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This clear, readable primer on the economic debates of the 1980s is an invaluable tool for those seeking to understand the supply-side, military Keynesian, and monetary policies of the Reagan era and their continuing influence today. Its call for putting "people before profits" is a compelling rejoinder to the neo-Reaganism of the Clinton administration.
From a leading authority on race and public policy, a deeply researched account of how families rise and fall today Since the Great Recession, most Americans' standard of living has stagnated or declined. Economic inequality is at historic highs. But inequality's impact differs by race; African Americans' net wealth is just a tenth that of white Americans, and over recent decades, white families have accumulated wealth at three times the rate of black families. In our increasingly diverse nation, sociologist Thomas M. Shapiro argues, wealth disparities must be understood in tandem with racial inequities -- a dangerous combination he terms "toxic inequality." In Toxic Inequality, Shapiro reveals how these forces combine to trap families in place. Following nearly two hundred families of different races and income levels over a period of twelve years, Shapiro's research vividly documents the recession's toll on parents and children, the ways families use assets to manage crises and create opportunities, and the real reasons some families build wealth while others struggle in poverty. The structure of our neighborhoods, workplaces, and tax code-much more than individual choices-push some forward and hold others back. A lack of assets, far more common in families of color, can often ruin parents' careful plans for themselves and their children. Toxic inequality may seem inexorable, but it is not inevitable. America's growing wealth gap and its yawning racial divide have been forged by history and preserved by policy, and only bold, race-conscious reforms can move us toward a more just society. "Everyone concerned about the toxic effects of inequality must read this book." -- Robert B. Reich "This is one of the most thought-provoking books I have read on economic inequality in the US." -- William Julius Wilson
This volume spotlights the unique problems that often accompany a high-income lifestyle and offers guidelines that can help individuals avoid the pitfalls wealth may bring. Two therapists show how the culture of affluence in America creates unique problems for wealthy adults and children, often resulting in poor psycho-social adjustment, anxiety, low self-esteem, and the inability to have fun. The affluent are under tremendous pressure to achieve. They are subject to a myriad of negative stereotypes that make it difficult for them to have a normal social life. They are taken advantage of, preyed upon, and ridiculed. When they seek professional help for their problems, they may receive little sympathy. This book is a sage and insightful primer aimed at all readers who have some wealth, whether inherited or amassed through personal effort. The consciousness-raising here includes vignettes from the treatment rooms of the authors, who have helped many wealthy individuals and families deal with the fallout from the myths with which our culture burdens them. Specific guidelines on how to deal with problems are presented.
A simple guide to a smarter strategy for the individual investor A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market "mistakes." Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without the burden of short-term performance benchmarks, individual investors have the advantage of focusing on the long view, and the freedom to construct the kind of portfolio that will serve their investment goals best. This book proves how complex strategies essentially waste these advantages, and provides an alternative game plan for those ready to simplify. Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues you actually should pay attention to, and which ones are simply used for an illusion of intelligence and control. Keep up with—or beat—professional money managers Exploit stock market volatility to your utmost advantage Learn where advisors and consultants fit into smart strategy Build a portfolio that makes sense for your particular situation You don't have to outsmart the market if you can simply outperform it. Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air, and gives you the insight you need to become a smarter, more successful investor.
This volume spotlights the unique problems that often accompany a high-income lifestyle and offers guidelines that can help individuals avoid the pitfalls wealth may bring. Two therapists show how the culture of affluence in America creates unique problems for wealthy adults and children, often resulting in poor psycho-social adjustment, anxiety, low self-esteem, and the inability to have fun. The affluent are under tremendous pressure to achieve. They are subject to a myriad of negative stereotypes that make it difficult for them to have a normal social life. They are taken advantage of, preyed upon, and ridiculed. When they seek professional help for their problems, they may receive little sympathy. This book is a sage and insightful primer aimed at all readers who have some wealth, whether inherited or amassed through personal effort. The consciousness-raising here includes vignettes from the treatment rooms of the authors, who have helped many wealthy individuals and families deal with the fallout from the myths with which our culture burdens them. Specific guidelines on how to deal with problems are presented.
