Title
The Price Of Time: The Real Story Of Interest
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Winner Of The 2023 Hayek Book Prizelonglisted For The 2022 Financial Times Business Book Of The Year Awarda Comprehensive And Profoundly Relevant History Of Interest From One Of The Worlds Leading Financial Writers, The Price Of Time Explains Our Current Global Financial Position And How We Got Herein The Beginning Was The Loan, And The Loan Carried Interest. For At Least Five Millennia People Have Been Borrowing And Lending At Interest. The Practice Wasnt Always Popularin The Ancient World, Usury Was Generally Viewed As Exploitative, A Potential Path To Debt Bondage And Slavery. Yet As Capitalism Became Established From The Late Middle Ages Onwards, Denunciations Of Interest Were Tempered Because Interest Was A Necessary Reward For Lenders To Part With Their Capital. And Interest Performs Many Other Vital Functions: It Encourages People To Save; Enables Them To Place A Value On Precious Assets, Such As Houses And All Manner Of Financial Securities; And Allows Us To Price Risk.All Economic And Financial Activities Take Place Across Time. Interest Is Often Described As The Price Of Money, But It Is Better Called The Price Of Time: Time Is Scarce, Time Has Value, Interest Is The Time Value Of Money.Over The First Two Decades Of The Twentyfirst Century, Interest Rates Have Sunk Lower Than Ever Before. Easy Money After The Global Financial Crisis In 2007/2008 Has Produced Several Ill Effects, Including The Appearance Of Multiple Asset Price Bubbles, A Reduction In Productivity Growth, Discouraging Savings And Exacerbating Inequality, And Forcing Yield Starved Investors To Take On Excessive Risk. The Financial World Now Finds Itself Caught Between A Rock And A Hard Place, And Edward Chancellor Is Here To Tell Us Why. In This Enriching Volume, Chancellor Explores The History Of Interest And Its Essential Function In Determining How Capital Is Allocated And Priced.
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This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
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- Q: What is the page count of this book? A: The book has four hundred thirty-two pages. This length provides a comprehensive exploration of its subject matter.
- Q: What is the binding type of this book? A: This book is a hardcover edition. Hardcover bindings offer durability and a professional appearance.
- Q: What are the dimensions of this book? A: The book measures six point two six inches in length, one point two six inches in width, and nine point two five inches in height. These dimensions make it suitable for easy handling.
- Q: Who is the author of this book? A: The author is Edward Chancellor. He is recognized as a leading financial writer with extensive expertise in economic history.
- Q: What topics does this book cover? A: This book covers the history of interest and its crucial role in economics. It provides insights into financial practices over millennia.
- Q: Is this book appropriate for beginners in finance? A: Yes, this book is suitable for beginners. It presents complex ideas in an accessible manner while still appealing to seasoned readers.
- Q: What themes are explored in this book? A: The book explores themes of capitalism, interest rates, and the economic implications of borrowing and lending. It delves into historical and contemporary financial issues.
- Q: Can this book help me understand current financial trends? A: Yes, it provides insights into current financial trends and their historical context. Understanding the past can illuminate current economic challenges.
- Q: How does this book address the concept of interest? A: The book explains interest as the 'price of time.' It emphasizes the significance of interest in economic activities across different eras.
- Q: What is the main argument of this book? A: The main argument is that interest plays a vital role in capital allocation and pricing. It discusses the balance between benefits and risks associated with interest rates.
- Q: What awards has this book received? A: This book is a winner of the 2023 Hayek Book Prize and was longlisted for the 2022 Financial Times Business Book of the Year Award. These accolades highlight its impact and relevance.
- Q: How should I care for this hardcover book? A: To care for this book, store it upright in a cool, dry place. Avoid exposing it to excessive humidity or direct sunlight to preserve its condition.
- Q: Is there a warranty or return policy for this book? A: Typically, books do not come with a warranty, but you can check the retailer's return policy. Most retailers allow returns within a specified timeframe.
- Q: What if I receive a damaged copy of this book? A: If you receive a damaged copy, contact the retailer for a replacement or refund. Most retailers have customer service options for such issues.
- Q: Where can I purchase this book? A: You can purchase this book from major bookstores and online retailers. Check for availability at your preferred shopping location.