The problem with this version of history? There’s not a shred of evidence to support it.Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors. Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.Debt: The First 5,000 Years is a fascinating chronicle of this little known history—as well as how it has defined human history, and what it means for the credit crisis of the present day and the future of our economy.

    More specifically, the problem of law that itself violates law is an insurmountable conundrum of all statist philosophies. The problem has never been discussed so profoundly and passionately as in this essay by Frederic Bastiat from 1850. The essay might have been written today. It applies in ever way to our own time, which is precisely why so many people credit this one essay for showing them the light of liberty. Bastiat's essay here is timeless because applies whenever and wherever the state assumes unto itself different rules and different laws from that by which it expects other people to live. And so we have this legendary essay, written in a white heat against the leaders of 19th century France, the reading of which has shocked millions out of their toleration of despotism. This new edition from the Mises Institute revives a glorious translation that has been out of print for a hundred years, one that circulated in Britain in the generation that followed Bastiat's death. This newly available translation provides new insight into Bastiat's argument. It is a more sophisticated, more substantial, and more precise rendering than any in print. The question that Bastiat deals with: how to tell when a law is unjust or when the law maker has become a source of law breaking? When the law becomes a means of plunder it has lost its character of genuine law. When the law enforcer is permitted to do with others' lives and property what would be illegal if the citizens did them, the law becomes perverted. Bastiat doesn't avoid the difficult issues, such as why should we think that a democratic mandate can convert injustice to justice. He deals directly with the issue of the expanse of legislation: It is not true that the mission of the law is to regulate our consciences, our ideas, our will, our education, our sentiments, our sentiments, our exchanges, our gifts, our enjoyments. Its mission is to prevent the rights of one from interfering with those of another, in any one of these things. Law, because it has force for its necessary sanction, can only have the domain of force, which is justice. More from Bastiat's The Law: Socialism, like the old policy from which it emanates, confounds Government and society. And so, every time we object to a thing being done by Government, it concludes that we object to its being done at all. We disapprove of education by the State - then we are against education altogether. We object to a State religion - then we would have no religion at all. We object to an equality which is brought about by the State then we are against equality, etc., etc. They might as well accuse us of wishing men not to eat, because we object to the cultivation of corn by the State. How is it that the strange idea of making the law produce what it does not contain - prosperity, in a positive sense, wealth, science, religion - should ever have gained ground in the political world? The modern politicians, particularly those of the Socialist school, found their different theories upon one common hypothesis; and surely a more strange, a more presumptuous notion, could never have entered a human brain. They divide mankind into two parts. Men in general, except one, form the first; the politician himself forms the second, which is by far the most important. Whether you buy one or one hundred, you can look forward to one of the most penetrating and powerful essays written in the history of political economy.

    Now, with the intellectual curiosity and emotional wisdom that make his columns among the most read in the nation, Brooks turns to the building blocks of human flourishing in a multilayered, profoundly illuminating work grounded in everyday life.This is the story of how success happens. It is told through the lives of one composite American couple, Harold and Erica—how they grow, push forward, are pulled back, fail, and succeed. Distilling a vast array of information into these two vividly realized characters, Brooks illustrates a fundamental new understanding of human nature. A scientific revolution has occurred—we have learned more about the human brain in the last thirty years than we had in the previous three thousand. The unconscious mind, it turns out, is most of the mind—not a dark, vestigial place but a creative and enchanted one, where most of the brain’s work gets done. This is the realm of emotions, intuitions, biases, longings, genetic predispositions, personality traits, and social norms: the realm where character is formed and where our most important life decisions are made. The natural habitat of The Social Animal. Drawing on a wealth of current research from numerous disciplines, Brooks takes Harold and Erica from infancy to school; from the “odyssey years” that have come to define young adulthood to the high walls of poverty; from the nature of attachment, love, and commitment, to the nature of effective leadership. He reveals the deeply social aspect of our very minds and exposes the bias in modern culture that overemphasizes rationalism, individualism, and IQ. Along the way, he demolishes conventional definitions of success while looking toward a culture based on trust and humility.The Social Animal is a moving and nuanced intellectual adventure, a story of achievement and a defense of progress. Impossible to put down, it is an essential book for our time, one that will have broad social impact and will change the way we see ourselves and the world.

