The Price of Time Audiobook By Edward Chancellor cover art

The Price of Time

The Real Story of Interest

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The Price of Time

By: Edward Chancellor
Narrated by: Luis Soto
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About this listen

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk.

Interest is often described as the "price of money," but it is better called the "price of time:" time is scarce, time has value, interest is the time value of money.

Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2022 Edward Chancellor (P)2022 Tantor
Economic History Global Financial Crisis Deficit Interest rate US Economy Great Recession Thought-Provoking Deflation Financial History
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Best macro finance book I have read

Edward Chancellor has put together the most comprehensive picture of the macro economic environment we are faced with in the 2020s. He accurately portrays the dynamics of the global economy in a way that very few can. My only critiques are that the portions about crypto currency seemed noticeably less thoughtfully considered than his grasp on monetary economics and financial history.

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Excellent book

The narration is excellent.
The concepts are well explained. The dry humor also helps to make this book worth your time

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Edward does it again with another classic

Excellent account for the history of interest rates. Always great to learn from history and helping to understand patterns. Highly recommend this book

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Excellent book

This book should be required reading for everyone, but especially for congress. Chancellor did a fantastic job organizing and explaining complex financial theories into digestible and relatable situations. Well worth a credit, regardless of whether you’re well versed in finance or just a novice.

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Books matter and this one is is crtical

This was an incredible book and relevant for today's issues. It shows where we are now and how this has been repeated over and over. We never see it because we never look back.

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Great listen

I love the History lesson on interest rates and how Informative the author was on the Exchange rates of the Past

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Very informative

A remarkable summary of the concept of interest over time. The book finishes very strong with with the analysis of the past few decades use of ultra low interest rates and the damage it is causing the global economy.

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Why You Want a Fair Interest Rate

Recent history has brainwashed us to favor low interest rates. Chancellor does an excellent job putting the current era in context to see 1) the many distortions that have primarily helped the rich and the State and 2) the merits of a fair rate of interest in regards to equality, risk management, capital allocation, etc. the bottom line is low interest rates not only may be in our rear view mirror but the future of higher interest rates may be beneficial for our economy. Asset prices may need to adjust accordingly in the near term but the future of investing should be more stable. The biggest risk to this view is the interest cost of government debt and how politicians and central banks react to such.

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Required reading for everyone

Great research. Clear, irrefutable conclusions. Everyone has a vested interest in learning and understanding the forces that dominate our economy today. Your livelihood depends on it.

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Extremely detailed

Loved the history and connection to current trends, very well researched and helpful for students of economics and history.

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