American Lives: A Reader [Preface & Introduction]

Memoirs are as varied as human emotion and experience, and those published in the distinguished American Lives Series run the gamut. Excerpted from this series (called “splendid” by Newsweek) and collected here for the first time, these dispatches from American lives take us from China during the Cultural Revolution to the streets of New York in the sixties to a cabin in the backwoods of Idaho. In prose as diverse as the stories they tell, writers such as Floyd Skloot, Ted Kooser, Peggy Shumaker, and Lee Martin, among many others, open windows to their own ordinary and extraordinary experiences. John Skoyles tells how, for his Uncle Fred, a particular “Hard Luck Suit” imparted misfortune. Brenda Serotte describes a Turkish grandmother who made her living reading palms, interpreting cups, and prescribing poultices for the community. In “Son of Mr. Green Jeans,” Dinty W. Moore views fatherhood through the lens of pop culture. Janet Sternburg’s Phantom Limb muses on the dilemmas of a child caring for a parent. Whether evoking moments of death or disease, in family or marriage, history, politics, religion, or culture, these glimpses into singular American lives come together in a richly textured, colorful patchwork quilt of American life.

The Myth of the Rational Market: Nudging Each Other Away from Fool’s Gold

A flurry of media commentary and several new books are focused on the recent financial crisis and near economic collapse. A Newsweek article by Zakaria (2009), “Greed is Good (To a Point),” suggests reconsidering the role of greed in capitalism. This is also the theme in Fools Gold (Tett, 2009), a story about the way derivatives markets have evolved: showing greed at its worst. In many ways this is the core source of the current set of problems. In some sense, these perspectives are integrated in The Myth of the Rational Market by Fox (2009), who traces the thinking on the efficient market hypothesis, now understood for what it is: a myth. Both books are based in large part on interviews with major players in the crisis. There are also books drawing mainly on science, but still quite accessible to general readers, as represented in Nudge by Thaler and Sunstein (2008). Both have done extensive research on human foibles in economic choice. There is also Animal Spirits (Akerlof and Schiller, 2009), a book about what Keynesian economics is really about, a look at human forces at work. Akerlof is a Nobel prize winner in economics, who before this has pointed to the problems with presuming rationality in real markets. Schiller is one of the few economists who predicted these events.