Book HackThe Price of TimeBy Edward Chancellor
In a Nutshell
Edward Chancellor covers the extensive history of monetary interest, explaining why it has remained a hotly debated topic from antiquity to today.
Favorite Quote
Interest exists because loans are productive … It exists because those in possession of capital need to be induced to lend, and because lending is a risky business. It exists because production takes place over time and human beings are naturally impatient.
Edward Chancellor
Introduction
Financial interest has been reviled for millennia, condemned by everyone from the ancient Greeks, to the Mesopotamians, to the modern graduate. But it is also an essential part of a functioning market society.
Author and columnist Edward Chancellor combines his expertise in history and finance to contextualize our financial climate.
Chancellor’s 2022 book The Price of Time goes back to the origins of interest and the warring factions that soon arose.
From its history, Chancellor moves to interest in the modern age, explaining how interest rates featured in financial catastrophes like the housing market crash of 2008.
Chancellor uncovers mistakes governments and banks make when it comes to interest and warns of the consequences should they fail to correct them.
Here are the 3 key insights from this Hack
- 1.Debates around interest have existed as long as interest itself
- 2.Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc volutpat, leo ut.
- 3.Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc volutpat, leo ut.
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