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A provocative new analysis of immigration's long-term effects on a
nation's economy and culture. Over the last two decades, as
economists began using big datasets and modern computing power to
reveal the sources of national prosperity, their statistical
results kept pointing toward the power of culture to drive the
wealth of nations. In The Culture Transplant, Garett Jones
documents the cultural foundations of cross-country income
differences, showing that immigrants import cultural attitudes from
their homelands—toward saving, toward trust, and toward the role
of government—that persist for decades, and likely for centuries,
in their new national homes. Full assimilation in a generation or
two, Jones reports, is a myth. And the cultural traits migrants
bring to their new homes have enduring effects upon a nation's
economic potential. Built upon mainstream, well-reviewed academic
research that hasn't pierced the public consciousness, this book
offers a compelling refutation of an unspoken consensus that a
nation's economic and political institutions won't be changed by
immigration. Jones refutes the common view that we can discuss
migration policy without considering whether migration can, over a
few generations, substantially transform the economic and political
institutions of a nation. And since most of the world's
technological innovations come from just a handful of nations,
Jones concludes, the entire world has a stake in whether migration
policy will help or hurt the quality of government and thus the
quality of scientific breakthroughs in those rare innovation
powerhouses.
During the 2016 presidential election, both Donald Trump and Bernie
Sanders argued that elites were hurting the economy. But, drawing
together evidence and theory from across economics, political
science, and even finance, Garett Jones says otherwise. In 10% Less
Democracy, he makes the case that the richest, most democratic
nations would be better off if they slightly reduced accountability
to the voting public, turning up the dial on elite influence. To do
this, Jones builds on three foundational lines of evidence in areas
where he has personal experience. First, as a former staffer in the
U.S. Senate, he saw how senators voted differently as elections
grew closer. Second, as a macroeconomist, Jones knows the merits of
"independent" central banks, which sit apart from the political
process and are controlled by powerful insiders. The consensus of
the field is that this detached, technocratic approach has worked
far better than more political and democratic banking systems.
Third, his previous research on the effects of cognitive skills on
political, social, and economic systems revealed many ways in which
well-informed voters improve government. Discerning repeated
patterns, Jones draws out practical suggestions for fine-tuning,
focusing on the length of political terms, the independence of
government agencies, the weight that voting systems give to the
more-educated, and the value of listening more closely to a group
of farsighted stakeholders with real skin in the game-a nation's
sovereign bondholders. Accessible to political news junkies while
firmly rooted and rigorous, 10% Less Democracy will fuel the
national conversation about what optimal government looks like.
During the 2016 presidential election, both Donald Trump and Bernie
Sanders argued that elites were hurting the economy. But, drawing
together evidence and theory from across economics, political
science, and even finance, Garett Jones says otherwise. In 10% Less
Democracy, he makes the case that the richest, most democratic
nations would be better off if they slightly reduced accountability
to the voting public, turning up the dial on elite influence. To do
this, Jones builds on three foundational lines of evidence in areas
where he has personal experience. First, as a former staffer in the
U.S. Senate, he saw how senators voted differently as elections
grew closer. Second, as a macroeconomist, Jones knows the merits of
"independent" central banks, which sit apart from the political
process and are controlled by powerful insiders. The consensus of
the field is that this detached, technocratic approach has worked
far better than more political and democratic banking systems.
Third, his previous research on the effects of cognitive skills on
political, social, and economic systems revealed many ways in which
well-informed voters improve government. Discerning repeated
patterns, Jones draws out practical suggestions for fine-tuning,
focusing on the length of political terms, the independence of
government agencies, the weight that voting systems give to the
more-educated, and the value of listening more closely to a group
of farsighted stakeholders with real skin in the game-a nation's
sovereign bondholders. Accessible to political news junkies while
firmly rooted and rigorous, 10% Less Democracy will fuel the
national conversation about what optimal government looks like.
Over the last few decades, economists and psychologists have
quietly documented the many ways in which a person's IQ matters.
But, research suggests that a nation's IQ matters so much more. As
Garett Jones argues in Hive Mind, modest differences in national IQ
can explain most cross-country inequalities. Whereas IQ scores do a
moderately good job of predicting individual wages, information
processing power, and brain size, a country's average score is a
much stronger bellwether of its overall prosperity. Drawing on an
expansive array of research from psychology, economics, management,
and political science, Jones argues that intelligence and cognitive
skill are significantly more important on a national level than on
an individual one because they have "positive spillovers." On
average, people who do better on standardized tests are more
patient, more cooperative, and have better memories. As a result,
these qualities-and others necessary to take on the complexity of a
modern economy-become more prevalent in a society as national test
scores rise. What's more, when we are surrounded by slightly more
patient, informed, and cooperative neighbors we take on these
qualities a bit more ourselves. In other words, the worker bees in
every nation create a "hive mind" with a power all its own. Once
the hive is established, each individual has only a tiny impact on
his or her own life. Jones makes the case that, through better
nutrition and schooling, we can raise IQ, thereby fostering higher
savings rates, more productive teams, and more effective
bureaucracies. After demonstrating how test scores that matter
little for individuals can mean a world of difference for nations,
the book leaves readers with policy-oriented conclusions and
hopeful speculation: Whether we lift up the bottom through changing
the nature of work, institutional improvements, or freer
immigration, it is possible that this period of massive global
inequality will be a short season by the standards of human history
if we raise our global IQ.
Why do banks collapse? Are financial systems more fragile in recent
decades? Can policies to fix the banking system do more harm than
good? What's the history of banking crises? With dozens of brief,
non-technical articles by economists and other researchers, Banking
Crises offers answers from diverse scholarly viewpoints.
Over the last few decades, economists and psychologists have
quietly documented the many ways in which a person's IQ matters.
But, research suggests that a nation's IQ matters so much more. As
Garett Jones argues in Hive Mind, modest differences in national IQ
can explain most cross-country inequalities. Whereas IQ scores do a
moderately good job of predicting individual wages, information
processing power, and brain size, a country's average score is a
much stronger bellwether of its overall prosperity. Drawing on an
expansive array of research from psychology, economics, management,
and political science, Jones argues that intelligence and cognitive
skill are significantly more important on a national level than on
an individual one because they have "positive spillovers." On
average, people who do better on standardized tests are more
patient, more cooperative, and have better memories. As a result,
these qualities-and others necessary to take on the complexity of a
modern economy-become more prevalent in a society as national test
scores rise. What's more, when we are surrounded by slightly more
patient, informed, and cooperative neighbors we take on these
qualities a bit more ourselves. In other words, the worker bees in
every nation create a "hive mind" with a power all its own. Once
the hive is established, each individual has only a tiny impact on
his or her own life. Jones makes the case that, through better
nutrition and schooling, we can raise IQ, thereby fostering higher
savings rates, more productive teams, and more effective
bureaucracies. After demonstrating how test scores that matter
little for individuals can mean a world of difference for nations,
the book leaves readers with policy-oriented conclusions and
hopeful speculation: Whether we lift up the bottom through changing
the nature of work, institutional improvements, or freer
immigration, it is possible that this period of massive global
inequality will be a short season by the standards of human history
if we raise our global IQ.
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