{"product_id":"the-price-of-time-by-edward-chancellor","title":"The Price of Time by Edward Chancellor","description":"\u003cp\u003e\u003cstrong\u003eWinner of the 2023 Hayek Book Prize\u003c\/strong\u003e\u003cbr\u003e\u003cstrong\u003eLonglisted for the 2022\u003cspan\u003e \u003c\/span\u003e\u003cem\u003eFinancial Times\u003c\/em\u003e\u003cspan\u003e \u003c\/span\u003eBusiness Book of the Year Award\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan class=\"s2\"\u003eIn the beginning was the loan, and the\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eloan carried interest. For at least five\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003emillennia people have been borrowing\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eand lending at interest. The practice\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ewasn’t always popular—in the ancient\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003eworld, usury was generally viewed as\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eexploitative, a potential path to debt\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ebondage and slavery. Yet as capitalism\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ebecame established from the late Middle\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eAges onwards, denunciations of interest\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ewere tempered because interest was a\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003enecessary reward for lenders to part with\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003etheir capital. And interest performs many\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eother vital functions: it encourages people\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eto save; enables\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ethem to place a value on\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eprecious assets, such as houses and all\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003emanner of financial securities; and allows\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eus to price risk.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp class=\"s4\"\u003e\u003cspan class=\"s2\"\u003eAll economic and financial activities\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003etake place across time. Interest is often\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003edescribed as the “price of money,” but it is\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003ebetter called the “price of time:” time is\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003escarce, time has value, interest is the time\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003evalue of money.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp class=\"s4\"\u003e\u003cspan class=\"s2\"\u003eOver the first two decades of the twenty\u003c\/span\u003e\u003cspan class=\"s2\"\u003e–\u003c\/span\u003e\u003cspan class=\"s2\"\u003efirst\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ecentury, interest rates have sunk lowe\u003c\/span\u003e\u003cspan class=\"s2\"\u003er\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003ethan ever before. Easy money after the\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eglobal financial crisis in 2007\/2008 has\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eproduced several ill effects, including the\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eappearance of multiple asset price bubbles,\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003ea reduction in productivity growth, discouraging\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003esavings and exacerbating inequality,\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eand forcing yield starved investors to take\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eon excessive risk. The financial world now\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003efinds itself caught between a rock and a hard\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eplace, and Edward Chancellor is here to tell\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eus why. In this enriching volume, Chancellor\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eexplores the history of interest and its essential\u003cspan\u003e \u003c\/span\u003e\u003c\/span\u003e\u003cspan class=\"s2\"\u003efunction in determining how capital is\u003c\/span\u003e\u003cspan\u003e \u003c\/span\u003e\u003cspan class=\"s2\"\u003eallocated and priced\u003c\/span\u003e\u003cspan class=\"s2\"\u003e.\u003c\/span\u003e\u003c\/p\u003e","brand":"Woolly Bear Books and Gifts","offers":[{"title":"Paperback.","offer_id":56221633806502,"sku":"9780802161789","price":20.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/4637\/7638\/files\/9780802160065_FC-340x509.jpg?v=1772151577","url":"https:\/\/woollybearbooks.com\/products\/the-price-of-time-by-edward-chancellor","provider":"Woolly Bear Books and Gifts","version":"1.0","type":"link"}