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money, money, money … at Yale

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Yale is hosting a conference on $$$, which is open to the public, next Fri., Sept. 12th at Yale.

The line-up is both impressive and exciting, not least of all because it involves our orgtheory crew plus beloved colleagues and dear orgtheory readers!

Friday, September 12, 2014
Hosted by:
Nina Bandelj ~ Sociology, University of California at Irvine
Daniel Markovits ~ Yale Law School
Frederick F. Wherry ~ Sociology, Yale University

With papers from:
Bruce Carruthers ~ Sociology, Northwestern University
Christine Desan ~ Harvard Law School
Nigel Dodd ~ Sociology, London School of Economics
Akinobu Kuroda ~ Institute for Advanced Studies on Asia, Tokyo
Simone Polillo ~ Sociology, University of Virginia
Akos Rona-Tas ~ Sociology, University of California at San Diego
Alya Guseva ~ Sociology, Boston University
Rene Almeling ~ Sociology, Yale University
David Grewal ~ Yale Law School
Kieran Healy ~ Sociology, Duke University
Marion Fourcade ~ Sociology, University of California at Berkeley
Supriya Singh ~ Sociology, RMIT, Australia
Stephen Vaisey ~ Sociology, Duke University
Shane Frederick ~ Psychology, Yale School of Management
Daniel Markovits ~ Yale Law School

SPECIAL SESSION:
The Social Meaning of Money
Turns 20
Nancy Folbre ~ Economics, University of Massachusetts
Arlie Hochschild ~ Sociology, University of California at Berkeley
Eric Helleiner ~ Political Science, University of Waterloo
Bill Maurer ~ Anthropology, University of California at Irvine
Jonathan Morduch ~ Economics, New York University

Co-Sponsored by The Office of the Provost, Yale University ~ Yale Center for Cultural Sociology
Center for Organizational Research at the University of California, Irvine
Yale Center for Comparative Research ~ Yale Law School ~ Yale School of Management

Here’s the program:

Money Talks: A Symposium at Yale
Friday, September 12, 2014

Venues:
Morning Sessions:Yale School of Management, Evans Hall, 165 Whitney Avenue. Class of 1980 Classroom, 2400
Afternoon sessions: Yale Law School, 127 Wall Street, Room 127 (TBC).

9:00 ~ 9:15 AM Welcome
Richard Breen ~ Yale University, Chair of the Department of Sociology
Daniel Markovits ~ Yale Law School, Symposium Co-host
Frederick Wherry ~ Yale University, Symposium Co-organizer
Nina Bandelj ~ University of California, Irvine, Symposium Co-organizer
9:15 ~ 10:45 AM Panel 1: Money and Markets
Bruce Carruthers ~ Northwestern University
Some A-B-C’s of Financial Fables: Rethinking Finance and Money
Akinobu Kuroda ~ Institute for Advanced Studies on Asia, University of Tokyo
The Characters of Money: A Historical Viewpoint from Complementary Currencies
Simone Polillo ~ University of Virginia
A Macro-Sociology of Money
Alya Guseva ~ Boston University & Akos Rona-Tas ~ University of California, San Diego
Money Talks, Plastic Money Tattles
Moderator: Alice Goffman ~ University of Wisconsin, Madison
10:45 ~ 11:00 AM Coffee Break
11:00 AM ~ 12:30 PM Panel 2: Money and Morals
Rene Almeling ~ Yale University
Money, Technology, and Bodily Experience: Comparing the Production of Eggs for Pregnancy or for Profit
David Grewal ~ Yale Law School
The Meaning of the Mirage: Money and Sin in Early Political Economy
Marion Fourcade ~ University of California, Berkeley & Kieran Healy ~ Duke University
Seeing Like a Market
Supriya Singh ~ RMIT University, Australia
Money and Morals: The Biography of Transnational Money
Moderator: Olav Sorenson ~ Yale School of Management
12:30 ~ 2:00 PM Lunch Break
2:00 ~ 4:00 PM Panel 3: The Social Meaning of Money, 20 Years Later
Nancy Folbre ~ University of Massachusetts, Amherst
Accounting for Care
Arlie Hochschild ~ University of California, Berkeley
Going on Attachment Alert: Paying Money, Managing Feeling
Eric Helleiner ~ University of Waterloo, Canada
The Macro Social Meaning of Money: From Territorial Currencies to Global Money
Bill Maurer ~ University of California, Irvine
Zelizer for the Bitcoin Moment: The Social Meaning of Payment Technology
Jonathan Morduch ~ New York University
Economics, Psychology, and the Social Meaning of Money
Moderator: Nina Bandelj ~ University of California, Irvine
4:00 ~ 4:15 PM Coffee Break
4:15 ~ 6:00 PM Panel 4: The Moralities, Solidarities, and Meanings of Money
Stephen Vaisey ~ Duke University
What Would You Do For a Million Dollars?
Shane Frederick ~ Yale School of Management
Positional Concerns
Christine Desan ~ Harvard Law School
Money as a Constitutional Practice
Daniel Markovits ~ Yale Law School
Economic Inequality and the Meaning of Money
Nigel Dodd ~ London School of Economics
Is Bitcoin Utopian?
Moderator: Frederick Wherry ~ Yale University
6:00 PM A Conversation With Viviana Zelizer
Moderators: Nina Bandelj ~ University of California, Irvine & Frederick Wherry ~ Yale University
6:30 PM Reception ~ Yale Law School, The Alumni Reading Room

