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The effect is dramatic in some countries. Modern Sweden has some of the most rapid social mobility rates estimated in the world. Yet surnames in modern Sweden show status persistence exactly in this 0.7-0.8 range. This result was completely unexpected. Understanding why that is the case is a key puzzle the book tackles.

The book mainly concentrates on measures such as education, occupational status, wealth and longevity as indicators of status. Another surprising puzzle that emerged is that with surnames, the persistence of status was the same for all these measures. We might expect wealth to persist in a different way, since it can be transmitted across generations in a different way than education. You do not need any talent to inherit wealth. This is another regularity the book tries to account for.

Another remarkable feature of the surname data is how seemingly impervious social mobility rates are to government interventions. In all societies, what seems to matter is just who your parents are. At the extreme, we see in modern Sweden an extensive system of public education and social support. Yet underlying mobility rates are no higher in modern Sweden than in pre-industrial Sweden or medieval England.

Interestingly, in China, the extreme social intervention represented by the Communist Revolution of 1949, which included executing large numbers of members of the old upper class, has not resulted in much of an increase in social mobility. Surnames of high status in the Imperial and Republican era continue to be overrepresented among modern elites, including Communist Party officials.

families that have high social competence, whatever the social system is, typically find their way to the top of the social ladder.

 It is clear that families are very powerful determinants of children’s outcomes. But what do parents transmit to their children? Is it mainly some type of culture? Or is it mainly genetics?

The data does not exist to provide any conclusive answer to this question. But even if this is cultural transmission, it looks in all respects just the same as biological inheritance. The book performs a series of tests to see if biological transmission can be ruled out as the important link, and the empirical patterns never rule this out.

And that's where Sweden's system does provide advantages over the U.S.'s. They haven't changed mobility rates, but they've changed the consequences, strongly, of ending up at various points in the distribution. It's a much better place for people who end up at the bottom of the distribution.

All this information on social mobility within societies unfortunately does not offer much insight into why societies as a whole succeed or fail in economic terms.

The surname data suggests that you will not be able to do much to increase social mobility through social policies of any type.  We already live in societies of massive social intervention in terms of the provision of education and health care. Yet we have not been able to raise social mobility rates above those of the pre-industrial era.

But if we're learning that we can predict the majority of people's outcomes at conception, that should lead us to reexamine our assumption that whatever income distribution comes out in society is fine. Because if it's the case that a lot of this is determined before someone enters the game, it weakens the case for letting the market determine the distribution. You'd be much more likely to favor a society with much less inequality.

A recent book, "The Triple Package"  [by Amy Chua and Jed Rubenfeld], argues the extreme opposite of biology in explaining social status, with the claim that successful cultural groups in the U.S. have three key features leading to success, one being impulse control. But what is remarkable is how disparate the culturally successful groups they identify are – Jews, Chinese, Indians, Mormons, Iranians, Lebanese, Nigerians, Cubans. And it is demonstrable that most of the successful groups identified here were elites selected from the parent populations as a combined result of politics at home and immigration policy in the U.S.

One piece of news that most people will find encouraging in these various studies is that eventually all elites become average in their characteristics, even if that takes 300 years

Accounts that emphasize cultural transmission all have a hard time explaining why successful groups, and successful families in general, all experience regression to the mean. There is nothing to stop a cultural trait being inherited unchanged

Only biological inheritance has an inbuilt mechanism to explain observed regression to the mean. It also has predictions about when this regression to the mean will not be observed (complete endogamy). It further implies that the rate of regression to the mean will be the same at the top of the status distribution as at the bottom. So the biological pathway has two advantages over the cultural. It produces a mechanism to explain the regression of all elites and underclasses that we observe, and it has testable implications about the speed and character of that mobility.

The final surprise in conducting this study was to find a seeming simple physics that underlies social mobility.

When we observe an elite group in 1800 in England, we can predict to seven generations in the future what their relative social position will be, despite the arrival of the Industrial Revolution and the rise of the modern welfare state in the interval.

Two very simple equations are sufficient to describe a major feature of the social world, and a feature that you would think impossible to model in any such manner.

It is possible, Dr. Akey speculated, that the genes developed to help Neanderthal skin adapt to the cold climate of Europe and Asia.

Both teams of scientists also found long stretches of the living human genomes where Neanderthal DNA was glaringly absent. This pattern could be produced if modern humans with certain Neanderthal genes could not have as many children on average as people without them. For example, living humans have very few genes from Neanderthals involved in making sperm. That suggests that male human-Neanderthal hybrids might have had lower fertility or were even sterile.

Overall, said Dr. Reich, “most of the Neanderthal genetic material was more bad than good.”

in the long run, “when pay setters set their own pay, there’s no limit,” unless “confiscatory tax rates” are imposed.

suggests that traditional liberal government policies on spending, taxation and regulation will fail to diminish inequality.