    Should we care? In this well-argued book, Romila Thapar and others tell us why we should. Thapar begins by defining the critical role that such individuals play in our societies today. Collectively, they are the objective, fearless, constructive voice that asks the awkward questions when government, industry, religious leaders and other bulwarks of society stray from their roles of ensuring the proper functioning of a country whose hallmarks are (or should be) social and economic equality, justice for all, and the liberty to say, think and profess the fundamental requirements of good citizenship. Through the lens of history, philosophy, science, and politics, she shows us the key role enlightened thinkers and activists have played in India, Europe and elsewhere. Today, as the liberal space in India is threatened by religious fundamentalism, big business, and, worryingly, a government that appears to be tacitly (and sometimes overtly) encouraging the attack on freedom of expression, secular values and rational readings of history, there could be no book as timely as this one. With contributions from writers and scholars in the fields of philosophy, science, history, journalism and social activism, The Public Intellectual in India shows us why it is important to have independent voices to protect the underprivileged, ensure human rights and social justice, and watch over the smooth functioning of our liberal, secular democracy.

    Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer dollars. When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should the government be involved in such undertakings at all? "Boulevard of Broken Dreams" is the first extensive look at the ways governments have supported entrepreneurs and venture capitalists across decades and continents. Josh Lerner, one of the foremost experts in the field, provides valuable insights into why some public initiatives work while others are hobbled by pitfalls, and he offers suggestions for how public ventures should be implemented in the future. Discussing the complex history of Silicon Valley and other pioneering centers of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures, points to the challenges of these endeavors, and reveals the common flaws undermining far too many programs - poor design, a lack of understanding for the entrepreneurial process, and implementation problems. Lerner explains why governments cannot dictate how venture markets evolve, and why they must balance their positions as catalysts with an awareness of their limited ability to stimulate the entrepreneurial sector. As governments worldwide seek to spur economic growth in ever more aggressive ways, "Boulevard of Broken Dreams" offers an important caution. The book argues for a careful approach to government support of entrepreneurial activities, so that the mistakes of earlier efforts are not repeated.

    What effects has this “capitalist realism” had on work, culture, education and mental health? Is it possible to imagine an alternative to capitalism that is not some throwback to discredited models of state control?

    Drucker has been analyzing economics and society for more than sixty years. Now for readers everywhere who are concerned with the ways that management practices and principles affect the performance of the organization, the individual, and society, there is The Essential Drucker -- an invaluable compilation of management essentials from the works of a management legend.Containing twenty-six selections, The Essential Drucker covers the basic principles and concerns of management and its problems, challenges, and opportunities, giving managers, executives, and professionals the tools to perform the tasks that the economy and society of tomorrow will demand of them.

    It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies. Its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows year on year. And its blind spots have led to policies that are degrading the living world on a scale that threatens all of our futures.Can it be fixed? In Doughnut Economics, Oxford academic Kate Raworth identifies seven critical ways in which mainstream economics has led us astray, and sets out a roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick. She reveals how an obsession with equilibrium has left economists helpless when facing the boom and bust of the real-world economy. She highlights the dangers of ignoring the role of energy and nature’s resources – and the far-reaching implications for economic growth when we take them into account. And in the process, she creates a new, cutting-edge economic model that is fit for the 21st century – one in which a doughnut-shaped compass points the way to human progress.Ambitious, radical and rigorously argued, Doughnut Economics promises to reframe and redraw the future of economics for a new generation.

    

    Mountains of print have been written about culture. Loonshots identifies the small shifts in structure that control this transition, the same way that temperature controls the change from water to ice.Using examples that range from the spread of fires in forests to the hunt for terrorists online, and stories of thieves and geniuses and kings, Bahcall shows how this new kind of science helps us understand the behavior of companies and the fate of empires. Loonshots distills these insights into lessons for creatives, entrepreneurs, and visionaries everywhere.

