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In this book, Reuven Brenner argues that people bet on new ideas and are more willing to take risks when they have been outdone by their fellows on local, national, or international scales. Such bets mean that people deviate from the beaten path and either gamble, commit crimes, or come up with new ideas in art, business, or politics, and ideas concerning war and peace in particular. By using evidence on gambling, crime, and creativity now and during the Industrial Revolution, by examining innovations in English and French inheritance laws and the emergence of welfare legislation, and by looking at what has happened before and after wars, Brenner reaches the conclusion that hope and fear, envy and vanity, sentiments provoked when being leapfrogged, make humans race.
A theory of business enterprise and rivalry is developed from the assumption that decisions to undertake new ventures and readiness to take risks are related to fears of being hierarchically outranked.
Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies. The Brenners argue that the negative image of gamblers and of speculators stems from prejudice, whose roots are in the distant, forgotten past. Legal scholars have frequently confused gambling with speculation and the anti-gambling laws were, at times, erroneously interpreted as implying the prohibitions of contracts in futures and insurance markets. One consequence of all this confusion was that during this century both in the United States a...
Argues that macroeconomic management of the economy leads nations into decline
Although financial markets often try to distance themselves from gambling, the two factors have far more in common than usually thought. When, historically there were no financial institutions such as banks, lotteries constituted the ways by which expensive items were disposed of, and governments raised money quickly. Gambling tables fulfilled roles that venture capital and banking do today. "Gamblers" created clearinghouses and sustained liquidity. When those gamblers bet on price distributions in futures markets, they were redefined as "speculators." Today they are called "hedge fund managers" or "bankers." Though the names have changed, the actions undertaken have essentially stayed the same. This book shows how discussion on "chance," "risk," "gambling," "insurance," and "speculation" illuminates where societies stood, where we are today, and where we may be heading.
An innovative guide that identifies what distinguishes the best financial risk takers from the rest From 1987 to 1992, a small group of Wall Street quants invented an entirely new way of managing risk to maximize success: risk management for risk-takers. This is the secret that lets tiny quantitative edges create hedge fund billionaires, and defines the powerful modern global derivatives economy. The same practical techniques are still used today by risk-takers in finance as well as many other fields. Red-Blooded Risk examines this approach and offers valuable advice for the calculated risk-takers who need precise quantitative guidance that will help separate them from the rest of the pack. ...
Winner of the Helen and Howard Marraro Prize A Times Literary Supplement Book of the Year “Perhaps the greatest study ever written of Renaissance political thought.” —Jeffrey Collins, Times Literary Supplement “Magisterial...Hankins shows that the humanists’ obsession with character explains their surprising indifference to particular forms of government. If rulers lacked authentic virtue, they believed, it did not matter what institutions framed their power.” —Wall Street Journal “Puts the politics back into humanism in an extraordinarily deep and far-reaching way...For generations to come, all who write about the political thought of Italian humanism will have to refer to i...
This book contains lectures delivered at Yale University in October, 1983, in memory of Arthur M. Okun, showing how Lord Kaldor relates his own views of economic process to those of Okun, particularly the theory of markets set in Okun's magnum opus, Prices and Quantities, posthumously published.