Conservative readers will find that Piketty’s book disputes the view that the free market, liberated from the distorting effects of government intervention, “distributes,” as Milton Friedman famously put it, “the fruits of economic progress among all people.

Piketty proposes instead that the rise in inequality reflects markets working precisely as they should: “This has nothing to do with a market imperfection: the more perfect the capital market, the higher” the rate of return on capital is in comparison to the rate of growth of the economy. The higher this ratio is, the greater inequality is.

we are in the presence of one of the watershed books in economic thinking.”

There are a number of key arguments in Piketty’s book.

One is that the six-decade period of growing equality in western nations – starting roughly with the onset of World War I and extending into the early 1970s – was unique and highly unlikely to be repeated. That period, Piketty suggests, represented an exception to the more deeply rooted pattern of growing inequality.

According to Piketty, those halcyon six decades were the result of two world wars and the Great Depression. The owners of capital – those at the top of the pyramid of wealth and income – absorbed a series of devastating blows. These included the loss of credibility and authority as markets crashed; physical destruction of capital throughout Europe in both World War I and World War II; the raising of tax rates, especially on high incomes, to finance the wars; high rates of inflation that eroded the assets of creditors; the nationalization of major industries in both England and France;

The six decades between 1914 and 1973 stand out from the past and future, according to Piketty, because the rate of economic growth exceeded the after-tax rate of return on capital. Since then, the rate of growth of the economy has declined, while the return on capital is rising to its pre-World War I levels.

“If the rate of return on capital remains permanently above the rate of growth of the economy – this is Piketty’s key inequality relationship,” Milanovic writes in his review, it “generates a changing functional distribution of income in favor of capital and, if capital incomes are more concentrated than incomes from labor (a rather uncontroversial fact), personal income distribution will also get more unequal — which indeed is what we have witnessed in the past 30 years.”

The Piketty diagnosis helps explain the recent drop in the share of national income going to labor (see Figure 2) and a parallel increase in the share going to capital.

Piketty’s analysis also sheds light on the worldwide growth in the number of the unemployed. The International Labor Organization, an agency of the United Nations, reported recently that the number of unemployed grew by 5 million from 2012 to 2013, reaching nearly 202 million by the end of last year. It is projected to grow to 215 million by 2018.

Piketty’s wealth tax solution runs directly counter to the principles of contemporary American conservatives who advocate antithetical public policies: cutting top rates and eliminating the estate tax.

Underlying the dispute is a complicated economic and political landscape of factories and farms that at once entrench the Israeli occupation and help feed the Palestinian families that oppose it. About 25,000 Palestinians work legally for Israelis in the West Bank, many in construction, building the settlements they hope will soon be dismantled.

. They have about 1,000 plants — sophisticated aluminum and food manufacturers as well as tiny textile and furniture workshops — that pump roughly $300 million into the Palestinian economy through salaries and, at the same time, take up vast acreage in what Palestinians see as their future state.Palestinian officials and boycott advocates say that these settlement businesses exploit a vulnerable work force, and that Israel’s occupation is largely responsible for the moribund Palestinian economy that makes its own jobs appealing. Israeli leaders and factory owners, though, say the companies do more to help than hurt Palestinians, and provide rare opportunities for coexistence between the two peoples.

Israeli industries operating in settlements that most of the world considers illegal and a prime obstacle to peace have become a focus of global attention in recent weeks, amid growing momentum for a boycott movement targeting Israeli businesses and institutions

Palestinian minimum wage was $410 a month, compared with Israel’s $1,217, and most Palestinian workers lacked pensions, vacation days and disability insurance — factors she and others say are the fault of the Palestinian Authority as well as Israel.

The Palestinian Authority began boycotting settlement products in late 2009, but stopped short of punishing people who helped produce them. Mohammed Mustafa, the Palestinian deputy prime minister for economic affairs, called the industrial parks part of an exploitative pattern of “business colonization” that has blocked the authority from building a viable economy.

“If we have our land, if we have our resources, if we have independence, if we have control of our economy, then we will give them opportunities,” Mr. Mustafa said. “Yes, they are paying them more, but who wants to be working in a settlement? This is, in a way, even worse than not giving them a job.”

The Palestinian Authority cannot inspect these workplaces, and the Israeli Ministry of Economy has jurisdiction over only minimum-wage violations (a spokeswoman said it opened 10 investigations last year).

The dating system is based on measuring the length of chromosome segments of a particular ancestry that occur in a population. When people of two different populations intermarry, their children’s genomes carry large chunks of DNA of one parent’s ancestry interspersed with large chunks from the other’s.

