The clash of financial institutions and public interests--and how to realign them for everyone's benefit
The great economist Adam Smith argued that private business interest serves the public good. He called it the Invisible Hand. According to Duke University professor John Staddon, there is another, darker force at work in the relationship between business and society--a malign hand, which also serves individual interests but causes collective harm.
In "The Malign Hand of the Markets," Staddon establishes a new theory that is more relevant in today's economy than Adam Smith's. He explains how financial markets have evolved into the unhealthy boom-and-bust system we now have and provides solutions based on behaviorial economics, psychology, evolutionary biology, and moral philosophy.
Staddon argues that by understanding the underlying psychological and social processes at work in financial institutions and the markets in which they operate, we can learn the real causes of the disasters that are an all too-regular feature of those same markets. By knowing the causes of collapse, we can then devise simpler and more realistic solutions than the well-intentioned but ultimately ineffectual regulation currently on offer.
John Staddon is James B. Duke Professor of Psychology and Professor of Biology and Neurobiology, Emeritus, at Duke University.
Описание: Five Steps outlines a different path to wealth creation. At the heart of the book are five essentials that any investor can quickly learn and put into use. Chapters on diversification, asset allocation, controlling risk and managing costs are there because you cant invest responsibly without that foundation. What is truly unique for this genre is the fifth principle, a discussion of how to use the media to make people better investors. Getting good advice is the name of the game, yet in most self-help investment books; the power of the media to improve investment results is ignored. If there is any mention of the media at all in these books, it is usually critical. Thats shortsighted, because for almost all investors, the media is the best place to get money making advice. Five Steps discusses media in all its forms: newspapers, personal finance magazines, newsletters, books, radio, TV, and online. There are sections on selecting actively-managed funds and selecting a market timer. Almost everything that Sheldon recommends, he has tried himself. This includes a discussion on investing in a Broadway show--Sheldon once profited from a personal investment in Hairspray.
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