Ellen Ruppel Shell

An Atlantic correspondent uncovers the true cost—in economic, political, and psychic terms—of our penchant for making and buying things as cheaply as possibleFrom the shuttered factories of the rust belt to the look-alike strip malls of the sun belt—and almost everywhere in between—America has been transformed by its relentless fixation on low price. This pervasive yet little examined obsession is arguably the most powerful and devastating market force of our time—the engine of globalization, outsourcing, planned obsolescence, and economic instability in an increasingly unsettled world.Low price is so alluring that we may have forgotten how thoroughly we once distrusted it. Ellen Ruppel Shell traces the birth of the bargain as we know it from the Industrial Revolution to the assembly line and beyond, homing in on a number of colorful characters, such as Gene Verkauf (his name is Yiddish for "to sell"), founder of E. J. Korvette, the discount chain that helped wean customers off traditional notions of value. The rise of the chain store in post-Depression America led to the extolling of convenience over quality, and big-box retailers completed the reeducation of the American consumer by making them prize low price in the way they once prized durability and craftsmanship.The effects of this insidious perceptual shift are vast: a blighted landscape, escalating debt (both personal and national), stagnating incomes, fraying communities, and a host of other socioeconomic ills. That’s a long list of charges, and it runs counter to orthodox economics which argues that low price powers productivity by stimulating a brisk free market. But Shell marshals evidence from a wide range of fields—history, sociology, marketing, psychology, even economics itself—to upend the conventional wisdom. Cheap also unveils the fascinating and unsettling illogic that underpins our bargain-hunting reflex and explains how our deep-rooted need for bargains colors every aspect of our psyches and social lives. In this myth-shattering, closely reasoned, and exhaustively reported investigation, Shell exposes the astronomically high cost of cheap.

"In a brilliant but sobering work of journalism, Ellen Ruppel Shell takes a hard look at the forces that are reshaping the nature of work in America, overturning the often espoused mythology that retraining workers in software, engineering, and the sciences is the key to job security and career success, and achieving the middle-class dream in the future. In a wide-ranging narrative that takes us from a downsized marketing executive in Massachusetts, to a father of three in Appalachia finding purpose and meaning working in a convenience store chain, to an unemployed autoworker retraining in "advanced manufacturing," Shell reveals how work is essential to our flourishing and pyschological well-being--and how so many of the avenues to well-paid and meaningful work will be challenged in the years ahead. The future of work is not being faced openly. We live in a world where the rewards of employment are concentrated in the hands of the few. Today, the top 10 percent of wage earners in the U.S. bring home 9 times the income of the other 90 percent, and the top.01 percent earn 184 times as much. The economic gap between the few and the many is so vast, Shell says, that we might as well be members of a different species. Moreover, since the 1970s, real wages for most of us have stagnated, and with it our purchasing power. Half of all Americans earn less than $30,000 a year. And the paths to landing those good-paying jobs that secure our financial future are disappearing in the wake of automation and the rise of AI"-- "In a brilliant but sobering work of journalism, Ellen Ruppel Shell takes a hard look at the forces that are reshaping the nature of work in America, overturning the often espoused mythology that retraining workers in software, engineering, and the sciences is the key to job security and career success, and achieving the middle-class dream in the future. In a wide-ranging narrative that takes us from a downsized marketing executive in Massachusetts, to a father of three in Appalachia finding purpose and meaning working in a convenience store chain, to an unemployed autoworker retraining in "advanced manufacturing," Shell reveals how work is essential to our flourishing and pyschological well-being--and how so many of the avenues to well-paid and meaningful work will be challenged in the years ahead. The future of work is not being faced openly. We live in a world where the rewards of employment are concentrated in the hands of the few. Today, the top 10 percent of wage earners in the U.S. bring home 9 times the income of the other 90 percent, and the top .01 percent earn 184 times as much. The economic gap between the few and the many is so vast, Shell says, that we might as well be members of a different species. Moreover, since the 1970s, real wages for most of us have stagnated, and with it our purchasing power. Half of all Americans earn less than $30,000 a year. And the paths to landing those good-paying jobs that secure our financial future are disappearing in the wake of automation and the rise of AI"--