Another mixing event is the injection of European-type DNA into the Kalash, a people of Pakistan, at some time between 990 and 210 B.C. This could reflect the invasion of India by Alexander the Great in 326 B.C. The Kalash claim to be descended from Alexander’s soldiers

Though all humans have the same set of genes, their genomes are studded with mutations, which are differences in the sequence of DNA units in the genome. These mutations occur in patterns because whole sets of mutations are passed down from parent to child and hence will be common in a particular population

The lowest amount of African admixture occurs in the Druse, a religious group of the Middle East that prohibited slavery and has been closed to converts since A.D. 1043.

from the average size of the chunks in a person’s genome, the geneticists can calculate the number of generations since the mixing event.

One of the most widespread events his group has detected is the injection of Mongol ancestry into populations within the Mongol empire, such as the Hazara of Afghanistan and the Uighur Turks of Central Asia.

the European colonization of America is recorded in the genomes of the Maya and Pima Indians. And Cambodian genomes mark the fall of the Khmer empire in the form of ancestral DNA from the invading Tai people.

They find among Northern Italians an insertion of Middle Eastern DNA that occurred between 776 B.C. and A.D. 550, and may represent the Etruscans, a mysterious people said by the ancient Greek historian Herodotus to have emigrated from Lydia in Turkey.

his method cannot yet detect genetic mixing between very similar populations, as was the case with the English and their invaders from Scandinavia and Northern Germany.

“In some sense we don’t want to talk to historians,” Dr. Falush said. “There’s a great virtue in being objective: You put the data in and get the history out. We do think this is a way of reconstructing history by just using DNA.”

Though President George W. Bush and Senator John McCain, the 2008 Republican candidate, had supported closing the Guantánamo prison, Republicans in Congress had reversed course and discovered they could use the issue to portray Mr. Obama as soft on terrorism. Walking out of the Archives, the president turned to his national security adviser at the time, Gen. James L. Jones, and admitted that he had never devised a plan to persuade Congress to shut down the prison. “We’re never going to make that mistake again,” Mr. Obama told the retired Marine general.

When the administration floated a plan to transfer from Guantánamo to Northern Virginia two Uighurs, members of a largely Muslim ethnic minority from China who are considered no threat to the United States, Virginia Republicans led by Representative Frank R. Wolf denounced the idea. The administration backed down. That show of weakness doomed the effort to close Guantánamo, the same administration official said. “Lyndon Johnson would have steamrolled the guy,” he said. “That’s not what happened. It’s like a boxing match where a cut opens over a guy’s eye.”

Mr. Obama has several reasons for becoming so immersed in lethal counterterrorism operations. A student of writings on war by Augustine and Thomas Aquinas, he believes that he should take moral responsibility for such actions. And he knows that bad strikes can tarnish America’s image and derail diplomacy.

“The president accepts as a fact that a certain amount of screw-ups are going to happen, and to him, that calls for a more judicious process.”

But the control he exercises also appears to reflect Mr. Obama’s striking self-confidence: he believes, according to several people who have worked closely with him, that his own judgment should be brought to bear on strikes.

“He’s a president who is quite comfortable with the use of force on behalf of the United States.”

Mr. Obama has done exactly what he had promised, coming quickly to rely on the judgment of Mr. Brennan. Mr. Brennan, a son of Irish immigrants, is a grizzled 25-year veteran of the C.I.A. whose work as a top agency official during the brutal interrogations of the Bush administration made him a target of fierce criticism from the left. He had been forced, under fire, to withdraw his name from consideration to lead the C.I.A. under Mr. Obama, becoming counterterrorism chief instead.

“If John Brennan is the last guy in the room with the president, I’m comfortable, because Brennan is a person of genuine moral rectitude,” Mr. Koh said. “It’s as though you had a priest with extremely strong moral values who was suddenly charged with leading a war.

he wants to make sure that we go through a rigorous checklist: The infeasibility of capture, the certainty of the intelligence base, the imminence of the threat, all of these things.”

Today, the Defense Department can target suspects in Yemen whose names they do not know. Officials say the criteria are tighter than those for signature strikes, requiring evidence of a threat to the United States, and they have even given them a new name — TADS, for Terrorist Attack Disruption Strikes. But the details are a closely guarded secret — part of a pattern for a president who came into office promising transparency

“Once it’s your pop stand, you look at things a little differently,” said Mr. Rizzo, the C.I.A.’s former general counsel. Mr. Hayden, the former C.I.A. director and now an adviser to Mr. Obama’s Republican challenger, Mr. Romney, commended the president’s aggressive counterterrorism record, which he said had a “Nixon to China” quality. But, he said, “secrecy has its costs” and Mr. Obama should open the strike strategy up to public scrutiny. “This program rests on the personal legitimacy of the president, and that’s not sustainable,”

His focus on strikes has made it impossible to forge, for now, the new relationship with the Muslim world that he had envisioned. Both Pakistan and Yemen are arguably less stable and more hostile to the United States than when Mr. Obama became president.

