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Reviews
1. Capitalism without Capital: The Rise of the Intangible Economy
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The first comprehensive account of the growing dominance of the intangible economy
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, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, 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 big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.
Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.
Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
2. The Gene: An Intimate History
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SCRIBNERDescription
THE #1 NEW YORK TIMES BESTSELLERA New York Times Notable Book
A Washington Post and Seattle Times Best Book of the Year
From the Pulitzer Prize-winning author of The Emperor of All Maladiesa fascinating history of the gene and a magisterial account of how human minds have laboriously, ingeniously picked apart what makes us tick (Elle).
Dr. Siddhartha Mukherjee dazzled readers with his Pulitzer Prize-winning The Emperor of All Maladies in 2010. That achievement was evidently just a warm-up for his virtuoso performance in The Gene: An Intimate History, in which he braids science, history, and memoir into an epic with all the range and biblical thunder of Paradise Lost (The New York Times). In this biography Mukherjee brings to life the quest to understand human heredity and its surprising influence on our lives, personalities, identities, fates, and choices.
Mukherjee expresses abstract intellectual ideas through emotional stories[and] swaddles his medical rigor with rhapsodic tenderness, surprising vulnerability, and occasional flashes of pure poetry (The Washington Post). Throughout, the story of Mukherjees own familywith its tragic and bewildering history of mental illnessreminds us of the questions that hang over our ability to translate the science of genetics from the laboratory to the real world. In riveting and dramatic prose, he describes the centuries of research and experimentationfrom Aristotle and Pythagoras to Mendel and Darwin, from Boveri and Morgan to Crick, Watson and Franklin, all the way through the revolutionary twenty-first century innovators who mapped the human genome.
A fascinating and often sobering history of how humans came to understand the roles of genes in making us who we areand what our manipulation of those genes might mean for our future (Milwaukee Journal-Sentinel), The Gene is the revelatory and magisterial history of a scientific idea coming to life, the most crucial science of our time, intimately explained by a master. The Gene is a book we all should read (USA TODAY).
3. Principles: Life and Work
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#1 New York Times BestsellerSignificant...The book is both instructive and surprisingly moving. The New York Times
Ray Dalio, one of the worlds most successful investors and entrepreneurs, shares the unconventional principles that hes developed, refined, and used over the past forty years to create unique results in both life and businessand which any person or organization can adopt to help achieve their goals.
In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazines list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewaters exceptionally effective culture, which he describes as an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency. It is these principles, and not anything special about Daliowho grew up an ordinary kid in a middle-class Long Island neighborhoodthat he believes are the reason behind his success.
In Principles, Dalio shares what hes learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The books hundreds of practical lessons, which are built around his cornerstones of radical truth and radical transparency, include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating baseball cards for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what theyre seeking to achieve.
Here, from a man who has been called both the Steve Jobs of investing and the philosopher king of the financial universe (CIO magazine), is a rare opportunity to gain proven advice unlike anything youll find in the conventional business press.
4. Machine, Platform, Crowd: Harnessing Our Digital Future
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Machine Platform Crowd Harnessing the Digital RevolutionDescription
From the authors of the best-selling The Second Machine Age, a leaders guide to success in a rapidly changing economy.
We live in strange times. A machine plays the strategy game Go better than any human; upstarts like Apple and Google destroy industry stalwarts such as Nokia; ideas from the crowd are repeatedly more innovative than corporate research labs.
MITs Andrew McAfee and Erik Brynjolfsson know what it takes to master this digital-powered shift: we must rethink the integration of minds and machines, of products and platforms, and of the core and the crowd. In all three cases, the balance now favors the second element of the pair, with massive implications for how we run our companies and live our lives.
In the tradition of agenda-setting classics like Clay Christensens The Innovators Dilemma, McAfee and Brynjolfsson deliver both a penetrating analysis of a new world and a toolkit for thriving in it. For startups and established businesses, or for anyone interested in what the future holds, Machine, Platform, Crowd is essential reading.
5. Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street
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NEW YORK TIMES BESTSELLER An essential expos of our timesa work that reveals the deep rot in our financial system . . . Everyone should read this book.David Grann, author of Killers of the Flower MoonONE OF THE BEST BOOKS OF THE YEARThe New York Times and The Economist Finalist for the New York Public Librarys Helen Bernstein Book Award for Excellence in Journalism
The hedge fund industry changed Wall Street. Its pioneers didnt lay railroads, build factories, or invent new technologies. Rather, they made their billions through financial speculation, by placing bets in the market that turned out to be right more often than not. In hedge fund circles, Steven A. Cohen was revered as one of the greatest traders who ever lived. But that image was shattered when his fund, SAC Capital, became the target of a seven-year government investigation. Prosecutors labeled SAC a magnet for market cheaters whose culture encouraged the relentless pursuit of edgeand even black edge, which is inside informationand the firm was ultimately indicted and pleaded guilty to charges related to a vast insider trading scheme. Cohen, himself, however, was never charged. Black Edge is a riveting legal thriller that raises urgent questions about the power and wealth of those who sit at the pinnacle of high finance and how they have reshaped the economy.
Longlisted for the Andrew Carnegie Medal for Excellence in Nonfiction and the Financial Times and McKinsey Business Book of the Year Award
A modern version of Moby-Dick, with wiretaps rather than harpoons.Jennifer Senior, The New York Times
If you liked James B. Stewarts Den of Thieves, Sheelah Kolhatkars thrilling Black Edge should be next on your reading list.The Wall Street Journal
Excellent.The Economist
A true-life thriller with Shakespearian stakes . . . Her chilling account of a blighted industry is as mesmerizing as a human story as it is as a financial one.Fortune
A tour de force of groundbreaking reporting and brilliant storytelling.Jeffrey Toobin, New York Times bestselling author of American Heiress
6. The Wisdom of Finance: Discovering Humanity in the World of Risk and Return
Description
In 1688 essayist Josef de la Vega described finance as both "the fairest and most deceitful business...the noblest and the most infamous in the world, the finest and most vulgar on earth."
The characterization of finance as deceitful, infamous, and vulgar still rings true today - particularly in the wake of the 2008 financial crisis. But what happened to the fairest, noblest, and finest profession that de la Vega saw?
De la Vega hit on an essential truth that has been forgotten: Finance can be just as principled, life-affirming, and worthy as it can be fraught with questionable practices. Today finance is shrouded in mystery for outsiders, while many insiders are uneasy with the disrepute of their profession. How can finance become more accessible and also recover its nobility?
Harvard Business School professor Mihir Desai, in his last lecture to the graduating Harvard MBA class of 2015, took up the cause of restoring humanity to finance. With incisive wit and irony, his lecture drew upon a rich knowledge of literature, film, history, and philosophy to explain the inner workings of finance in a manner that has never been seen before.
This book captures Desai's lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and that insiders can reacquaint themselves with the core humanity of their profession.
The mix of finance and the humanities creates unusual pairings: Jane Austen and Anthony Trollope are guides to risk management; Jeff Koons becomes an advocate of leverage; and Mel Brooks' The Producers teaches us about fiduciary responsibility. In Desai's vision, the principles of finance also provide answers to critical questions in our lives. Among many surprising parallels, bankruptcy teaches us how to react to failure, the lessons of mergers apply to marriages, and the capital asset pricing model demonstrates the true value of relationships.
The Wisdom of Finance is a wholly unique book offering a refreshing new perspective on one of the world's most complex and misunderstood professions.
7. Janesville: An American Story
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* Financial Times and McKinsey Business Book of the Year Award Winner* A New York Times Notable Book
* NPR Best Books of 2017
A gripping story of psychological defeat and resilience (Bob Woodward, The Washington Post)an intimate account of the fallout from the closing of a General Motors assembly plant in Janesville, Wisconsin, and a larger story of the hollowing of the American middle class.
This is the story of what happens to an industrial town in the American heartland when its main factory shuts downbut its not the familiar tale. Most observers record the immediate shock of vanished jobs, but few stay around long enough to notice what happens next when a community with a can-do spirit tries to pick itself up.
Pulitzer Prizewinning reporter Amy Goldstein spent years immersed in Janesville, Wisconsin, where the nations oldest operating General Motors assembly plant shut down in the midst of the Great Recession. Now, with intelligence, sympathy, and insight into what connects and divides people in an era of economic upheaval, Goldstein shows the consequences of one of Americas biggest political issues. Her reporting takes the reader deep into the lives of autoworkers, educators, bankers, politicians, and job re-trainers to show why its so hard in the twenty-first century to recreate a healthy, prosperous working class.
