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Dan Davies, "The Unaccountability Machine: Why Big Systems Make Terrible Decisions—and How the World Lost Its Mind" (U of Chicago Press, 2025)

New Books in Economics

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The Evolution of Debt and Equity Investments

This chapter explores the significance of debt as an investment tool, tracing its historical evolution and the impact of limited liability on investment practices. It contrasts the risk dynamics of equity and debt, highlighting how debt has simplified investor decision-making since the 18th century.

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