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Named one of Investopedia's 7 Best Economics Books of 2022 The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. When President Biden announced Janet Yellen as his choice for secretary of the treasury, it was the peak moment of a remarkable life. Not only the first woman in the more than two-century history of the office, Yellen is the first person to hold all three top economic policy jobs in the United States: chair of both the Federal Reserve and the President’s Council of Economic Advisors as well as treasury secretary. Through Owen Ullmann’s intimate portrait, we glean two remarkable aspects of Yellen’s approach to economics: first, her commitment to putting those on the bottom half of the economic ladder at the center of economic policy, and employing forward-looking ideas to use the power of government to create a more prosperous, productive life for everyone. And second, her ability to maintain humanity in a Washington policy world where fierce political combat casts others as either friend or enemy, never more so than in our current age of polarization. As Ullmann takes us through Yellen’s life and work, we clearly see her brilliance and meticulous preparation. What stands out, though, is Yellen as an icon of progress—the “Ruth Bader Ginsburg of economics”—a superb-yet-different kind of player in a cold, male-dominated profession that all too often devises policies to benefit the already well-to-do. With humility and compassion as her trademarks, we see the influence of Yellen’s father, a physician whose pay-what-you-can philosophy meant never turning anyone away. That compassion, rooted in her family life in Brooklyn, now extends across our entire country.
The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. Owen Ullmann's intimate portrait of the heart and mind of Janet Yellen is the riveting story of one of the most remarkable government careers in recent times. The ultimate glass-ceiling buster, Yellen is the first person to hold all three of America's top economic policy positions. Currently Treasury Secretary (the first woman to hold the job), she has also been chair of the Federal Reserve and of the President's Council of Economic Advisers. Yellen's sheer brilliance was certainly foundational, as has been her meticulous preparation for every job she has held in academia and government. What stands out, though, are the human qualities she has maintained in a Washington policy world where fierce intellectual combat casts others as either friend or enemy, never more so than in our current age of polarization. While her accomplishments are historic, humility and compassion are her trademarks, qualities instilled by her parents: a family doctor father who labored in working class Brooklyn, treating people whether they had the ability to pay or not, and a mother who preached the ethic of public service, perseverance and nothing less than perfection in every task. As Ullmann vividly shows, empathy economics, the north star of Yellen's work as researcher, analyst, and policymaker stems from her early family life. Yellen has pushed back against the cold, abstract quality of a male-dominated economics profession that all too often promotes policies that benefit the already well-to-do. She has strived to remake her profession as a tool for shaping compassionate programs that help people find remedies for financial plights that stem from a lack of economic opportunity because of poverty, unemployment or job discrimination.
As machines are trained to “think,” many tasks that previously required human intelligence are becoming automated through artificial intelligence. However, it is more difficult to automate emotional intelligence, and this is where the human worker’s competitive advantage over machines currently lies. This book explores the impact of AI on everyday life, looking into workers’ adaptation to these changes, the ways in which managers can change the nature of jobs in light of AI developments, and the potential for humans and AI to continue working together. The book argues that AI is rapidly assuming a larger share of thinking tasks, leaving human intelligence to focus on feeling. The result is the “Feeling Economy,” in which both employees and consumers emphasize feeling to an unprecedented extent, with thinking tasks largely delegated to AI. The book shows both theoretical and empirical evidence that this shift is well underway. Further, it explores the effect of the Feeling Economy on our everyday lives in the areas such as shopping, politics, and education. Specifically, it argues that in this new economy, through empathy and people skills, women may gain an unprecedented degree of power and influence. This book will appeal to readers across disciplines interested in understanding the impact of AI on business and our daily lives. It represents a bold, potentially controversial attempt to gauge the direction in which society is heading.
"Can the hyperambitious, bottom-line-driven practices of the global economy incorporate compassion into the pursuit of wealth? Or is economics driven solely by materialism and self-interest? In [this book], experts consider these questions alongside the Dalai Lama in a wide-ranging, scientific-based discussion on economics and altruism"--Dust jacket flap.
How Compassion can Transform our Politics, Economy and Society draws together experts across disciplines - ranging from psychology to climate science, philosophy to economics, history to business - to explore the power of compassion to transform politics, our society, and our economy. The book shows that compassion can be used as the basis of a new political, economic, and social philosophy as well as a practical tool to address climate breakdown, inequality, homelessness, and more. Crucially, it also provides a detailed plan for its execution. It marks the first time that the study of compassion has been applied across multiple disciplines. The book provides a template for the study of compassion on an interdisciplinary basis and will appeal to academics, professionals and the general reader searching for a fresh and inspiring approach to the seemingly intractable problems facing the world.
