89 books like Interest And Prices

Grappling with the meaning of money and unraveling its impact on prices or on the creation of wealth is enduringly controversial.

Fascination with money - to eyes or pockets - is universal. Fisher understood this!

He defined money simply as what is acceptable in exchange for goods: bills, coins, cheques - legal tender - or other forms of debt.

Since inflation, for Fisher, is a monetary phenomenon, and as in classical physics, where one matter is equalised to another, in his economics, money-on-the-move is always balancing products-for-a-price; in the long run, too much money or too little does not affect wealth creation but only the level of price.

Fisher is a ‘must read’ because this, his ultimate conclusion, deprived of his many subtleties, is the basis of present macroeconomics.

Take Hayek’s market economy as a Bohemian accordion orchestra.

As its instruments produce music, each elongates, pulls in air (analogous to money), and compresses, expresses air (money). Air-in (savings) is equal to air-out (investment). Fluctuating elongations and compressions are an essential feature of the orchestra (the economy).

For Hayek, interference with harmonious accordion (economic) activity infusing or restricting air (money) would spoil the music.

Economic fluctuations stem from preferences, spending for present enjoyment, or saving for future gains. Relative demands for end products or capital impact relative prices, costs, and returns, affecting savings/investment. Investment money, as IOUs, flies where returns are highest.

Hayek engages readers to prove that bank interventions’ tinkering with money is as capable of producing compassionate social outcomes as free individuals using their earnings as they wish.

Hicks envisaged an economy in which individuals choose to offer labour for income to purchase products of their effort or to spend time in uncompensated leisure.

His is a theorical economy: individuals and firms interact to determine current and future supplies and demands. It establishes the laws governing the price system regulating exchange and production.

In this world of transparent, free movement of goods and resources without government, regulations, banks, and unions, there is no room for monopolies or capital accumulation. 

Money as intermediary is simply a unit of account. Growth is the outcome of needs, efforts, and mutual cooperation.

Value and Capital, a jewel, is the core of current microeconomics, but Hicks’ economy, in which inflation and income disparities are non-issues, is not a capitalist but a market one; ironically present microeconomists conflate the two.

Most economists associate volume of money with price-level (inflation/deflation), not Keynes.

For him, a macro price-level does not reveal the unsynchronized dynamics affecting the prices of its components: commodities, labor, capital, raw materials, profits; it must be decomposed.

When FunCorp invests in a rollercoaster, its decision is based on present costs and future returns (ticket sales, performance, stock options, etc.).

Windfall profits will lead to more expansion; losses, to curtailed activity. Both expansion, contingent on easy credit, or recession, on the tightening of credit, depend on bankers’ use of individuals’ savings and their creation of more deposits.

For Keynes, an institutionalised banking system is essential for a modern economy but he advocated, in the public interest, for strict rules on bankers’ abuse of credit, to mitigate the inflation/deflation rollercoaster. 

Although this collection of short stories can be generally categorized as speculative fiction—and most are more specifically science fiction—there is nevertheless a strong visionary element in many of them. As I would expect when reading any book that has many authors, I relate to some stories more than others.

I particularly loved how they collectively built on the amazing legacy of Octavia Butler and did so by explicitly uniting around the social justice theme.

For kids who think that "history" is made only by old people who lived long ago, this accessible anthology showcases fourteen of today's young people who are speaking up. It profiles a diverse range of contemporary activists (starting at eight years old) throughout the United States, kids who have worked on issues from climate change to safe water to social justice.

The book's creative format is particularly engaging for children and educators and makes it stand out in the field of anthologies. It provides a brief biography of every young person included, followed by a poem. Each poem is written by a different poet (including such excellent writers as Nikki Grimes and Lesléa Newman) and in a different form. The back matter explains the various poetic forms used and provides additional information about the editors' research and ideas about how young people can improve their communities.

This is the best book I read in 2023. If you’d asked me if it was possible to write a book entirely in second-person voice and poetic form, I would’ve said it’s impossible. Yet Ani Tuzman has done exactly that and done it with perfection and passion.

Tuzman writes as the daughter of Holocaust survivors, something I personally relate to. Even though she doesn’t shy away from describing intergenerational trauma, her words continually uplift through remembrance of the highest truths.

A classic, this book was one of the first to challenge prevailing white attitudes about the assimilation and acculturation of Africans and African Americans to life under slavery. Mullin describes how greater levels of assimilation translated into more effective means of protest.

While many celebrated the ethnic revival of the 1960s and the social justice causes that grew from them, Steinberg offers a powerful and challenging thesis that argues the limits of ethnicity. A sense of ethnic re-birth, he argues, can only occur once ethnicity is gone. Rather than empowering a new generation of social justice youth, ethnicity proves a myth.

I contacted Gilbert Moore in 2014 to share how valuable his book Rage was to my perspective as an author writing about the ground-breaking defense in the 1968 “trial of the century”, People v. Newton. Moore covered that headliner for LIFE magazine as its first black reporter. He agreed to be interviewed for our documentary project American Justice on Trial. Tragically, he died before the interview occurred. Watching that extraordinary trial caused Moore to engage in soul-searching, quit his plum job, and write his critically acclaimed book about the epiphany he experienced. Rage is considered a classic in African-American literature – an unparalleled window into the impact of that unprecedented Movement trial on pioneering black professionals in a white supremacist environment – through the eyes and pen of a firsthand observer.