt, it is an issue of government debt.

“The sovereign debt crisis currently affecting some developed countries poses serious challenges, and there is a significant risk of spreading financial and economic distress to the rest of the global economy, including developing countries and economies in transition.”

Closing the meeting, ECOSOC President Lazarous Kapambwe, Zambia’s Permanent Representative, called on the UN to take up the mantle of forging a global economic policy.

“We need strong international policy coordination and action, similar to the concerted reaction in 2008 and 2009, to address the global financial crisis,” he said.

“Unfortunately, we are not seeing this in practice. Given the continuing risks and threats to the international economy, the United Nations must assert its global leadership role in coordinating international policy and in strengthening global economic governance.”

Joseph Stiglitz, Professor of International Affairs at Columbia University and the 2001 Nobel Economics Prize laureate, also addressed the meeting.

The two bodies will hold another joint meeting on Thursday to hear a panel discussion on investing in productive capacity to promote job growth.
Oct 24 2011

DEBT CRISIS IN AFFLUENT STATES THREATENS

DEVELOPING ECONOMIES, UN OFFICIALS WARN‏

UNNews (UNNews@un.org)

Mon 10/24/11

UN News Centre at http://www.un.org/news

Mon 10/24/11

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 24 2011: UNEMPLOYMENT AND THE ECONOMY

Central bankers’ speeches for 24 October now available‏

Press, Service (press@bis.org)

Mon 10/24/11

Central bankers’ speeches for 24 October 2011

now available on the BIS website

Jean-Claude Trichet: Towards a more integrated Europe – challenges ahead for the euro area and Central and Eastern Europe

José Manuel González-Páramo: The ECB’s monetary policy during the crisis

Daniel K Tarullo: Unemployment, the labor market, and the economy

Paul Tucker: Central counterparties – the agenda

Andreas Dombret: Quo vadis euro area? Challenges facing monetary union

Norman T L Chan: 3Ds – an era of awakening?

Narayana Kocherlakota: Making monetary policy

Narayana Kocherlakota: The importance of teaching teachers

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches for 24 October now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Mon 10/24/11

“THE REFRIGERATOR AND THE UNIVERSE”: GOLDSTEIN BOOK

The Refrigerator and the Universe:

Understanding the Laws of Energy

Martin Goldstein (Author)

Inge F. Goldstein (Author)

Readers at all levels, from high school to professional scientists, will find something intriguing in this book…It provides a very readable and informative account of a difficult topic. (Science Books and Films )

The strengths of [this book] are its scope and coverage and much excellent writing…It contains a rich mix of interesting ideas covering important historical events and applications of the laws of energy and entropy. (Harvey S. Leff American Journal of Physics )

The writing is clear, uncluttered, insightful, and makes use of many excellent analogies to explain and clarify difficult but important concepts. (Choice )

Product Description

C. P. Snow once remarked that not knowing the second law of thermodynamics is like never having read Shakespeare. Yet, while many people grasp the first law of energy, “Energy can neither be created nor destroyed,” few recognize the second, “Entropy can only increase.” What is entropy anyway, and why must it increase? Whether we want to know how a device as simple as a refrigerator works or understand the fate of the universe, we must start with the concepts of energy and entropy. In The Refrigerator and the Universe, Martin and Inge Goldstein explain the laws of thermodynamics for science buffs and neophytes alike. They begin with a lively presentation of the historical development of thermodynamics. The authors then show how the laws follow from the atomic theory of matter and give examples of their applicability to such diverse phenomena as the radiation of light from hot bodies, the formation of diamonds from graphite, how the blood carries oxygen, and the history of the earth. The laws of energy, the Goldsteins conclude, have something to say about everything, even if they do not tell us everything about anything.

In The Refrigerator and the Universe, Martin and Inge Goldstein explain the laws of thermodynamics for science buffs and neophytes alike. They begin with a lively presentation of the historical development of thermodynamics. The authors then show how the laws follow from the atomic theory of matter and give examples of their applicability to such diverse phenomena as the radiation of light from hot bodies, the formation of diamonds from graphite, how the blood carries oxygen, and the history of the earth. The laws of energy, the Goldsteins conclude, have something to say about everything, even if they do not tell us everything about anything.

Product Details:

• Hardcover: 433 pages
• Publisher: Harvard University Press
• First Edition September 1993
• Language: English
• ISBN-10: 0674753240
• ISBN-13: 978-0674753242

The book presents the three laws of thermodynamics: the first law (conservation of energy)in chapters 1-4, the second law (dispersal of energy) in chapters 5-9, and the third law (low temperature behavior) in chapter 14. Other chapters apply thermodynamics to light, chemistry, biology, geology, and cosmology. The authors present thermodynamics using both classical and statistical mechanical arguments. References are listed for further study of topics.