Moving and magnificently well-researched...Janesville joins a growing family of books about the evisceration of the working class in the United States. What sets it apart is the sophistication of its storytelling and analysis (Jennifer Senior, The New York Times).
Anyone tempted to generalize about the American working class ought to meet the people in Janesville. The reporting behind this book is extraordinary and the storya stark, heartbreaking reminder that political ideologies have real consequencesis told with rare sympathy and insight (Tracy Kidder, Pulitzer Prizewinning author of The Soul of a New Machine).
8. The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History
Description
TheWall Street Journal's award-winning business reporter unveils the bizarre and sinister story of how a math genius named Tom Hayes, a handful of outrageous confederates, and a deeply corrupt banking system ignited one of the greatest financial scandals in history. The paperback edition includes a new chapter discussing further fallout from the scandal.
In 2006, an oddball group of bankers, traders and brokers from some of the worlds largest financial institutions made a startling realization: Liborthe London interbank offered rate, which determines interest rates on trillions in loans worldwidewas set daily by a small group of easily manipulated functionaries. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of shadowy team that used hook and crook to take over the process and set rates that made them a fortune, no matter the cost to others. Among the motley crew was a French trader nicknamed Gollum; the broker Abbo, who liked to publicly strip naked when drinking; a Kazakh chicken farmer turned something short of financial whiz kid; an executive called Clumpy because of his patchwork hair loss; and a broker uncreatively nicknamed Big Nose. Eventually known as the Spider Network, Hayess circle generated untold riches until it all unraveled in spectacularly vicious, backstabbing fashion.
Praised as reading like a fast-paced John le Carr thriller (New York Times), compelling (Washington Post) and jaw-dropping (Financial Times), The Spider Networkis not only a rollicking account of the scam, but a provocative examination of a financial system that was warped and shady throughout.
9. Economics for the Common Good
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Economics for the Common GoodDescription
From Nobel Prizewinning economist Jean Tirole, a bold new agenda for the role of economics in society
When Jean Tirole won the 2014 Nobel Prize in Economics, he suddenly found himself being stopped in the street by complete strangers and asked to comment on issues of the day, no matter how distant from his own areas of research. His transformation from academic economist to public intellectual prompted him to reflect further on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics, far from being a "dismal science," is a positive force for the common good.
Economists are rewarded for writing technical papers in scholarly journals, not joining in public debates. But Tirole says we urgently need economists to engage with the many challenges facing society, helping to identify our key objectives and the tools needed to meet them.
To show how economics can help us realize the common good, Tirole shares his insights on a broad array of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation.
Providing a rich account of how economics can benefit everyone, Economics for the Common Good sets a new agenda for the role of economics in society.
10. Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies
Description
"This is science writing as wonder and as inspiration."The Wall Street JournalWall Street Journal
From one of the most influential scientists of our time, a dazzling exploration of the hidden laws that govern the life cycle of everything from plants and animals to the cities we live in.
Visionary physicist Geoffrey West is a pioneer in the field of complexity science, the science of emergent systems and networks. The term complexity can be misleading, however, because what makes Wests discoveries so beautiful is that he has found an underlying simplicity that unites the seemingly complex and diverse phenomena of living systems, including our bodies, our cities and our businesses.
Fascinated by aging and mortality, West applied the rigor of a physicist to the biological question of why we live as long as we do and no longer. The result was astonishing, and changed science: West found that despite the riotous diversity in mammals, they are all, to a large degree, scaled versions of each other. If you know the size of a mammal, you can use scaling laws to learn everything from how much food it eats per day, what its heart-rate is, how long it will take to mature, its lifespan, and so on. Furthermore, the efficiency of the mammals circulatory systems scales up precisely based on weight: if you compare a mouse, a human and an elephant on a logarithmic graph, you find with every doubling of average weight, a species gets 25% more efficientand lives 25% longer. Fundamentally, he has proven, the issue has to do with the fractal geometry of the networks that supply energy and remove waste from the organisms body.