Justly or not, drones have become a provocative symbol of American power, running roughshod over national sovereignty and killing innocents. With China and Russia watching, the United States has set an international precedent for sending drones over borders to kill enemies. Mr. Blair, the former director of national intelligence, said the strike campaign was dangerously seductive. “It is the politically advantageous thing to do — low cost, no U.S. casualties, gives the appearance of toughness,” he said. “It plays well domestically, and it is unpopular only in other countries. Any damage it does to the national interest only shows up over the long term.”

let's look at some historiography courtesy of University of Minnesota professor Steven Ruggles and his article "The Origins of the African-American Family Structure."

What is the source of this distinctive African-American pattern of single parenthood? Recent economic changes can be invoked to explain the growing differential between black family structure and white family structure, but they cannot explain why blacks started from a higher base.

The change in marriage is not a "black" problem, and I am not even convinced that it is a "problem."

It is not simply a question of "Is marriage good for kids?" It's "Are shotgun marriages good for kids?" "Should marriage be valued at all costs, including enduring abuse or ill-treatment?"

unusually high-resolution analysis of pollen grains taken from sediment beneath the Sea of Galilee and the western shore of the Dead Sea, backed up by a robust chronology of radiocarbon dating, have pinpointed the period of crisis to the years 1250 to 1100 B.C.

this pollen count was done at intervals of 40 years — the highest resolution yet in this region,

The results showed a sharp decrease in the Late Bronze Age of Mediterranean trees like oaks, pines and carobs, and in the local cultivation of olive trees, which the experts interpret as the consequence of repeated periods of drought.

the team extracted about 60 feet of cores of gray muddy sediment from the center of the Sea of Galilee in northern Israel, passing through 145 feet of water and drilling 65 feet into the lake bed, covering the last 9,000 years. At Wadi Zeelim in the southern Judean Desert, on the western margins of the Dead Sea, the team manually extracted eight cores of sediment, each about 20 inches long.

Pollen grains are one of the most durable organic materials in nature, she said, best preserved in lakes and deserts and lasting thousands of years. Each plant produces its own distinct pollen form, like a fingerprint. Extracting and analyzing the pollen grains from each stratum allows researchers to identify the vegetation that grew in the area and to reconstruct climate changes.

the uniqueness of the study also lay in the combination of precise science and archaeological and historical analysis, offering the fullest picture yet of the collapse of civilization in this area at the end of the Bronze Age. “Egypt is gone. Forever,” said Professor Finkelstein. “It never got back to that level of prosperity again.”

The droughts were likely exacerbated by cold spells, the study said, causing famine and the movement of marauders from north to south. After the devastation came a wet period of recovery and resettlement, according to the experts — a new order that gave rise to the kingdoms of biblical times.

the Skull 5 individual “provides the first evidence that early Homo comprised adult individuals with small brains but body mass, stature and limb proportions reaching the lower range limit of modern variation.”

Skeletal bones associated with the five Dmanisi skulls show that these hominids were short in stature, but that their limbs enabled them to walk long distances as fully upright bipeds. The shape of the small braincase distinguished them from the more primitive Australopithecus genus, which preceded Homo and lived for many centuries with Homo in Africa.

His work is a challenge both to Marxism and laissez-faire economics, which “both count on pure economic forces for harmony or justice to prevail,” he said.

In 2012 the top 1 percent of American households collected 22.5 percent of the nation’s income, the highest total since 1928. The richest 10 percent of Americans now take a larger slice of the pie than in 1913, at the close of the Gilded Age, owning more than 70 percent of the nation’s wealth. And half of that is owned by the top 1 percent.

he accepts that his work is essentially political, and he is highly critical of the huge management salaries now in vogue, saying that “the idea that you need people making 10 million in compensation to work is pure ideology.”

Inequality by itself is acceptable, he says, to the extent it spurs individual initiative and wealth-generation that, with the aid of progressive taxation and other measures, helps makes everyone in society better off. “I have no problem with inequality as long as it is in the common interest,” he said.

But like the Columbia University economist Joseph E. Stiglitz, he argues that extreme inequality “threatens our democratic institutions.” Democracy is not just one citizen, one vote, but a promise of equal opportunity.

“It’s very difficult to make a democratic system work when you have such extreme inequality” in income, he said, “and such extreme inequality in terms of political influence and the production of knowledge and information. One of the big lessons of the 20th century is that we don’t need 19th-century inequality to grow.”

that’s just where the capitalist world is heading again, he concludes.

He favors a progressive global tax on real wealth (minus debt), with the proceeds not handed to inefficient governments but redistributed to those with less capital.

