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TIP505: The Price of Time w/ Edward Chancellor
Dec 18, 2022
In this engaging discussion, Edward Chancellor, a financial historian and author of "The Price of Time," explores the intricate relationship between interest rates and the concept of time. He warns about how today's low returns contribute to economic instability while tracing the fascinating rise and fall of John Law, a pioneering financial figure. Chancellor also addresses the implications of irresponsible monetary policy on productivity and wage growth, urging listeners to reflect on the true cost of money in our economic systems.
49:23
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Quick takeaways
- Interest rates serve as the price of time, influencing economic cycles and societal stability.
- John Law's financial exploits highlight the dangers of easy money and speculative bubbles in economies.
Deep dives
The Significance of Interest Rates Throughout History
Interest rates have played a crucial role in societies throughout history, serving as the price of time and a key factor in economic booms and busts. From ancient Babylon setting maximum interest rates to debt jubilees in Mesopotamia and ancient Greece, interest rates have influenced debt forgiveness and economic stability across different civilizations.
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