This provocative proposal exposes the misconceptions that drive our economic system and offers systematic and revolutionary solutions. Economic Insanity questions the most basic assumptions behind our economic system and argues that its entire structure must be challenged. Terry challenges readers to stop looking for answers within the system and look instead to changing the system.
Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
Market Insanity: A Brief Guide to Diagnosing the Madness in the Stock Market is an engaging and accessible primer which applies modern behavioral finance to equity markets. It helps readers understand how logical investment decisions can be betrayed by what Taillard calls "the insanity," all those behavioral quirks which cause us to achieve less than optimal utility. The book describes how limited information, habit, the rules of the game, asymmetric information and ego blend together in potentially toxic ways in market environments, thus creating bubbles, stock runs, and more prosaically, even 'normal' equity prices. In addition, the book discusses the implications of these behaviors in-depth. In so doing, it helps the reader to not only predict the madness within equity markets, but also helps them develop solutions that address and mitigate outcomes. - Provides detailed and accurate descriptions of the most relevant behavioral anomalies for finance - Entertainingly written by a veteran consultant with 15+ years experience helping companies explain anomalous finance behavior in non-economic language - Shows how educated finance professionals can use behavioral insights to help build finance solutions - Addresses the implications for equity markets in deviations from rationality paradigms - Draws on a vast range of literature in explaining anomalous behavior, including economic psychology, economic psychology, evolutionary psychology, anthropology and animal behavior
The Little Book of Big Bubbles - A History of Financial Greed and Collective Insanity. Whether it's tulips, real estate, or even Beanie Babies: asset bubbles are thought to inflate and pop without rhyme or reason. This is not true. Humans are greedy. We are susceptible to being deluded by our own collective insanity. We ignore the lessons of the past and make the same mistakes over and over. What are financial bubbles, and how do we navigate them? In this book, we explore ten of history's most significant bubbles and identify what they have in common to build a framework for recognising future ones. Chapters An Introduction The Roman Land Collapse (33 AD) The Dutch Tulipe Mania (1637) The South Sea Company (1720) The Mississippi Company (1720) US Land Panics (1819, 1837 and 1857) The Roaring '20s (1921-1929) The Japanese Asset Bubble (1986-1991) Beanie Babies (1995-1999) The Tech Bubble (1995-2000) The US Housing bubble (2005-2008) The Lessons of History The Author - Edmund Simms Value investor. Worked in hedge funds, mutual funds, venture capital, and as co-founder to three startups. No managing a private investment partnership and an equity research publication. Made in Australia but residing in London.
This open access book is the first comparative study of public, voluntary and private asylums in nineteenth-century Ireland. Examining nine institutions, it explores whether concepts of social class and status and the emergence of a strong middle class informed interactions between gender, religion, identity and insanity. It questions whether medical and lay explanations of mental illness and its causes, and patient experiences, were influenced by these concepts. The strong emphasis on land and its interconnectedness with notions of class identity and respectability in Ireland lends a particularly interesting dimension. The book interrogates the popular notion that relatives were routinely locked away to be deprived of land or inheritance, querying how often “land grabbing” Irish families really abused the asylum system for their personal economic gain. The book will be of interest to scholars of nineteenth-century Ireland and the history of psychiatry and medicine in Britain and Ireland.
Estimates indicate that as many as 1 in 4 Americans will experience a mental health problem or will misuse alcohol or drugs in their lifetimes. These disorders are among the most highly stigmatized health conditions in the United States, and they remain barriers to full participation in society in areas as basic as education, housing, and employment. Improving the lives of people with mental health and substance abuse disorders has been a priority in the United States for more than 50 years. The Community Mental Health Act of 1963 is considered a major turning point in America's efforts to improve behavioral healthcare. It ushered in an era of optimism and hope and laid the groundwork for the consumer movement and new models of recovery. The consumer movement gave voice to people with mental and substance use disorders and brought their perspectives and experience into national discussions about mental health. However over the same 50-year period, positive change in American public attitudes and beliefs about mental and substance use disorders has lagged behind these advances. Stigma is a complex social phenomenon based on a relationship between an attribute and a stereotype that assigns undesirable labels, qualities, and behaviors to a person with that attribute. Labeled individuals are then socially devalued, which leads to inequality and discrimination. This report contributes to national efforts to understand and change attitudes, beliefs and behaviors that can lead to stigma and discrimination. Changing stigma in a lasting way will require coordinated efforts, which are based on the best possible evidence, supported at the national level with multiyear funding, and planned and implemented by an effective coalition of representative stakeholders. Ending Discrimination Against People with Mental and Substance Use Disorders: The Evidence for Stigma Change explores stigma and discrimination faced by individuals with mental or substance use disorders and recommends effective strategies for reducing stigma and encouraging people to seek treatment and other supportive services. It offers a set of conclusions and recommendations about successful stigma change strategies and the research needed to inform and evaluate these efforts in the United States.
An insider's account of America's ineffectual approach to some of the hardest defense and intelligence issues in the three decades since the Cold War ended. Insanity can be defined as doing the same thing over and over again but expecting a different result. As a nation, America has cycled through the same defense and intelligence issues since the end of the Cold War. In Insanity Defense, Congresswoman Jane Harman chronicles how four administrations have failed to confront some of the toughest national security policy issues and suggests achievable fixes that can move us toward a safer future. The reasons for these inadequacies are varied and complex, in some cases going back generations. American leaders didn’t realize soon enough that the institutions and habits formed during the Cold War were no longer effective in an increasingly multi-power world transformed by digital technology and riven by ethno-sectarian conflict. Nations freed from the fear of the Soviets no longer deferred to America as before. Yet the United States settled into a comfortable, at times arrogant, position as the lone superpower. At the same time our governing institutions, which had stayed resilient, however imperfectly, through multiple crises, began their own unraveling. Congresswoman Harman was there—as witness, legislator, exhorter, enabler, dissident and, eventually, outside advisor and commentator. Insanity Defense is an insider’s account of decades of American national security—of its failures and omissions—and a roadmap to making significant progress on solving these perennially difficult issues.
EconoPower will provide you with a firm understanding of the influence of modern economics and how it can be used to improve the world we live in. It offers practical advice on numerous personal financial matters—earning, saving, investing, and retiring—based on the breakthrough contributions of behavioral economists. And it looks at how economists are working successfully on issues such as public education, crime, and global warming. EconoPower also examines how a new economic philosophy may dominate the new millennium.
"Aftershocks was written in the midst of the deepest economic crisis since the Great Depression. Although it would be premature to presume to identify the repercussions of the crisis, it is clear that it will have profound aftershock effects in the political, economic, and social spheres. The book contains essays based on semi-structured interviews with leading scholars, European politicians and representatives from the world of business. They reflect on the origins of the crisis as well as the possible social, economic, and political transformations it may engender."--Publisher's description.
