An Economist Walks into a Brothel

In Super Bowl XLIX, Seahawks coach Pete Carroll made one of the most controversial calls in football history: With 26 seconds remaining, and trailing by four at the Patriots' one-yard line, he called for a pass instead of a handing off to his star running back. The pass was intercepted, and the Seahawks lost. Critics called it the dumbest play in history. But was the call really that bad? Or did Carroll actually make a great move that was ruined by bad luck? Even the best decision doesn't yield the best outcome every time.

Spread through the public in the form of popular stories, ideas can go viral and move markets - whether it's the belief that tech stocks can only go up or that housing prices never fall. Whether true or false, stories like these - transmitted by word of mouth, by the news media, and increasingly by social media - drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. But despite the obvious importance of such stories, most economists have paid little attention to them. Narrative Economics sets out to change that.

The Great Mental Models: General Thinking Concepts is the first book in The Great Mental Models series designed to upgrade your thinking with the best, most useful and powerful tools so you always have the right one on hand. This volume details nine of the most versatile all-purpose mental models you can use right away to improve your decision making, your productivity, and how clearly you see the world.

To understand how humans react and adapt to economic change we need to study people who live in harsh environments. This audiobook tells the personal stories of humans living in extreme situations, and of the financial infrastructure they create. Here, economies are not concerned with the familiar stock market crashes, housing crises, or banking scandals of the financial pages.

This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work, and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes.

Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame and warns that a potentially more devastating crisis awaits us if they aren't fixed.

The two-time Pulitzer Prize-winning journalist Jake Bernstein takes us inside the world revealed by the Panama Papers - illicit money, political corruption and fraud on a global scale. A hidden circulatory system flows beneath the surface of global finance, carrying trillions of dollars from drug trafficking, tax evasion, bribery and other illegal enterprises. This network masks the identities of the individuals who benefit, aided by bankers, lawyers and auditors who get paid to look the other way. 

In this landmark audiobook, David Epstein shows that the way to excel is by sampling widely, gaining a breadth of experiences, taking detours, experimenting relentlessly, juggling many interests - in other words, by developing range. Studying the world’s most successful athletes, artists, musicians, inventors and scientists, Epstein discovered that in most fields - especially those that are complex and unpredictable - generalists, not specialists, are primed to excel. They are also more creative, more agile and able to make connections their more specialized peers can’t see. 

Thomas Piketty’s best-selling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.

If you've ever wondered why Putin is so obsessed with Crimea, why the USA was destined to become a global superpower or why China's power base continues to expand ever outwards, the answers are all here. In 10 chapters, using essays and occasionally the personal experiences of the widely travelled author, Prisoners of Geography looks at the past, present and future to offer an essential insight into one of the major factors that determines world history.

Money - investing, personal finance, and business decisions - is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money.

The routine traffic stop that ends in tragedy. The spy who spends years undetected at the highest levels of the Pentagon. The false conviction of Amanda Knox. Why do we so often get other people wrong? Why is it so hard to detect a lie, read a face or judge a stranger's motives? Through a series of encounters and misunderstandings - from history, psychology and infamous legal cases - Malcolm Gladwell takes us on an intellectual adventure into the darker side of human nature, where strangers are never simple and misreading them can have disastrous consequences.

Jim Simons is the greatest moneymaker in modern financial history. His record bests those of legendary investors, including Warren Buffett, George Soros and Ray Dalio. Yet Simons and his strategies are shrouded in mystery. The financial industry has long craved a look inside Simons's secretive hedge fund, Renaissance Technologies and veteran Wall Street Journal reporter Gregory Zuckerman delivers the goods. 

Figuring out how to deal with today's critical economic problems is perhaps the great challenge of our time. Much greater than space travel, what is at stake is the whole idea of the good life as we have known it. Immigration and inequality, globalisation and technological disruption, slowing growth and accelerating climate change - these are sources of great anxiety across the world. The resources to address these challenges are there - what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us. 

Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?