Over the past year, we have seen banks tumble, City
firms collapse and the advent of the worst financial
crisis since the 1930s. At the heart of these events
lies the pursuit of money. But just what is this thing
that seems so powerful and omnipresent and yet is
physically worthless - a piece of paper, or a digit on a
computer screen? How does it work? And, more
importantly, how far can we control the power it has
over our lives? Eric Lonergan explores our complex
relationship with money. In a provocative and insightful
analysis, Lonergan argues that few things seem to matter
more to us, but few things are as poorly understood.
Economists have long worked with the theory that our
relationship to money is rational, but not all our
reactions to it make sense. Lonergan shows that many of
our views about money, credit and saving are little
better than prejudices. The same social and emotional
forces that affect quant traders in the world's
financial markets can be seen in the mania of Pokemon
card trading in the school playground.This fascinating
book reveals the tension between money's capacity to
assist us in our lives and its propensity to cause
instability and to distort our values. We are limited in
our ability to control money's power, says Lonergan, but
only by understanding money better, and thinking about
it less, may we get on with enjoying what we
have. |
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