Wests work has been game-changing for biologists, but then he made the even bolder move of exploring his works applicability. Cities, too, are constellations of networks and laws of scalability relate with eerie precision to them. Recently, West has applied his revolutionary work to the business world. This investigation has led to powerful insights into why some companies thrive while others fail. The implications of these discoveries are far-reaching, and are just beginning to be explored. Scale is a thrilling scientific adventure story about the elemental natural laws that bind us together in simple but profound ways. Through the brilliant mind of Geoffrey West, we can envision how cities, companies and biological life alike are dancing to the same simple, powerful tune.
11. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market
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A Man for All Markets From Las Vegas to Wall Street How I Beat the Dealer and the MarketDescription
The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street.A child of the Great Depression, legendary mathematician Edward O. Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table. As a result he launched a gambling renaissance. His remarkable successand mathematically unassailable methodcaused such an uproar that casinos altered the rules of the game to thwart him and the legions he inspired. They barred him from their premises, even put his life in jeopardy. Nonetheless, gambling was forever changed.
Thereafter, Thorp shifted his sights to the biggest casino in the world: Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. Along the way, the so-called godfather of the quants played bridge with Warren Buffett, crossed swords with a young Rudy Giuliani, detected the Bernie Madoff scheme, and, to beat the game of roulette, invented, with Claude Shannon, the worlds first wearable computer.
Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classica book that challenges its readers to think logically about a seemingly irrational world.
Praise for A Man for All Markets
In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment.The Wall Street Journal
[Thorp] gives a biological summation (think Richard Feynmans Surely Youre Joking, Mr. Feynman!) of his quest to prove the aphorism the house always wins is flawed. . . . Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders
Library Journal
12. The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
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The End of Theory Financial Crises the Failure of Economics and the Sweep of Human InteractionDescription
An in-depth look at how to account for the human complexities at the heart of today's financial system
Our economy may have recovered from the Great Recessionbut not our economics. In The End of Theory, Richard Bookstaber discusses why the human condition and the radical uncertainty of our world renders the standard economic modeland the theory behind ituseless for dealing with financial crises. What model should replace it? None. At least not any version we've been using for the past two hundred years. Instead, Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are.
Bookstaber's groundbreaking paradigm promises to do a far better job at preventing crises and managing those that break out. As he explains, our varied memories and imaginations color our economic behavior in unexpected hues. Agent-based modeling embraces these nuances by avoiding the mechanistic, unrealistic structure of our current economic approach. Bookstaber tackles issues such as radical uncertainty, when circumstances take place beyond our anticipation, and emergence, when innocent, everyday interactions combine to create sudden chaos. Starting with the realization that future crises cannot be predicted by the past, he proposes an approach that recognizes the human narrative while addressing market realities.
Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel and innovative perspective, along with a more realistic and human framework, to help prevent today's financial system from blowing up again.
13. Adaptive Markets: Financial Evolution at the Speed of Thought
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Adaptive Markets Financial Evolution at the Speed of ThoughtDescription
A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believeand as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.
Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thoughta fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.
A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implicationsincluding how hedge funds have become the Galpagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.
An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.
14. The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century (The Princeton Economic History of the Western World)
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The Great Leveler Violence and the History of Inequality from the Stone Age to the Twenty First CenturyDescription
How only violence and catastrophes have consistently reduced inequality throughout world history
Are mass violence and catastrophes the only forces that can seriously decrease economic inequality? To judge by thousands of years of history, the answer is yes. Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that inequality never dies peacefully. Inequality declines when carnage and disaster strike and increases when peace and stability return. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world.
Ever since humans began to farm, herd livestock, and pass on their assets to future generations, economic inequality has been a defining feature of civilization. Over thousands of years, only violent events have significantly lessened inequality. The "Four Horsemen" of levelingmass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagueshave repeatedly destroyed the fortunes of the rich. Scheidel identifies and examines these processes, from the crises of the earliest civilizations to the cataclysmic world wars and communist revolutions of the twentieth century. Today, the violence that reduced inequality in the past seems to have diminished, and that is a good thing. But it casts serious doubt on the prospects for a more equal future.
An essential contribution to the debate about inequality, The Great Leveler provides important new insights about why inequality is so persistentand why it is unlikely to decline anytime soon.