When we take these trajectories into consideration, the Industrial Revolution starts to look like something less than an “undivided blessing.” It begins to look like, at best, a mixed blessing—one that resulted in technologies that have allowed many people to live longer, safer lives, but that has, simultaneously, destroyed global ecosystems, caused the extinction of many living species, facilitated rampant population growth, and wreaked havoc on climate systems, the effects of which will be an increase in droughts, floods, storms, and erratic weather patterns that threaten most global societies. 

rebels complained that the United States has refrained from contributing air support to help them fend off simultaneous attacks by the government and the Islamic State.

Western officials have sought to play down the significance of the militant group’s recent gains, including Palmyra, the strategically placed World Heritage site in Syria, and Ramadi, the capital of Iraq’s Anbar Province.

Neither American officials nor Syrian insurgents have provided proof of such direct coordination, though it has long been alleged by the insurgents.

The latest attacks are part of a pattern, he said, in which Islamic State fighters have taken advantage of opportunities to attack rival insurgents when they are weak and under government bombardment.

Two related facts seem to trouble both Brooks and Krugman. Marriage rates are down, and so is male workforce participation. Brooks sees this as a cultural crisis that’s leading to declining material welfare, while Krugman sees declining male wages as driving both trends.

what if this is a non-crisis driven by abundance? The obvious place to look for an explanation of the declining marriage rate is the vast increase in the economic opportunities available to women. Newly empowered and less dependent on male economic support, women have become somewhat choosie

As for labor force participation, Krugman must be right that poor labor market conditions explain the trend over the past few years. But the long-term decline has been going on since as far back as we have data. Male labor force participation rates were declining in the ‘50s and ‘60s, and in the ‘80s, and now in the aughts. Maybe the value of leisure is increasing?

it’s a natural outgrowth of progress. On the whole, the American population has grown less desperate over time and less interested in working—an entirely typical pattern, globally and historically.

The short-term jobs situation is a real crisis, but the longer-term decline of work is an opportunity. If men want to tempt women back into marriage, they’ll have to use more of their free time to pitch in with housework and child care, building a more egalitarian tomorrow. If employers want to tempt people back into working, they’ll have to offer higher pay or more pleasant jobs

Never ones to let a serious crisis go to waste, leading Republicans seized the ensuing constitutional crisis as an opportunity to remake the nation’s political economy and geography. In the summer of 1862, as Lincoln mulled over the Emancipation Proclamation’s details, officials in his administration created the Department of Agriculture, while Congress passed the Morrill Land Grant Act, the Pacific Railroad Act and the Homestead Act.

s a result, federal authorities could offer citizens a deal: Enlist to fight for Lincoln and liberty, and receive, as fair recompense for their patriotic sacrifices, higher education and Western land connected by rail to markets. It seemed possible that liberty and empire might advance in lock step.

the project of continental expansion fostered sectional reconciliation. Northerners and Southerners agreed on little at the time except that the Army should pacify Western tribes. Even as they fought over the proper role for the federal government, the rights of the states, and the prerogatives of citizenship, many Americans found rare common ground on the subject of Manifest Destiny.

many American soldiers, whether they had fought for the Union or the Confederacy, redeployed to the frontier. They became shock troops of empire. The federal project of demilitarization, paradoxically, accelerated the conquest and colonization of the West.

The Indian wars of the Reconstruction era devastated not just Native American nations but also the United States.

The Civil War was over, but the Indian wars were just beginning.

Red Cloud’s War, then, undermined a utopian moment and blurred the Republican Party’s vision for expansion

at least the Grant administration had a plan. After he took office in 1869, President Grant promised that he would pursue a “peace policy” to put an end to violence in the West, opening the region to settlers. By feeding rather than fighting Indians, federal authorities would avoid further bloodshed with the nation’s indigenous peoples. The process of civilizing and acculturating Native nations into the United States could begin.

President Grant’s Peace Policy perished in the Modoc War. The horror of that conflict, and the Indian wars more broadly, coupled with an endless array of political scandals and violence in the states of the former Confederacy – including the brutal murder, on Easter Sunday 1873 in Colfax, La., of at least 60 African-Americans – diminished support for the Grant administration’s initiatives in the South and the West.

One hundred and fifty years after the Civil War, collective memory casts that conflict as a war of liberation, entirely distinct from the Indian wars.

though Reconstruction is typically recalled in the popular imagination as both more convoluted and contested – whether thwarted by intransigent Southerners, doomed to fail by incompetent and overweening federal officials, or perhaps some combination of the two – it was well intended nevertheless, an effort to make good on the nation’s commitment to freedom and equality.

But this is only part of the story. The Civil War emerged out of struggles between the North and South over how best to settle the West – struggles, in short, over who would shape an emerging American empire. Reconstruction in the West then devolved into a series of conflicts with Native Americans

so, while the Civil War and its aftermath boasted moments of redemption and days of jubilee, the era also featured episodes of subjugation and dispossession, patterns that would repeat themselves in the coming years.

