Ray Fisman

What is a market? To most people it is a shopping center or an abstract space in which stock prices vary minutely. In reality, a market is something much more fundamental to being human, and it affects not just the price of tomatoes but the boundaries of everything we value.Reading the newspapers these days, you could be forgiven for thinking that markets are getting ever more efficient - and better. But as Tim Sullivan and Ray Fisman argue in this insightful book, that view is far from complete. For one thing, efficiency isn't always a good thing - illegal markets are very often more efficient than legal ones, because they are free of concern for laws and human rights. But even more importantly, the chatter about efficiency has obscured a much broader conversation about what kind of economic exchange we actually want. Every regulation, every sticker price, and every sale is part of an ever-changing ecosystem - one that affects us as much as we affect it.By tracing 50 years of economic thought on this subject, Fisman and Sullivan show how markets have evolved - and how we can keep making them better. This leads to fascinating and surprising insights, such as:- Why your £10,000 used car is likely to sell for £2,000 or less;- Why you should think twice before buying batteries on Amazon; and- Why it's essential that healthy people buy medical insurance.In the end, The Inner Lives of Markets argues for a new way of thinking about how you spend your money - it shows that every transaction you make is part of a grand social experiment. We are all guinea pigs running through a lab maze, and the sooner we realize it, the more effectively we can navigate the path we want.

Meet the economic gangster. He's the United Nations diplomat who double-parks his Mercedes on New York City streets at rush hour because the cops can’t touch him--he has diplomatic immunity. He’s the Chinese smuggler who dodges tariffs by magically transforming frozen chickens into frozen turkeys. The dictator, the warlord, the unscrupulous bureaucrat who bilks the developing world of billions in aid. The calculating crook who views stealing and murder as just another part of his business strategy. And, in the wrong set of circumstances, he might just be you.In Economic Gangsters , Raymond Fisman and Edward Miguel take readers into the secretive, chaotic, and brutal worlds inhabited by these lawless and violent thugs. Join these two sleuthing economists as they follow the foreign aid money trail into the grasping hands of corrupt governments and shady underworld characters. Spend time with ingenious black marketeers as they game the international system. Follow the steep rise and fall of stock prices of companies with unseemly connections to Indonesia’s former dictator. See for yourself what rainfall has to do with witch killings in Tanzania--and more.Fisman and Miguel use economics to get inside the heads of these "gangsters," and propose solutions that can make a difference to the world’s poor--including cash infusions to defuse violence in times of drought, and steering the World Bank away from aid programs most susceptible to corruption.Take an entertaining walk on the dark side of global economic development with Economic Gangsters .

We create organizations because we need to get a job done--something we couldn't do alone--and join them because we're inspired by their missions (and our paycheck). But once we're inside, these organizations rarely feel inspirational. Instead, we're often baffled by what we encounter: clueless managers, a lack of clear objectives, a seeming disregard for data, and the vast gulf between HR proclamations and our experience in the cubicle.So where did it all go wrong?In THE ORG, Ray Fisman and Tim Sullivan explain the tradeoffs that every organization faces, arguing that this everyday dysfunction is actually inherent to the very nature of orgs. THE ORG diagnoses the root causes of that malfunction, beginning with the economic logic of why organizations exist in the first place, then working its way up through the org's structure from the lowly cubicle to the CEO's office.Woven throughout with fascinating case studies-including McDonald's, al Qaeda, the Baltimore City Police Department, Procter and Gamble, the island nation of Samoa, and Google--THE ORG reveals why the give-and-take nature of organizations, while infuriating, nonetheless provides the best way to get the job done.You'll learn:The purpose of meetings and why they will never go awayWhy even members of al Qaeda are required to submit Travel & Expense reportsWhat managers are good forHow the army and other orgs balance marching in lockstep with fostering innovationWhy it's the hospital administration-not the heart surgeon-who is more likely to save your lifeThat CEOs often spend over 80% of their time in meetings-and why that's exactly where they should be (and why they get paid so much)Looking at life behind the red tape, THE ORG shows why the path from workshop to corporate behemoth is pockmarked with tradeoffs and competing incentives, but above all, demonstrates why organizations are central to human achievement.

Traditional explanations for indirect trade carried out through an entrept have focused on savings in transport costs and on the role of specialized agents in processing and distribution. We provide an alternative perspective based on the possibility that entrepts may facilitate tariff evasion. Using data on direct exports to mainland China and indirect exports to it via Hong Kong SAR, we find that the indirect export rate rises with the Chinese tariff rate, even though there is no legal tax advantage to sending goods via Hong Kong SAR. We undertake a number of extensions to rule out plausible alternative hypotheses.