Monthly Archives: October 2010

The Ascent of Money – Summary Chapter 5 Safe as Houses

The concept and desire to own a house is baked into our minds from early in life, take as an example Monopoly which was at the time hugely popular and widespread. “Safe as houses” is the popular expression, also because … Continue reading

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The Ascent of Money – Summary Chapter 4 The Return of Risk

If a modern society wants to organize financial security for its members it will necessarily face a dilemma: does everybody save for himself, having to depend on charity at the moment of a calamity, or does the state provide for … Continue reading

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The Ascent Of Money – Summary Chapter 3 Blowing Bubbles

Another great innovation of modern history is the invention of the joint-stock limited-liability company. It allows individuals to pool resources while not having to risk their entire personal fortune. In spite of the theory that vigilant shareholders hold control over … Continue reading

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The Ascent Of Money – Summary Chapter 2 Of human bondage

Of human bondage Although less exciting than the later stock market, bond markets have shown very relevant and very powerful. States issue large bonds, often at a 5-10 or longer, at a fixed interest rate. The future expected payments and … Continue reading

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The Ascent Of Money – Summary Chapter 1 Dreams of Avarice

In 2008, British historian Niall Ferguson published an extremely insightful book on the phenomenon money. A must-read for anyone that wants to frame today’s economic reality in a broader, and deeper, context. A summary of the 362 pager follows: Dreams … Continue reading

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Maslow’s shaky upper half

I do not pretend to be a psychologist – nor to have any superior knowledge about humanistic psychology or behaviorism. These topics were kept far away from us economists, as if managers-to-be are not supposed to have profound knowledge about … Continue reading

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