Why are we more likely to forgo the opportunity to sell a GBP100 bottle of wine rather than actually taking money out our wallet to pay for it, when ultimately the 'opportunity cost' of doing so is the same? Why would the 'endowment effect' mean that we value a free ticket worth hundreds of pounds more than the money we would get from selling it? In this new, ambitious work, Thaler presents his findings in behavioral economics and breaks down the biases and irrational tendencies in our thinking, showing us how to avoid making costly mistakes in life.
In The Reckoning, award-winning historian Jacob Soll shows how the use and misuse of financial bookkeeping has determined the fates of entire societies. Time and again, Soll reveals, good and honest accounting has been a tool to build successful companies, states and empires. Yet when it is neglected or falls into the wrong hands, accounting has contributed to cycles of destruction that continue to this day. Combining rigorous scholarship and fresh storytelling, The Reckoning traces the surprisingly powerful influence of accounting on financial and political stability, from the powerful Medici bank in the 14th century Italy to the 2008 financial crisis.
Is a promotion at work worth more than time with family? Does the price of cheap socks compensate for their being made by children? Might a new lover be better than the one you have? How do we choose when what we want is bad for someone else? In fact, in a world as complicated as ours, how do we choose at all?
Over the course of the 20th century economics has become our most trusted science of decision-making. From government policies to personal decisions - such as buying a house, educating our children, caring for our sick or even meeting a spouse - economic principles govern both our range of choices and how we choose between them. But economics is not a perfect science. It is political and far from impartial, and yet its values - ownership, efficiency, cost benefit and self-interest - now threaten to usurp all others. At a time when the most urgent problems require collective action, economics is perhaps our greatest obstacle to change.
Written with humour, wisdom and compassion, and investigating the worlds of work, shopping, healthcare, house-buying, online dating, politics and daily life, this brilliant and timely book exposes the true cost of economic thinking, points the way to some compelling alternatives - co-operatives, local currencies, non-Western finance, community - and draws attention to some other, timeless values that few of us have yet forgotten.
From the former Treasury Secretary, the definitive account of the unprecedented effort to save the US economy from collapse in the wake of the worst global financial crisis since the Great Depression.
On 26 January, 2009, during the depths of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F Geithner was sworn in by President Barack Obama as the seventy-fifth Secretary of the Treasury of the United States. Now, in a strikingly candid, riveting, and historically illuminating memoir, Geithner takes readers behind the scenes during the darkest moments of the crisis. Swift, decisive, and creative action was required to avert a second Great Depression, but policy makers faced a fog of uncertainty, with no good options and the risk of catastrophic outcomes. Stress Test: Reflections on Financial Crises takes us inside the room, explaining in accessible and forthright terms the hard choices and politically unpalatable decisions that Geithner and others in the Obama administration made during the crisis and recovery.
He discusses the most controversial moments of his tenures at the Federal Reserve Bank of New York and at the Treasury, including the harrowing weekend Lehman Brothers went bankrupt; the searing crucible of the AIG bonuses controversy; the development of his widely criticized but ultimately successful plan in early 2009 to end the crisis; the bracing fight for the most sweeping financial reforms in seventy years; and the lingering aftershocks of the crisis, including high unemployment, the fiscal battles, and Europe's repeated flirtations with the economic abyss.
Geithner also shares his personal and professional recollections of key players such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and policy that have come to dominate discussions of the U.S. economy. An insider's account of how the Obama administration saved the economy but lost the American people, Stress Test reveals a side of Timothy Geithner that only few have seen.
This book presents a bold, engaging and updated history of economics - the dramatic story of how the great economic thinkers built today's rigorous social science. Noted financial writer and economist Mark Skousen has revised this popular work, now in its third edition. This comprehensive, yet accessible introduction to the major economic philosophers of the past 225 years begins with Adam Smith and continues through the present day. The text examines the contributions made by each individual to our understanding of the role of the economist, the science of economics, and economic theory. Boxes in each chapter highlight little-known and entertaining facts about the economists' personal lives that had an influence on their work.
Creativity is both scarce and valuable. What was important in the old economy has been turned on its head. What matters now is trust, permission, remarkability, leadership, and telling stories that spread. Whether you're a teacher or a sales rep you can make art if you care about why you went to work today and how you can be better at it tomorrow. Being an artist isn't disposition or a talent. It's an attitude; a hunger to seize new ground and make connections. Steve Jobs was an artist, as were Henry Ford and Martin Luther King Jr. They saw something others didn't and had the guts to do something about it. This is Seth Godin's most personal book yet - a pithy, inspirational call to arms.
On Purpose is a modern-day business book for those who want to steer their work and life back on course. When your head and heart connect in both, our humanity becomes the hero in the story. Shed the mediocrity that comes from halfhearted decision-making, and rediscover your PLOT Purpose, Leadership, Operations, and Technology as you learn to live and lead with purpose. This insightful guide provides a framework for re-evaluating your direction, then stepping back and re-aiming the ship. It starts with a fable that illustrates just how businesses lose their PLOT every day, then digs down to the nitty-gritty to give you the actionable steps and practical advice you need to climb out of the rut. Deliberately ironic and witty, this book presents a fun, but informative read that is anything but cynical. You'll learn from the author's own successes using PLOT in her career, as she turned a $9M business into a $100M business and went on to drive international and domestic philanthropic ventures and leadership training programmes.
The question is not, 'why is it so hard to get rich', but 'why is it so easy for some people to get rich?' Wealth Secrets of the One Per Cent is an exploration of how people become billionaires. It looks at what we can learn about business from the super-wealthy, from the Ancient World to modern emerging economies, via the American Industrialists, the '90s dotcom boom and other key entrepreneurial moments in history. Global Economic Forecaster Sam Wilkin's surprising conclusion is that despite superficial differences, from Mexican telecoms billionaires to Roman senators, their methods of wealth accumulation have a great deal in common. Behind almost every great fortune is a 'wealth secret'--a moneymaking technique that involves some sort of scheme for defeating the forces of market competition. They're not pretty, but then, who said making a billion was easy?