Audiobook10 hours
The Illusion of Control: Why Financial Crises Happen, and What We Can (and Can't) Do About It
Written by Jon Danielsson
Narrated by Bruce Mann
Rating: 4.5 out of 5 stars
4.5/5
()
About this audiobook
A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are doomed to fail
Finance plays a key role in the prosperity of the modern world-but it also brings grave dangers. We seek to manage those threats with a vast array of sophisticated mathematical tools and techniques of financial risk management. Too often, though, we fail to address the greatest risk-the peril posed by our own behavior.
Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Danielsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system.
Finance plays a key role in the prosperity of the modern world-but it also brings grave dangers. We seek to manage those threats with a vast array of sophisticated mathematical tools and techniques of financial risk management. Too often, though, we fail to address the greatest risk-the peril posed by our own behavior.
Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Danielsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system.
Related to The Illusion of Control
Related audiobooks
The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy Rating: 5 out of 5 stars5/5We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years Rating: 4 out of 5 stars4/5The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations Rating: 4 out of 5 stars4/521st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 Rating: 5 out of 5 stars5/5Manias, Panics, and Crashes: A History of Financial Crises Rating: 4 out of 5 stars4/5The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance Rating: 5 out of 5 stars5/5Central Banking in Turbulent Times Rating: 4 out of 5 stars4/5The Shifts and the Shocks: What We've Learned and Have Still to Learn From the Financial Crisis Rating: 4 out of 5 stars4/5Restarting the Future: How to Fix the Intangible Economy Rating: 3 out of 5 stars3/5The Power of Money: How Governments and Banks Create Money and Help Us All Prosper Rating: 4 out of 5 stars4/5Finance and the Good Society Rating: 4 out of 5 stars4/5A Short History of Financial Euphoria Rating: 4 out of 5 stars4/5Divested: Inequality in the Age of Finance Rating: 5 out of 5 stars5/5The Bankers' New Clothes: What's Wrong With Banking and What to Do About It - New Edition Rating: 0 out of 5 stars0 ratingsBeyond Bitcoin: Decentralised Finance and the End of Banks Rating: 5 out of 5 stars5/5Broken Money: Why Our Financial System Is Failing Us and How We Can Make It Better Rating: 5 out of 5 stars5/5These are the Plunderers: How Private Equity Runs—and Wrecks—America Rating: 5 out of 5 stars5/5Too Big to Save? How to Fix the U.S. Financial System Rating: 5 out of 5 stars5/5Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Rating: 4 out of 5 stars4/5A Capitalist's Lament: How Wall Street Is Fleecing You and Ruining America Rating: 5 out of 5 stars5/5The Lords of Easy Money: How the Federal Reserve Broke the American Economy Rating: 4 out of 5 stars4/5The Hidden Wealth Nations: The Scourge of Tax Havens Rating: 4 out of 5 stars4/5This Time is Different: Eight Centuries of Financial Folly Rating: 4 out of 5 stars4/5The Demographic Cliff: How to Survive and Prosper During the Great Deflation of 2014-2019 Rating: 5 out of 5 stars5/5Permacrisis: A Plan to Fix a Fractured World Rating: 5 out of 5 stars5/5Leverage: How Cheap Money Will Destroy the World Rating: 4 out of 5 stars4/5Boombustology: Spotting Financial Bubbles Before They Burst 2nd Edition Rating: 5 out of 5 stars5/5First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis Rating: 5 out of 5 stars5/5Inside the House of Money, Revised and Updated: Top Hedge Fund Traders on Profiting in the Global Markets Rating: 4 out of 5 stars4/5How China Escaped the Poverty Trap Rating: 4 out of 5 stars4/5
Economics For You
Economics 101: How the World Works Rating: 5 out of 5 stars5/5Marvel Comics: The Untold Story Rating: 4 out of 5 stars4/5Why the Rich Are Getting Richer Rating: 5 out of 5 stars5/5Think Like a Freak: The Authors of Freakonomics Offer to Retrain Your Brain Rating: 4 out of 5 stars4/5Freakonomics Rev Ed Rating: 4 out of 5 stars4/5Economics 101: From Consumer Behavior to Competitive Markets—Everything You Need to Know About Economics Rating: 5 out of 5 stars5/5Chip War: The Quest to Dominate the World's Most Critical Technology Rating: 5 out of 5 stars5/5Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail Rating: 5 out of 5 stars5/5This Changes Everything: Capitalism vs. The Climate Rating: 4 out of 5 stars4/5Men Without Work: America's Invisible Crisis Rating: 4 out of 5 stars4/5Nickel and Dimed: On (Not) Getting By in America Rating: 4 out of 5 stars4/5Nudge: The Final Edition: Improving Decisions About Money, Health, And The Environment Rating: 4 out of 5 stars4/5The Four Pillars of Investing: Lessons for Building a Winning Portfolio Rating: 5 out of 5 stars5/5Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty Rating: 4 out of 5 stars4/5Don't Trust Your Gut: Using Data to Get What You Really Want in Life Rating: 4 out of 5 stars4/5San Fransicko: Why Progressives Ruin Cities Rating: 4 out of 5 stars4/5Requiem for the American Dream: The 10 Principles of Concentration of Wealth & Power Rating: 5 out of 5 stars5/5The Lords of Easy Money: How the Federal Reserve Broke the American Economy Rating: 4 out of 5 stars4/5The Technology Trap: Capital, Labor, and Power in the Age of Automation Rating: 4 out of 5 stars4/5A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation Rating: 4 out of 5 stars4/5The Myth of Capitalism: Monopolies and the Death of Competition Rating: 4 out of 5 stars4/5What We Owe Each Other: A New Social Contract for a Better Society Rating: 4 out of 5 stars4/5Overdressed: The Shockingly High Cost of Cheap Fashion Rating: 4 out of 5 stars4/5The Divide: Global Inequality from Conquest to Free Markets Rating: 4 out of 5 stars4/5The Color of Money: Black Banks and the Racial Wealth Gap Rating: 5 out of 5 stars5/5The Sovereign Individual: Mastering the Transition to the Information Age Rating: 5 out of 5 stars5/5The Genius of Israel: The Surprising Resilience of a Divided Nation in a Turbulent World Rating: 4 out of 5 stars4/5The War Below: Lithium, Copper, and the Global Battle to Power Our Lives Rating: 5 out of 5 stars5/5Nothing Is True and Everything Is Possible: The Surreal Heart of the New Russia Rating: 4 out of 5 stars4/5
Reviews for The Illusion of Control
Rating: 4.5 out of 5 stars
4.5/5
2 ratings0 reviews