What is money, and how does it work? In this tour de force of political, cultural, and economic history, Felix Martin challenges nothing less than our conventional understanding of one of humankind’s greatest inventions. Martin describes how the Western idea of money emerged in the ancient world, and was shaped over the centuries by tensions between sovereigns and the emerging middle classes. Money, he argues, has always been an intensely political instrument, and that it is our failure to remember this that led to the crisis in our financial system and the Great Recession. He concludes with practical solutions for making money serve us—and, in an introduction and epilogue new to this edition, a discussion of what Bitcoin and other cryptocurrencies mean for money's future. From John Locke to Montesquieu, from Sparta to the Soviet Union, Money is a far-ranging and magisterial work of history and economics, with profound implications for the world today.
Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize–winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will "phish" us as "phools."
Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and Shiller bring this idea to life through dozens of stories that show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay the next month’s bills. The financial system soars, then crashes. We are attracted, more than we know, by advertising. Our political system is distorted by money. We pay too much for gym memberships, cars, houses, and credit cards. Drug companies ingeniously market pharmaceuticals that do us little good, and sometimes are downright dangerous.
Continue reading “Phishing for Phools: The Economics of Manipulation and Deception”
"The rollicking, delightfully told tale of the creation of one of the most profound new technologies of our time." ―Nicholas Thompson, editor-in-chief, Wired
"If Brian Patrick Eha can make me, a Luddite dunce, both understand and care about the enigmatic Bitcoin, and if he can also tantalize the novelist in me with a narrative of intellectual daring and primal risk relating to Bitcoin’s rise and fall and rise, then he is some kind of journalistic magician. And so he is, because he did all those things and more. Welcome to a new reality and the monetary future. You’ll never find a better guide." ―Walter Kirn, author of Up in the Air and Blood Will Out
Continue reading “How Money Got Free: Bitcoin and the Fight for the Future of Finance”
What are the jobs of the future? How many will there be? And who will have them? We might imagineand hopethat today’s industrial revolution will unfold like the last: even as some jobs are eliminated, more will be created to deal with the new innovations of a new era. In Rise of the Robots, Silicon Valley entrepreneur Martin Ford argues that this is absolutely not the case. As technology continues to accelerate and machines begin taking care of themselves, fewer people will be necessary. Artificial intelligence is already well on its way to making good jobs” obsolete: many paralegals, journalists, office workers, and even computer programmers are poised to be replaced by robots and smart software. As progress continues, blue and white collar jobs alike will evaporate, squeezing working- and middle-class families ever further. At the same time, households are under assault from exploding costs, especially from the two major industrieseducation and health carethat, so far, have not been transformed by information technology. The result could well be massive unemployment and inequality as well as the implosion of the consumer economy itself.
In Rise of the Robots, Ford details what machine intelligence and robotics can accomplish, and implores employers, scholars, and policy makers alike to face the implications. The past solutions to technological disruption, especially more training and education, aren’t going to work, and we must decide, now, whether the future will see broad-based prosperity or catastrophic levels of inequality and economic insecurity. Rise of the Robots is essential reading for anyone who wants to understand what accelerating technology means for their own economic prospectsnot to mention those of their childrenas well as for society as a whole.