"A Stanford psychologist offers a bold new understanding of empathy, revealing it to be a skill, not a fixed trait, and showing, through science and stories, how we can all become more empathetic"--
Recent work on empathy theory, research, and applications, by scholars from disciplines ranging from neuroscience to psychoanalysis. There are many reasons for scholars to investigate empathy. Empathy plays a crucial role in human social interaction at all stages of life; it is thought to help motivate positive social behavior, inhibit aggression, and provide the affective and motivational bases for moral development; it is a necessary component of psychotherapy and patient-physician interactions. This volume covers a wide range of topics in empathy theory, research, and applications, helping to integrate perspectives as varied as anthropology and neuroscience. The contributors discuss the evolution of empathy within the mammalian brain and the development of empathy in infants and children; the relationships among empathy, social behavior, compassion, and altruism; the neural underpinnings of empathy; cognitive versus emotional empathy in clinical practice; and the cost of empathy. Taken together, the contributions significantly broaden the interdisciplinary scope of empathy studies, reporting on current knowledge of the evolutionary, social, developmental, cognitive, and neurobiological aspects of empathy and linking this capacity to human communication, including in clinical practice and medical education.
Our ability to understand others and help others understand us is essential to our individual and collective well-being. Yet there are many barriers that keep us from walking in the shoes of others: fear, skepticism, and power structures that separate us from those outside our narrow groups. To progress in a multicultural world and ensure our common good, we need to overcome these obstacles. Our best hope can be found in the skill of empathy. In Social Empathy, Elizabeth A. Segal explains how we can develop our ability to understand one another and have compassion toward different social groups. When we are socially empathic, we not only imagine what it is like to be another person, but we consider their social, economic, and political circumstances and what shaped them. Segal explains the evolutionary and learned components of interpersonal and social empathy, including neurobiological factors and the role of social structures. Ultimately, empathy is not only a part of interpersonal relations: it is fundamental to interactions between different social groups and can be a way to bridge diverse people and communities. A clear and useful explanation of an often misunderstood concept, Social Empathy brings together sociology, psychology, social work, and cognitive neuroscience to illustrate how to become better advocates for justice.
This book presents the Metaeconomics Framework and Dual Interest Theory, which weave the empathy-based moral and ethical dimension back into key economic questions. Metaeconomics addresses the problem of placing too much emphasis on the market or the government, and thus argues that seeing the link between ego and empathy, self- and other-interest, and market and government will lead to a more just, fair, and sustainable polity. The unique Dual Interest Theory proposes that ego-based self-interest and empathy-based other-interest are joint and internal to each person: it maintains the original proposition from Adam Smith that each person maximizes their own-interest, which Metaeconomics makes clear involves balancing the two joint interests, although self-interest is more primal. The book begins with an explanation of how Metaeconomics connects the other kinds of economics. The book then provides a series of applications of Metaeconomics in heated policy issues, such as elections, finance, family, food, health, natural resources, education, taxes, and extreme inequality, among others. Finally, the book concludes that the only way to save capitalism is to bring empathy into both private and public actions and bring about a more humane balance in market and government.
In Cents and Sensibility, an eminent literary critic and a leading economist make the case that the humanities—especially the study of literature—offer economists ways to make their models more realistic, their predictions more accurate, and their policies more effective and just. Arguing that Adam Smith’s heirs include Austen, Chekhov, and Tolstoy as much as Keynes and Friedman, Gary Saul Morson and Morton Schapiro trace the connection between Adam Smith’s great classic, The Wealth of Nations, and his less celebrated book on ethics, The Theory of Moral Sentiments. The authors contend that a few decades later, Jane Austen invented her groundbreaking method of novelistic narration in order to give life to the empathy that Smith believed essential to humanity. More than anyone, the great writers can offer economists something they need—a richer appreciation of behavior, ethics, culture, and narrative. Original, provocative, and inspiring, Cents and Sensibility demonstrates the benefits of a dialogue between economics and the humanities and also shows how looking at real-world problems can revitalize the study of literature itself. Featuring a new preface, this book brings economics back to its place in the human conversation.