Written by katherinechen

September 5, 2014 at 2:47 pm

creative reconstruction

One of the most famous passages in economic thought is Schumpeter’s description of markets as an arena for “creative destruction.” This conjures images of the rust belt with its abandoned factories and warehouses. In the Internet age, I think the story is a bit different. Sure, we have Pets.com and other collateral damage of innovation, but it seems that the Internet allows some firms and brands a bit more flexibility. You have creative reconstruction.

For example, people laugh at MySpace and Friendster for losing their early advantage in social networking to Facebook. It sounds as if these firms became the 21st century equivalent of horse and buggy firms (which is also a myth – these firms didn’t just go bankrupt but slowly morphed and merged with auto makers). But if you actually look, you see that MySpace is attracting a million visitors per month and ranks in the top 500 web sites in the United States. Similarly, Friendster is now a gaming web site with a few million users, mainly from Asia.

Make no mistake, these firms will likely never regain their position of dominance. They are quite close to failure (see here for recent MySpace pessimism). But they still seem to have quite a bit of value, nearly a decade after their collapse. If I told you about a company with a few million visitors, but didn’t tell you the origin, you’d probably be impressed. The lesson I take is that the market can allow opportunities for reconstruction.

50+ chapters of grad skool advice goodness: Grad Skool Rulz/From Black Power 

Written by fabiorojas

August 7, 2014 at 12:01 am

Posted in fabio, markets

nooks and experiences

It was recently announced that Barnes and Noble would spin off the Nook. Despite valiant attempts at penetrating the tablet market, they couldn’t do it. What is less remarked is that Barnes and Noble is actually profitable. Only the digital reader is a money loser. The question is, then, how is a brick and mortar outfit still alive in the age of Amazon and digital books?

My answer: experience. I, too, thought that B&N was done for.  But what I realize is that brick and mortar, in some cases, is an experience. A pleasant place to do things, even if it can be done cheaper online. Think restaurant. B&N, and the now rebounding independent book store sector, are providing reading experiences that people value. When I go to a B&N, I see things for kids, music, and a cafe. And it’s probably the most literary place in most suburbs. So, B&N, you shall live to see another day.

50+ chapters of grad skool advice goodness: Grad Skool Rulz/From Black Power

Written by fabiorojas

July 10, 2014 at 12:01 am

Posted in fabio, markets

the psychology of ivy league grads on wall street

Ezra Klein interviews Kevin Roose, who has a new book about young Ivy League graduates who work on Wall Street. The take home point is simple: people who graduate from competitive schools graduate toward these jobs not because they love business, but because they want security. Wall Street jobs are high paid, require little experience, and have a bit of prestige. On the origins of the short term Wall Street job:

Wall Street invented this new way of recruiting in the early 80s. Before that they hired like any other industry. If you wanted to be a banker you applied for a job at a bank and they hired you or they didn’t. But in the early 80s Goldman Sachs and others figured out they could broaden their net and get lots of really smart people if they made it a temporary position rather than a permanent one.

So they created the two-and-out program. The idea is you’re there for two years and then you move onto something else. That let them attract not just hardcore econ majors but people majoring in other subjects who had a passing interest in finance and didn’t know what else to do. People now think going to a bank for two years will help prepare them for the next thing and keep them from having to make these hard decisions about the rest of their life. It made it like an extension of college. And it was genius. It led to this huge explosion in recruitment and something like a third of Ivy League graduates going to Wall Street.

