Sergei Guriev, John H. Cochrane, and more for PS Read More

The Lost Kingdom, by Serhii Plokhy; Upheaval, by Jared Diamond; and more. The PS Say More Newsletter | [View this message in a web browser]( [PS Read More]( In this week's edition of PS Read More, we share recommendations from Sergei Guriev, Provost and Professor of Economics at Sciences Po. We also highlight a recent work by John H. Cochrane, a senior fellow of the Hoover Institution and an adjunct scholar at the CATO Institute. And don't miss recommendations from Marion Laboure, a senior economist at Deutsche Bank Research, and Mark Leonard, Director of the European Council on Foreign Relations. Sergei Guriev Recommends... [The Lost Kingdom: The Quest for Empire and the Making of the Russian Nation]( By Serhii Plokhy Given the events of 2022, I would strongly recommend this 2017 book, which documents – with many interesting and instructive details – how Russia’s imperial myth has been constructed over many centuries, in particular the last 200 years. It highlights, for example, how Russian and Soviet history books taught successive generations to look down on neighbors like Ukraine. For those who are wondering how the invasion of Ukraine became possible, and how to end Russian imperialism, Plokhy’s book offers evidence-based answers. [Upheaval: Turning Points for Nations in Crisis]( By Jared Diamond Published in 2019, this book is useful for “Russia optimists.” Diamond offers six case studies of countries that have survived upheaval, from Japan in 1853 to Germany after World War II, and provides guidelines for any country that is confronted with a similarly momentous crisis and decides to reinvent itself. It is a framework to which Russia should refer when Vladimir Putin’s reign ends – a moment that will confront Russians with an existential identity crisis much like those Diamond examines. [How the World Became Rich: The Historical Origins of Economic Growth]( By Mark Koyama and Jared Rubin As a teacher of the political economy of development, I have long wished for a single book that would bring together all of the competing theories explaining development and underdevelopment. Koyama and Rubin provide just that, consolidating and examining a wealth of existing empirical research on the factors – geographical, institutional, and cultural – that underpin long-term growth. It is a far more comprehensive and balanced view than most other books on this topic, which tend to focus on a single explanation. Don't miss Guriev's recent Say More interview, in which he assesses the strength of Vladimir Putin's grip on power, predicts that Xi Jinping’s embrace of personalist rule will lead to policy missteps, urges the West to pursue a strategy of “adversarial engagement” toward modern dictators, and more. [Read now](. By a PS Contributor [The Fiscal Theory of the Price Level]( By [John H. Cochrane]( Cochrane says: "The Fiscal Theory of the Price Level explores a new view of the fundamental determinant of inflation: The price level adjusts so that the real value of government debt equals the present value of primary surpluses. In the book, I develop the theory, I integrate it with central banks that set interest-rate targets, and I place it in the framework of standard dynamic economic models. I also consider broad issues of monetary doctrine and how to analyze events. Throughout, the emphasis is on making fiscal theory useful, to academic researchers, to central-bank modelers, and to those making and thinking about monetary and fiscal policy." In "The End of an Economic Illusion," Cochrane shows how the return of inflation is forcing pundits and policymakers to abandon wishful thinking. [Read now](. More Contributor Recommendations Marion Laboure Recommends... [The End of Alchemy: Money, Banking, and the Future of the Global Economy]( By Mervyn King This book provides a historical perspective on central banks and their macroeconomic impact. King argues that the creation of paper money and the invention of banks that issued credit was “financial alchemy.” Though these extraordinary financial powers defy reality and common sense, faith in them has brought huge benefits, as it has enabled the creation of the liquidity that has fueled economic growth for two centuries now. But these powers have also produced an unending string of economic disasters, from bouts of hyperinflation to banking collapses to the recent global recession. At our current stagflationary moment, King’s book could not be more relevant. (From 2022) --------------------------------------------------------------- Mark Leonard Recommends... [The Ukrainians: Unexpected Nation]( By Andrew Wilson Despite being published in 2015, the book goes a long way toward explaining the roots of the current crisis. Written by my colleague Andrew Wilson, it tells the little-known but fascinating story of the unlikely creation of a Ukrainian state and identity. Wilson’s account of the process of forging a Cossack identity out of the disparate cultural influences that have shaped Ukraine – a nation at the crossroads of civilizations – is particularly interesting. (From 2022) [PS Winter Sale: Save 25% on a new Digital or Digital Plus subscription.]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. This newsletter does not entitle the recipient to re-publish any of the content it contains. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. 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