When Chief Joseph surrendered, the United States secured its empire in the West. The Indian wars were over, but an era of American imperialism was just beginning.

A new Pew Research Center survey finds that 76% in France say they have a favorable view of Muslims living in their country, similar to the 72% registered in 2014.

The pattern is similar to what we found in the U.S. following the Sept. 11 terrorist attacks. Favorable views of Muslim Americans rose from 45% in March 2001 to 59% in November of that year. The increase took place across partisan and ideological groups, with the biggest improvement occurring among conservative Republicans.

To many, these changes may seem counterintuitive, especially since much social science research suggests that the more people feel threatened by a minority group, the more likely they are to have negative attitudes toward that group.

However, following the attacks in both countries there were widespread calls for national unity, and important statements by national leaders (including presidents Bush and Hollande) making it clear that violent extremists do not represent Islam

It is also worth noting that favorable ratings of Muslim Americans declined slightly following the post-9/11 bounce. By 2007, just 53% of Americans expressed a positive view, down 6 percentage points from the November 2001 survey though still significantly higher than the 45% in the March 2001 poll.

This creates an effect that should be familiar to any economist: the laws of supply and demand raise the value of women’s erotic capital, in particular their beauty, sex appeal and sexual competence. It is happening in Scandinavia as well as Mediterranean countries, in China and the US. The pattern is confirmed even in countries that are sexually “liberated” such as Finland and France. Men are two to ten times more likely to have affairs, buy pornography, seek lap-dancing clubs and erotic entertainments. And call girls’ earnings can exceed wages in nearly all the professions, despite working shorter hours.

This is an implicit rebuttal to feminist thinkers (like Sylvia Walby, Mary Evans, Monique Wittig or most recently Kat Banyard) who argue that men and women are “equal” in their sexual interest, as in everything else. This is obviously not true, which is why it should not surprise us that some women do use sex, and their erotic capital more generally, to get what they want.

The economic benefits of being physically and socially attractive can be substantial, especially in marketing, public relations, television, advocacy in the courts, as well as for actors, singers and dancers. But it’s broader than this: people working in the better-paid parts of the private sector are more attractive than those in the public and non-profit sectors. Tall and attractive people are more likely to be employed in professional jobs, like law or banking. For the ugly and short, it gets worse. Good-looking people can earn 10 to 15 per cent more than the average-looking, who in turn can earn 10 to 15 per cent more than the plain or ugly. The tall earn more than the short; the obese have earnings 10 to 15 per cent below average. Statistical analysis shows this beauty premium is not really just about cleverly disguised differences in intelligence, social class or self-confidence. Studies of lawyers reveal that there is always a premium for attractiveness that varies in size, but is not due to employer discrimination. The most attractive can earn 12 per cent more than the unattractive, and are 20 per cent more likely to achieve partnership in their firm, because they are more effective at pulling in customers.

there is a 25 percentage point difference in average earnings between unattractive and attractive minorities. This impact can be as big as the gap between having a degree and no qualifications at all—although it ranks well below intelligence as a determinant of life outcomes.

erotic capital—if seen as an economic endowment—is an especially important asset for people with few intellectual abilities and qualifications. In Brazil, investing in cosmetic surgery is seen as a sensible way of getting ahead in a culture where looks and sensuality count. In Britain, too, a 2009 survey of teenage girls found that one-quarter think it is more important to be beautiful than clever.

Hegel’s probing account means to show is that the defender of holier-than-thou virtue and the self-interested Wall Street banker are making the same error from opposing points of view.  Each supposes he has a true understanding of what naturally moves individuals to action.  The knight of virtue thinks we are intrinsically good and that acting in the nasty, individualist, market world requires the sacrifice of natural goodness; the banker believes that only raw self-interest, the profit motive, ever leads to successful actions.

Both are wrong because, finally, it is not motives but actions that matter, and how those actions hang together to make a practical world.  What makes the propounding of virtue illusory — just so much rhetoric — is that there is no world, no interlocking set of practices into which its actions could fit and have traction: propounding peace and love without practical or institutional engagement is delusion, not virtue.

Conversely, what makes self-interested individuality effective is not its self-interested motives, but that there is an elaborate system of practices that supports, empowers, and gives enduring significance to the banker’s actions.  Actions only succeed as parts of practices that can reproduce themselves over time.  To will an action is to will a practical world in which actions of that kind can be satisfied — no corresponding world, no satisfaction.  Hence the banker must have a world-interest as the counterpart to his self-interest or his actions would become as illusory as those of the knight of virtue.

Actions are elements of practices, and practices give individual actions their meaning. Without the game of basketball, there are just balls flying around with no purpose.  The rules of the game give the action of putting the ball through the net the meaning of scoring, where scoring is something one does for the sake of the team.   A star player can forget all this and pursue personal glory, his private self-interest.  But if that star — say, Kobe Bryant — forgets his team in the process, he may, in the short term, get rich, but the team will lose.  Only by playing his role on the team, by having an L.A. Laker interest as well as a Kobe Bryant interest, can he succeed.