    Khushwant Singh tells the story of the land and its people from the earliest time to the present day. In broad, vivid sweeps he encapsulates the saga of the upheavals of a sub-continent over five millennia, and how their interplay over the centuries has molded the India of today. More, Khushwant Singh offers perceptive insights into everything Indian that may catch one's eye or arouse curiosity: its ethnic diversity, religions, customs, philosophy, art and culture, political currents, and the galaxy of men and women who have helped shape its intricately inlaid mosaic. He is also an enlightening guide to much else: India's extensive and varied architectural splendors, its art and classical literature. Khushwant Singh's own fascination with the subject is contagious, showing through on every page, and in every sidelight that he recounts. India: An Introduction holds strong appeal for just about anyone who has more than a passing interest in the country, Indians as well as those who are drawn to it from farther afield. And for a traveller, it is that rare companion: erudite, intelligent, lively

    People used to download music for free, then Steve Jobs convinced them to pay. How? By charging 99 cents. That price has a hypnotic effect: the profit margin of the 99 Cents Only store is twice that of Wal-Mart. Why do text messages cost money, while e-mails are free? Why do jars of peanut butter keep getting smaller in order to keep the price the “same”? The answer is simple: prices are a collective hallucination. In Priceless, the bestselling author William Poundstone reveals the hidden psychology of value. In psychological experiments, people are unable to estimate “fair” prices accurately and are strongly influenced by the unconscious, irrational, and politically incorrect. It hasn’t taken long for marketers to apply these findings. “Price consultants” advise retailers on how to convince consumers to pay more for less, and negotiation coaches offer similar advice for businesspeople cutting deals. The new psychology of price dictates the design of price tags, menus, rebates, “sale” ads, cell phone plans, supermarket aisles, real estate offers, wage packages, tort demands, and corporate buyouts. Prices are the most pervasive hidden persuaders of all. Rooted in the emerging field of behavioral decision theory, Priceless should prove indispensable to anyone who negotiates.

    

