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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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Frequently Asked Questions
- Q: What is 'The Price of Time: The Real Story of Interest' about? A: This book provides a comprehensive history of interest and its role in the global financial system, exploring how interest impacts economic activities and capital allocation.
- Q: Who is the author of this book? A: The author is Edward Chancellor, a prominent financial writer known for his insights into economic history.
- Q: What awards has this book received? A: It is a winner of the 2023 Hayek Book Prize and was longlisted for the 2022 Financial Times Business Book of the Year Award.
- Q: What is the publication date of this book? A: The book was published on August 16, 2022.
- Q: What is the binding type of this book? A: The book is available in hardcover binding.
- Q: How many pages does 'The Price of Time' have? A: The book contains 432 pages.
- Q: What topics does the book cover? A: It covers the history of interest, its economic functions, and the implications of low-interest rates in the contemporary financial landscape.
- Q: Is this book suitable for someone without a finance background? A: Yes, the book is written to be accessible for general readers interested in economic history and the concept of interest.
- Q: Can this book help me understand the current financial market? A: Yes, it provides insights into the factors influencing today's financial market, including the effects of low-interest rates and economic inequality.
- Q: What are the key themes discussed in the book? A: Key themes include the historical perspective of interest, its economic significance, and the challenges posed by recent financial trends.