Every account of the financial crisis points to a terrifying series of structures that all have the same character: the profit-driven actions of the financial sector became increasingly detached from their function of supporting and advancing the growth of capital.  What thus emerged were patterns of action which, may have seemed to reflect the “ways of the world” but in financial terms, were as empty as those of a knight of virtue, leading to the near collapse of the system as a whole.  A system of compensation that provides huge bonuses based on short-term profits necessarily ignores the long-term interests of investors. As does a system that ignores the creditworthiness of borrowers; allows credit rating agencies to be paid by those they rate and encourages the creation of highly complex and deceptive financial instruments.  In each case, the actions — and profits — of the financial agents became insulated from both the interests of investors and the wealth-creating needs of industry.

Nothing but fierce and smart government regulation can head off another American economic crisis in the future.  This is not a matter of “balancing” the interests of free-market inventiveness against the need for stability; nor is it a matter of a clash between the ideology of the free-market versus the ideology of government control.  Nor is it, even, a matter of a choice between neo-liberal economic theory and neo-Keynesian theory.  Rather, as Hegel would have insisted, regulation is the force of reason needed to undo the concoctions of fantasy.

The gas seemingly played a major role in amplifying the effects of the ice ages, which were caused by wobbles in the earth’s orbit. The geologic record suggests that as the earth began cooling, the amount of carbon dioxide fell, probably because much of it got locked up in the ocean, and that fall amplified the initial cooling. Conversely, when the orbital wobble caused the earth to begin warming, a great deal of carbon dioxide escaped from the ocean, amplifying the warming.

Their best estimate is that if the amount of carbon dioxide doubles, the temperature of the earth will rise about five or six degrees Fahrenheit. While that may sound small given the daily and seasonal variations in the weather, the number represents an annual global average, and therefore an immense addition of heat to the planet.

Moreover, scientists say that an increase of five or six degrees is a mildly optimistic outlook. They cannot rule out an increase as high as 18 degrees Fahrenheit, which would transform the planet.

Among the most prominent of these contrarians is Richard Lindzen of the Massachusetts Institute of Technology, who contends that as the earth initially warms, cloud patterns will shift in a way that should help to limit the heat buildup. Most climate scientists contend that little evidence supports this view,

China’s citizens, on average, still use less than a third of the energy per person as Americans. But with 1.3 billion people, four times as many as the United States, China is so large and is growing so quickly that it has surpassed the United States to become the world’s largest overall user of energy.

“When I go see things with my children, I let them know they might not be around when they’re older,” he said. “ ‘Go enjoy these beautiful forests before they disappear. Go enjoy the glaciers in these parks because they won’t be around.’ It’s basically taking note of what we have, and appreciating it, and saying goodbye to it.”

"We've seen a revival of religion in the world," Fukuyama says, noting that religion has played a central role in the historical development of political institutions as well. Early human sociability was limited to face-to-face interactions within close-knit kin groups, and trust didn't extend beyond a few dozen relatives. Large-scale cooperation didn't become possible until the development of religious beliefs, which allowed trust to transcend kin. And that paved the way for the big faith communities—Christianity, Judaism, Islam, Hinduism—capable of uniting tens of millions of people in collective action.

"There is no clearer illustration of the importance of ideas to politics than the emergence of an Arab state under the Prophet Muhammad," Fukuyama writes. "The Arab tribes played an utterly marginal role in world history until that point; it was only Muhammad's charismatic authority that allowed them to unify and project their power throughout the Middle East and North Africa."

Fukuyama's portrayal of religion as a unifying force in history will irk some atheists, for whom religion is at all times a source of intolerance, conflict, and violence.

religion's role in the contemporary world is more problematic. Pluralistic societies require religions to coexist in proximity. As a result, he says, "integration today has to be based on shared political values, not deep, religiously rooted cultural beliefs."

most economists see global trade as a win-win proposition, but resource limitation turns it into a win-lose, zero-sum contest. “The faster China grows, the higher grain prices go, the more people in China or India who upgrade to meat, the higher the tendency for Africa to starve,” he said.

Grantham argues that the late-18th-century doomsayer Thomas Malthus pretty much got it right but just had the bad timing to make his predictions about unsustainable population growth on the eve of the hydrocarbon-fueled Industrial Revolution, which “partially removed the barriers to rapid population growth, wealth and scientific progress.” That put off the inevitable for a couple of centuries, but now, ready or not, the age of cheap hydrocarbons is ending. Grantham’s July letter concludes: “We humans have the brains and the means to reach real planetary sustainability. The problem is with us and our focus on short-term growth and profits, which is likely to cause suffering on a vast scale. With foresight and thoughtful planning, this suffering is completely avoidable.”

