• The Price of Time

  • The Real Story of Interest
  • By: Edward Chancellor
  • Narrated by: Luis Soto
  • Length: 15 hrs and 7 mins
  • 4.7 out of 5 stars (82 ratings)

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The Price of Time  By  cover art

The Price of Time

By: Edward Chancellor
Narrated by: Luis Soto
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Publisher's Summary

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

What listeners say about The Price of Time

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Big landscape in time and subjects; Austrian view

It was great to hear of all these events, as filtered through the ideas of Hayek, etc. It caused me to reflect much more deeply on interest rates, and their management and (recent) mismanagement. Distortions in our economy now, are unpacked and explained with precision and lively writing.

4 people found this helpful

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Fine narrator, poor material

I enjoyed Edward Chancellor's book Devil Take the Hindmost very much so I expected to like this as well. The material just didn't work for me, it was just a string of anecdotes without really telling a "story" in any cohesive way. I didn't finish the book.

2 people found this helpful

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Must read

One of the most important biz books I ever read. Absolute must read. I hope this author continues to write more books

1 person found this helpful

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Could be the basis for a popular university course!

Super interesting presentation. An incredible amount of material is covered in just the right amount of detail to make the authors points. Very understandable for the reasonably intelligent non-economist and contains ample citations throughout. The best part is that it is an enjoyable listen. Well done!

1 person found this helpful

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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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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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Comprehensive and Fascinating

A subject that could be a cure for insomnia instead develops into a diagnosis and prescription for our current economic death spiral.

Understanding the patient history reveals the pattern that has lead us to this dire situation.

The author is not pedantic like my summary here and he gives an entertaining account that leaves the queasy feeling we’re being stupid again.

Well told easily followed narration. Clear images. An extraordinary effort in contrast to so much out there that is a single sentence stretched into an 8 hour word salad. Get this.