Of course, it’s a mixed bag for the grads:

EK: So after writing this book, what would you say to a college senior thinking of going to Wall Street?

KR: First I would ask them why they wanted to work in an investment bank. If the answer is “because I’m tremendously in debt and need to pay it out” or “I’ve been reading Barron’s since I was 12 years old and I desperately want to be an investment banker” then those are legitimate reasons. Go ahead. But if it’s just about taking risk off the table and doing the safe prestigious thing, I’d tell them first that it will make them truly miserable, the kind of miserable it could take years to recover from, and that it also no longer has that imprimatur. It can actually hinder you. I’ve spoken to tech recruiters who say they only hire bankers in their first year or two because after that banking ruins them.

EK: How does it ruin them?

KR: It makes them too risk conscious. It gets them used to a standard of lifestyle they may not be able to replicate in any other industry. And it has a deleterious effect on creativity. Of the eight people I followed, a few came out very damaged by the experience. And not in a way a vacation can cure. It’s not about having bags under your eyes. It destroys your ability to think in creative ways about what it means to build something of value. The people I followed would admit they got a lot out of being a banker but I don’t think they’re all that tuned into the ways the experience changed them.

Check it out.

50+ chapters of grad skool advice goodness: From Black Power/Grad Skool Rulz

Written by fabiorojas

May 22, 2014 at 12:01 am

a broken patent system? the case of samsung vs. apple

Vanity Fair has a new article on the Samsung-Apple litigation. Kurt Eichenwald makes the following case about Samsung’s business strategy:

  • Pick a cool area of electronics.
  • Quickly reverse engineer lower quality, low cost versions of the innovators.
  • When sued for copyright or patent infringement, fight non-stop legal battles that only end with last-minute settlements.
  • You win by either (a) grabbing insurmountable market share during the legal battle or (b) punishing small firms with exhausting litigation and high legal fees (Samsung counter-sues almost all plaintiffs).

If this is an accurate account of Samsung’s strategy, it has interesting implications. First, it contradicts resource based value theory in that the firm doesn’t need a monopoly on anything – just the ability to quickly mimic and exploit the system. Second, it suggests that markets are indeed stable in the absence of patents or enforceable intellectual property rights. Samsung has beat up some other firms, but most competitors have survived. Third, it suggests an interesting use of slack resources – throw them at emerging markets. Fourth, it suggests that the patent system is simply an ineffective means of enforcing intellectual property rights when the defendant is sufficiently large.

Strategy scholars and intellectual property gurus – go nuts in the comments.

50+ chapters of grad skool advice goodness: From Black Power/Grad Skool Rulz

Written by fabiorojas

May 8, 2014 at 12:06 am

book spotlight: from social movement to moral market by paul-brian mcinerney

I had the pleasure of reading Paul-Brian McInerney’s book, From Social Movement to Moral Market, as it was being written. It’s a good book that expands on the new sociology of markets, which focuses on how ideas of worth and value influence firms and exchange. The main contribution of McInerney’s book is explaining how one specific movement, the Circuit Riders, innovated the field of IT for non-profits. This is a big area of the  market and it raises a number of issues that are worth discussing.

At first, the Circuit Riders start off as a typical movement.  A small cluster of nerds who have the dream of helping non-profits exploit new information technologies. Later, things get interesting as Microsoft jumps into the fray and creates a hybrid organization that bridges the IT consulting world and the idealistic nerd world. This creates a sort of situation of moral ambivalence where people question the role of various organizations in helping non-profits. Thus, movements create new spaces that have to be negotiated as markets mature and become institutionalized.

The bigger picture is that McInerney’s book makes a strong case that movements are vital actors in society. Not only do they push for political change, but they are responsible for creating markets and organizations. I think research likes this makes the case that studies of social change should more consistently look for movement like actors across different social domains.

50+ chapters of grad skool advice goodness: From Black Power/Grad Skool Rulz

Written by fabiorojas

May 7, 2014 at 12:01 am

orgtheory question of the day: why is blackberry not dead yet?

People keep predicting the death of BlackBerry. And it’s obvious they lost the mobile battle, though the recent phones do have fans and work well. Just too little, too late. So what’s the deal? Is it just the pile of cash? How are they alive after revenue dropped by $1  BILLION?

50+ chapters of grad skool advice goodness: From Black Power/Grad Skool Rulz 

Written by fabiorojas

March 14, 2014 at 12:01 am

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