“E.D.F. is educating people that dealing with climate change will be good for the economy and job creation. One of Jeremy’s insights is that we can make headway on the market side because higher commodity prices will enforce greater efficiency.”

When he reminds us that modern capitalism isn’t equipped to handle long-range problems or tragedies of the commons (situations like overfishing or global warming, in which acting rationally in your own self-interest only deepens the harm to all), when he urges us to outgrow our touching faith in the efficiency of markets and boundless human ingenuity, and especially when he says that a wise investor can prosper in the coming hard times, his bad news and its silver lining come with a built-in answer to the skeptical question that Americans traditionally pose to egghead Cassandras: If you’re so smart, how come you’re not rich?

Grantham believes that the best approach may be to recast global warming, which depresses crop yields and worsens soil erosion, as a factor contributing to resource depletion. “People are naturally much more responsive to finite resources than they are to climate change,” he said. “Global warming is bad news. Finite resources is investment advice.”

“Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan,” he said, “but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.”

Grantham, the public face of a company that manages more than $100 billion in assets, the very embodiment of a high-finance insider in blue blazer and yellow tie, has serious doubts about capitalism’s ability to address the biggest problems facing humanity.

Grantham says that corporations respond well to this message because they are “persuaded by data,” but American public opinion is harder to move, and contemporary American political culture is practically dataproof. “The politicians are the worst,” he said. “An Indian economist once said to me, ‘We have 28 political parties, and they all think climate change is important.’ ” Whatever the precise number of parties in India, and it depends on how you count, his point was that the U.S. has just two that matter, one that dismisses global warming as a hoax and one that now avoids the subject.

Grantham, who says that “this time it’s different are the four most dangerous words in the English language,” has become a connoisseur of bubbles. His historical study of more than 300 of them shows the same pattern occurring again and again. A bump in sales or some other impressive development causes people to get excited. When they do, the price of that asset class — South Sea company shares, dot-coms — goes up, and human nature and the financial industry conspire to push it higher. People want to hear good news; they tend to be bad with numbers and uncertainty, and to assume that present conditions will persist. In the financial industry, the imperative to minimize career risk produces herd behavior.

So it’s news when Grantham, who has built his career on the conviction that peaks and troughs will even out as prices inevitably revert to their historical mean, says that this time it really is different, and not in a good way. In his April letter, “Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever,” he argued that “we are in the midst of one of the giant inflection points in economic history.” The market is “sending us the Mother of all price signals,” warning us that “if we maintain our desperate focus on growth, we will run out of everything and crash.”

here’s the short version: “The prices of all important commodities except oil declined for 100 years until 2002, by an average of 70 percent. From 2002 until now, this entire decline was erased by a bigger price surge than occurred during World War II. Statistically, most commodities are now so far away from their former downward trend that it makes it very probable that the old trend has changed — that there is in fact a Paradigm Shift — perhaps the most important economic event since the Industrial Revolution.”

When prices go up and stay up, it’s not a bubble. Prices may always revert to the mean, but the mean can change; that’s a paradigm shift. As Grantham tells it, oil went first. For a century it steadily returned to about $16 a barrel in today’s currency, then in 1974 the mean shifted to about $35, and Grantham believes it has recently doubled again. Metals and nearly everything else — coal, corn, palm oil, soybeans, sugar, cotton — appear to be following suit. “From now on, price pressure and shortages of resources will be a permanent feature of our lives,” he argues. “The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.”

Grantham is taking the Malthusian side in an ongoing debate about growth and commodity prices­. The argument often circles back to the bet made in 1980 between the biologist Paul Ehrlich, who foretold catastrophic scarcity caused by overpopulation, and the economist Julian Simon, who argued that any short-term increase in resource prices caused by population growth will stimulate inventors and entrepreneurs to find new ways to exploit those resources, lowering prices in the long run. The two men picked five commodities and wagered on whether their prices, taken as an indicator of scarcity, would be higher or lower in 1990. Simon won, 5-0, even though the world’s population grew by 800 million during that decade. Malthusians have been trying to live down that defeat ever since, but, as Grantham points out in his July letter, if we extend the original bet past its arbitrary 10-year limit to the present day, Ehrlich wins the five-commodity bet 4-1, and he wins big if the bet is further extended to all important commodities.

He’s an impassioned environmentalist not only for the usual reasons but also because he believes humanity’s vexed relationship with the planet is the great economic story of our time. “This commodities thing may turn out to be the most interesting call of my career,” he told me. “I have no doubt we’re going to have a bad hundred years. We have the resources to gracefully handle the transition, but we won’t. We apparently can’t.”

“Whether the stable population will be 1.5 billion or 5 billion,” he said to me, “the question is: How do we get there?”