An erudite but sluggish overview of the role of money throughout history.
The author trades the brisk, shoe-leather reporting of Bet the Farm for a dense, scholarly history of cash and its metaphorical significance. He posits that money is an allegorical “fiction” in which every element “corresponds to something other than itself and it is up to the reader to break the code and translate the meaning.” Drawing on disciplines such as narrative theory and cross-cultural anthropology, Kaufmann analyzes the messages latent in money or its stand-ins, which range from the ostrich-egg-shell beads of Neolithic Kenyans to bitcoin. “Currencies” have included slain warriors’ wives, who often became concubines of their husbands’ killers in ancient Greece, and Native American wampum, which served as a “historical record of treaties and transfers of property.” Tracing the impact of the rise of financial markets, Kaufman links events and ideas as disparate as Richard Nixon’s decision to untether the dollar from gold and Claude Lévi-Strauss’ concept of the “floating signifier.” The author is skeptical of newer, near-inscrutable tools like the Chicago Board of Exchange’s volatility index, or “the Fear Index.” If we can’t decrypt such innovations, we risk “becoming pawns and shells ourselves, other people’s money.” Kaufman’s prose is often turgid—one example: “The acolytes of Bachelier, Bhattacharya, Black, Scholes, and Natterberg live in a world only they can perceive; a world where a Delta hedge is simply one of a multitude of back spreads, front spreads, diagonals, Christmas trees, butterflies, condors, strangles and other baroque trading strategies”—but the book may interest readers with tastes broad enough to encompass ancient Greek philosophy, The Golden Bough, corporate strategy, A Random Walk Down Wall Street, cryptocurrency, and detailed discussions of literary theory and its relation to monetary policy or investment strategy. Others may wonder if its ideas, complex as they are, couldn’t have been more effectively presented in a long-form magazine article.
An erudite but sluggish overview of the role of money throughout history.Pub Date: Nov. 24, 2020
ISBN: 978-1-59051-718-5
Page Count: 272
Publisher: Other Press
Review Posted Online: Aug. 24, 2020
Kirkus Reviews Issue: Sept. 15, 2020
BOOK REVIEW
BOOK REVIEW
Cogent, well-timed ideas for meeting today’s biggest challenges.
Helping liberals get out of their own way.
Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.
Cogent, well-timed ideas for meeting today’s biggest challenges.Pub Date: March 18, 2025
ISBN: 9781668023488
Page Count: 320
Publisher: Avid Reader Press
Review Posted Online: Jan. 16, 2025
Kirkus Reviews Issue: Feb. 15, 2025
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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