Although the book is intended for a general audience, the book will be interesting even to a reader who already has some familiarity with thermodynamics because the book probably treats at least a few applications with which he is unfamiliar. The book also makes a number of refreshing admissions about the limits of thermodynamics; for example, thermodynamics can’t be strictly applied to living organisms (p. 297), and in general relativity, energy need not be conserved (p. 370).

The book requires a knowledge of simple algebra and logarithms; however, a tutorial on these subjects is presented in an appendix.

The Refrigerator and the Universe:

Understanding the Laws of Energy

Martin Goldstein (Author)

Inge F. Goldstein (Author)

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 18-21 2011: BERNANKE ON THE GREAT RECESSION

Central bankers’ speeches for 18, 19 and 21 October now available‏

Press, Service (press@bis.org)

Fri 10/21/11

Central bankers’ speeches for 21 October 2011

now available on the BIS website

Jean-Claude Trichet: Remarks at the farewell event

Mario Draghi: Opening of the cultural days of the European Central Bank – Italy 2011

Guy Debelle: Bank funding

Malcolm Edey: The challenge of central clearing in OTC derivatives markets

Central bankers’ speeches for 19 October 2011

now available on the BIS website

Jean-Claude Trichet: Interview with Frankfurter Allgemeine Zeitung

Ben S Bernanke: The effects of the Great Recession on central bank doctrine and practice

Charles L Evans: The Fed’s dual mandate responsibilities – maintaining credibility during a time of immense economic challenges

Andreas Dombret: What does good macroprudential regulation look like?

Mervyn King: Monetary policy developments

Central bankers’ speeches for 18 October 2011

now available on the BIS website

Jürgen Stark: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament

K C Chakrabarty: Financial inclusion and banks – issues and perspectives

Alan Bollard: Economic impacts of seismic risk – lessons for Wellington

Brian Wynter: Stability, interest rates and economic growth

Karolina Ekholm: International dependence and monetary policy

Matthew Elderfield: Mortgage arrears – Central Bank of Ireland

Jean-Paul Redouin: A French and central banker point of view of the current situation

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches for 18, 19 and 21 October now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Fri 10/21/11
Fri 10/14/11

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 13-14 2011: SYSTEMIC RISK IN GLOBAL MARKETS

Central bankers’ speeches for 13 and 14 October now available‏

Press, Service (press@bis.org)

Fri 10/14/11

Central bankers’ speeches for 14 October 2011

now available on the BIS website

Jean-Claude Trichet: Interview with the Financial Times

Charles I Plosser: Outlook and a perspective on monetary policy

Central bankers’ speeches for 13 October 2011

now available on the BIS website

Jean-Claude Trichet: Interview with Die Welt

Jürgen Stark: Economic adjustment in a monetary union

José Manuel González-Páramo: The conduct of monetary policy – lessons from the crisis and challenges for the coming years

Ewart S Williams: Upgrading financial regulation and supervision – a multi-dimensional challenge

Guy Debelle: High frequency trading in foreign exchange markets

K C Chakrabarty: Financial inclusion – a road India needs to travel

V K Sharma: Identifying systemic risk in global markets – lessons learned from the crisis

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches for 13 and 14 October now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Fri 10/14/11

BANK FOR INTERNATIONAL SETTLEMENTS OCTOBER 11 2011: RENMINBI VERSUS DOLLAR

Central bankers’ speeches for 11 October now available‏

Press, Service (press@bis.org)

Tue 10/11/11

Central bankers’ speeches for 11 October 2011

now available on the BIS website

Subir Gokarn: Monetary policy – key factors shaping trajectory

Duvvuri Subbarao: Will the renminbi eclipse the dollar?

Vítor Constâncio: Contagion and the European debt crisis

Njuguna Ndung’u: Microfinance transparency

Már Guðmundsson: The fault-lines in cross-border banking: lessons from the Icelandic case

All speeches from 1997 onwards are available from the BIS website at:

http://www.bis.org/list/cbspeeches/index.htm.

Communications

Bank for International Settlements

E-mail: press@bis.org

Website: www.bis.org

Phone: +41 61 280 8188

Bank for International Settlements (BIS)

Central bankers’ speeches for 11 October now available‏

http://www.bis.org/list/cbspeeches/index.htm

Press, Service (press@bis.org)

Tue 10/11/11