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Title details for The Price of Time by Edward Chancellor - Available

The Price of Time

by Edward Chancellor
Luis Soto
Audiobook (Includes supplementary content)
Listen to a sample Listen to a sample
In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. 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. 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 twenty-first 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. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced. Bonus material: This audiobook includes supplemental material in printable PDF format.
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Publisher: Tantor Media, Inc. Edition: Unabridged

OverDrive Listen audiobook

  • ISBN: 9798765057551
  • File size: 435455 KB
  • Release date: August 16, 2022
  • Duration: 15:07:11

MP3 audiobook

  • ISBN: 9798765057551
  • File size: 435519 KB
  • Release date: August 16, 2022
  • Duration: 15:16:03
  • Number of parts: 17
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Formats

OverDrive Listen audiobook
MP3 audiobook

subjects

Business History Nonfiction

Languages

English

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. 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. 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 twenty-first 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. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced. Bonus material: This audiobook includes supplemental material in printable PDF format.
Expand title description text
Business History Nonfiction
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