A research focus on hazards, risk perception and risk minimizing strategies is relatively new in the social and environmental sciences. This volume by a prominent scholar of East African societies is a powerful example of this growing interest. Earlier theory and research tended to describe social and economic systems in some form of equilibrium. However recent thinking in human ecology, evolutionary biology, not to mention in economic and political theory has come to assign to "risk" a prominent role in predictive modeling of behavior. It turns out that risk minimalization is central to the understanding of individual strategies and numerous social institutions. It is not simply a peripheral and transient moment in a group’s history. Anthropologists interested in forager societies have emphasized risk management strategies as a major force shaping hunting and gathering routines and structuring institutions of food sharing and territorial behavior. This book builds on some of these developments but through the analysis of quite complex pastoral and farming peoples and in populations with substantial known histories. The method of analysis depends heavily on the controlled comparisons of different populations sharing some cultural characteristics but differing in exposure to certain risks or hazards. The central questions guiding this approach are: 1) How are hazards generated through environmental variation and degradation, through increasing internal stratification, violent conflicts and marginalization? 2) How do these hazards result in damages to single households or to individual actors and how do these costs vary within one society? 3) How are hazards perceived by the people affected? 4) How do actors of different wealth, social status, age and gender try to minimize risks by delimiting the effect of damages during an on-going crisis and what kind of institutionalized measures do they design to insure themselves against hazards, preventing their occurrence or limiting their effects? 5) How is risk minimization affected by cultural innovation and how can the importance of the quest for enhanced security as a driving force of cultural evolution be estimated?
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Volume 1 of 'The Strategic Analysis of Financial Markets,' — Framework, is premised on the belief that markets can be understood only by dropping the assumptions of rationality and efficient markets in their extreme forms, and showing that markets still have an inherent order and inherent logic. But that order results primarily from the 'predictable irrationality' of investors, as well as from people's uncoordinated attempts to profit. The market patterns that result do not rely on rationality or efficiency.A framework is developed for understanding financial markets using a combination of psychology, statistics, game and gambling analysis, market history and the author's experience. It expresses analytically how professional investors and traders think about markets — as games in which other participants employ inferior, partially predictable strategies. Those strategies' interactions can be toxic and lead to booms, bubbles, busts and crashes, or can be less dramatic, leading to various patterns that are mistakenly called 'market inefficiencies' and 'stylized facts.'A logical case is constructed, starting from two foundations, the psychology of human decision making and the 'Fundamental Laws of Gambling.' Applying the Fundamental Laws to trading leads to the idea of 'gambling rationality' (grationality), replacing the efficient market's concept of 'rationality.' By classifying things that are likely to have semi-predictable price impacts (price 'distorters'), one can identify, explore through data analysis, and create winning trading ideas and systems. A structured way of doing all this is proposed: the six-step 'Strategic Analysis of Market Method.' Examples are given in this and Volume 2.Volume 2 of 'The Strategic Analysis of Financial Markets' — Trading System Analytics, continues the development of Volume 1 by introducing tools and techniques for developing trading systems and by illustrating them using real markets. The difference between these two Volumes and the rest of the literature is its rigor. It describes trading as a form of gambling that when properly executed, is quite logical, and is well known to professional gamblers and analytical traders.But even those elites might be surprised at the extent to which quantitative methods have been justified and applied, including a life cycle theory of trading systems. Apart from a few sections that develop background material, Volume 2 creates from scratch a trading system for Eurodollar futures using principles of the Strategic Analysis of Markets Method (SAMM), a principled, step-by-step approach to developing profitable trading systems. It has an entire Chapter on mechanical methods for testing and improvement of trading systems, which transcends the rather unstructured and unsatisfactory 'backtesting' literature. It presents a breakout trend following system developed using factor models. It also presents a specific pairs trading system, and discusses its life cycle from an early, highly profitable period to its eventual demise. Recent developments in momentum trading and suggestions on improvements are also discussed.