    Investments, Finance, Business

    People can use economics and they can use statistics and numbers to get at the truth and there is a real appetite for doing so. This is such a BBC thing to say--there’s almost a public service mission to be fulfilled in educating people about economics. When I wrote The Undercover Economist, it was all about my pure enthusiasm for the subject; the book is full of stuff I wanted to say and that is always the thing with the books: they are always such fun to write. Do you think that people these days are generally more economically literate? People are now aware of economics for various reasons. There are the problems with the economy--there is always more interest in economics when it is all going wrong. Where is the border line in your new book between economics and sociology? I don’t draw a border line, and particularly not with the new book. The Undercover Economist was basically all the cool economics I could think of and The Logic of Life was me investigating a particular part of economics. All of the references in The Logic of Life were academic economics papers that I had related--and hopefully made more fun. This new book, Adapt, is very different. I have started by asking what is wrong with the world, what needs fixing, how does it work--and if economics can tell us something about that (which it can) then I have used it. And if economics is not the tool that you need--if you need to turn to sociology or engineering or biology or psychology--I have, in fact, turned to all of them in this book. If that’s what you need, then that’s where I have gone. So I have written this book in a different way: I started with a problem and tried to figure out how to solve it. What specific subjects do you tackle? To be a bit more specific, the book is about how difficult problems get solved and I look at quick change; the banking crisis; poverty; innovation, as I think there is an innovation slow-down; and the war in Iraq. Also, I look at both problems in business and in everyday life. Those are the big problems that I look at--and my conclusion is that these sorts of problems only ever get solved by trial and error, so when they are being solved, they are being solved through experimentation, which is often a bottom-up process. When they are not being solved it is because we are not willing to experiment, or to use trial and error. Do you think companies will change to be much more experimental, with more decisions placed in the hands of employees? I don’t think that is necessarily a trend, and the reason is that the market itself is highly experimental, so if your company isn’t experimental it may just happen to have a really great, successful idea--and that’s fine; if it doesn’t, it will go bankrupt. But that said, it is very interesting to look at the range of companies who have got very into experimentation--they range from the key-cutting chain Timpson’s to Google; you can’t get more different than those two firms, but actually the language is very similar; the recruitment policies are similar; the way the employees get paid is similar. The “strap line” of the book is that “Success always starts with failure.” You are a successful author… so what was the failure that set you up for success? I was working on a book before The Undercover Economist… it was going to be a sort of Adrian Mole/Bridget Jones’ Diary-styled fictional comedy, in which the hero was this economist and through the hilarious things that happened to him, all these economic principles would be explained--which is a great idea--but the trouble is that I am not actually funny. Another example would be my first job as a management consultant… and I was a terrible management consultant. I crashed out after a few months. Much better that, than to stick with the job for two or three years-- a lot of people say you have got to do that to “show your commitment.” Taking the job was a mistake--why would I need to show my commitment to a mistake? Better to realise you made a mistake, stop and do something else, which I did. That idea that “failure breeds success” is central to most entrepreneurs. Do you think we need more of it in the UK? I think that the real problem is not failure rates in business; the problem is failure rates in politics. We need a much higher failure rate in politics. What actually happens is politicians--and this is true of all political parties--have got some project and they’ll say, “Right, we are going to do this thing,” and it is quite likely that idea is a bad idea--because most ideas fail; the world is complicated and while I don’t have the numbers for this, most ideas are, as it turns out, not good ideas. But they never collect the data, or whatever it is they need to measure, to find out where their idea is failing. So they have this bad idea, roll this bad idea out and the bad idea sticks, costs the country hundreds, millions, or billions of pounds, and then the bad idea is finally reversed by the next party on purely ideological grounds and you never find out whether it really worked or not. So we have this very, very low willingness to collect the data that would be necessary to demonstrate failure, which is the bit we actually need. To give a brief example: Ken Livingstone, as Mayor of London, came along and introduced these long, bendy buses. Boris Johnson came along and said, “If you elect me, I am going to get rid of those big bendy buses and replace them with double-decker buses.” He was elected and he did it, so… which one of them is right? I don’t know. I mean, isn’t that crazy? I know democracy is a wonderful thing and we voted for Ken Livingstone and we voted for Boris Johnson, but it would be nice to actually have the data on passenger injury rates, how quickly people can get on and off these buses, whether disabled people are using these buses… the sort of basic evidence you would want to collect. Based on that, are you a supporter of David Cameron’s “Big Society”, which in a sense favours local experimentation over central government planning? Well, I have some sympathy for the idea of local experimentation, but what worries me is that we have to have some mechanism that is going to tell you what is working and what is not--and there is no proposal for that. Cameron’s Tories seem to have the view that ‘if it is local then it will work.’ In my book, I have all kinds of interesting case studies of situations where localism really would have worked incredibly well, as in, say, the US Army in Iraq. But I have also got examples of where localism did not work well at all--such as a corruption-fighting drive in Indonesia. Is the new book, Adapt, your movement away from economic rationalist to management guru? Are you going to cast your eye over bigger problems? The two changes in Adapt are that I have tried to start with the problem, rather than saying, “I have got a hammer--I’m going to look for a nail.” I started with a nail and said, “Ok, look, I need to get this hammered in.” So I have started with the problem and then looked anywhere for solutions. And the second thing is that I have tried to do is write with more of a narrative. This is not a Malcolm Gladwell book, but I really admire the way that people like Gladwell get quite complex ideas across because they get you interested in the story; that is something that I have tried to do more of here. I am not too worried about it, because I know that I am never going to turn into Malcolm Gladwell--I am always going to be Tim Harford--but it doesn’t hurt to nudge in a certain direction. On Amazon, we recommend new book ideas to people: “If you like Tim Harford you may like…”, but what does Tim Harford also like? I read a lot of books, mostly non-fiction and in two categories: people who I think write a lot better than I do, and people who think about economics more deeply than I do. In the first category I am reading people like Michael Lewis, Kathryn Schulz (I loved her first book, Being Wrong), Malcolm Gladwell and Alain de Botton. In the second category, I read lots of technical economics books, but I enjoy Steven Landsburg, Edward Glaeser (who has a book out now which looks good), Bill Easterly… I don’t necessarily agree with all of these people! When I am not reading non-fiction, I am reading comic books or 1980s fantasy authors like Jack Vance.