Economics Audiobooks | Business & Economics

Struggle Over The Keynesian Heritage Audiobook

After John Maynard Keynes revolutionized economic thought in 1936, there began a keen struggle in the economics profession to digest and refine Keynes' new system. The heart of this debate over Keynes' radical ideas has been whether they could or should be reconciled with the older, neoclassical economic theory. The two main branches of thinkers in the Keynesian tradition are the Post Keynesians and the Neoclassical Synthesists. Post Keynesians believe that Keynesian ideas have overthrown the neoclassical belief in efficient, free markets. Neoclassical Synthesists accept Keynesian arguments for short-term economic consequences, but they believe that free markets achieve the best long-term results. Two famous economists discussed in this audiotape presentation are Joan Robinson and Paul Samuelson. Central to this debate are questions about how long the market can or should take to correct undesirable circumstances; whether the free market is a collection of individuals, or a competitive arena for powerful economic groups that overwhelm individuals; and what is (or should be) the influence of money on production and exchange.

Paul Davidson, Professor Paul Davidson (Author), Lois Rukyser, Louis Rukeyser (Narrator)

Audiobook

Stock Frauds, Manipulations, and Insider Trading

An early form of stock fraud was watering, where more shares were issued and sold that were authorized by the company (thus diluting the value of all shares) In a corner, traders sought to control so much of a stock that short sellers (who had borrowed shares and sold the with the expectation of buying back later at lower prices) were forced to buy shares they owed from the manipulator, on his terms. Famous corners included First Harlem Railroad and the famous Erie raids. The Ponzi scheme (or pyramid scheme) perfected by Charles Ponzi in the 1920's, is the investment equivalent of a chain letter, with returns for early investors, until all collapses when new investment runs dry. After the 1929 stock market crash, the securities reform of the 1930's curbed many types of fraud and manipulation. Insider trading is a longstanding issue in securities markets. The issue essentially is how fair and equitable trading can be maintained despite great differences among traders in their knowledge of a company's affairs. After the Securities Act of 1933 created the Securities and Exchange Commission, and the Securities Exchange Act of 1934 gave the commission powers, a 1942 rule known as Rule 10-b-5 established guidelines for stock purchases by major market players or insiders. A series of Supreme Court cases in the 1950s and '60s elaborated the laws on insider trading, and scandals of the 1980s led to still further attempts at reform. Analysis of stock trades by company officials (insiders) remains a poplar type of analysis that guides many purchases of stock.

D. Christensen, Donald J. Christensen, M. Dykstra, T. D. Saler, Thomas D. Saler (Author), Louis Rukeyser (Narrator)

Audiobook

Money Managers and Mutual Funds

Money managers have served pharaohs, kings, emperors, popes, and merchant traders - and now are available to average investors. One of the most significant modern developments in money management was the creation of the "Prudent Man Rule" in 1830, setting a standard that managers must "conduct themselves honestly and discreetly and carefully." A major distinction between types of money managers is between the 'pass-through intermediary,' who bears no risk on the client's behalf, vs. the 'risk-taking intermediary,' who guarantees certain results and pays the consequences for non-performance. Among the important money management concepts discussed in this overview are Market Portfolio Theory; 'beta' measurements of volatility; Capital Asset Pricing Model; Random Walk / Efficient Market Theory; and passive management / index investing. Also discussed is how to select a money manager, including a self-assessment of risk tolerance and an emphasis on clear communication. Mutual funds were born in America in 1924, with the incorporation of the Massachusetts Investor's Trust. Combining the features of professional management and portfolio diversification, mutual funds grew in popularity among small investors looking for convenient access to different investment markets. In the 1970's, the advent of the no-load mutual fund changed things forever. By 1990, there was more money in mutual funds than in savings institutions; by 1996, there were more mutual funds than stocks on the New York Stock Exchange. Great mutual fund pioneers have included T. Rowe Price, John Templeton, John Neff, Peter Lynch, and Howard Stein.

Donald J. Christensen (Author), Louis Rukeyser (Narrator)

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Monetarism and Supply Side Economics

Monetarism emerged in the 1960's under the leadership of Milton Friedman, who received the Nobel Prize in 1976. Friedman taught at the University of Chicago during this period, developing monetarism as a branch of Frank Knights' famous "Chicago School" of economics. Monetarists emphasize the role of money and the government's monetary policy in economic affairs; they vigorously defend the free market in their work. Supply side economics, another modern branch of free market economics, emphasizes the harmful role of impediments to production (such as taxes). Robert A. Mundell is often considered the father of this modern school of economic thought. He explained his basis of supply-side thinking between 1962 and 1971 and influenced another, now famous economist -- Arthur Laffer (one of his former students). This school of thought advocates government policies that would stimulate increased overall economic production, rather than to redistribute existing production. Supply-side economists emphasize the role of property rights and of sound currencies in encouraging the growth of production and an improved standard of living.

Alan Reynolds, Arjo Klamer, Professor Arlo Klamer (Author), Lois Rukyser, Louis Rukeyser (Narrator)

Audiobook

Joseph Schumpeter and Dynamic Economic Change

Joseph Schumpeter (1883-1950) viewed capitalism as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this the "circular flow". Entrepreneurs interrupt this circular flow with new ideas and visions about the economic future, recombining existing resources to create new and more valuable products and services. Schumpeter saw the freedom of innovation and exchange as the foundation of material progress in capitalist economies. Schumpeter called capitalism a process of "creative destruction" because it overthrows old routines and methods of production. But he recognized that this process is unstable, and therefore unsettling, for those who have become accustomed to established ways. Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism, in the 20th century.

Laurence S. Moss, Professor Laurence Moss (Author), Lois Rukyser, Louis Rukeyser (Narrator)

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Applied Economics: Thinking beyond Stage One

This book is geared to the average citizen with little or no economics background who would like the tools to think critically about economic issues. Many of today's economic issues are obscured by their inherent complexity and the often confusing and conflicting views coming from political talking heads. Sowell, a leading conservative economist and senior fellow at the Hoover Institution, seeks to alleviate this confusion. He begins by elucidating the differences between politicians, who are often compelled by political considerations to act for the short term, and economists, who are more concerned with long-term ramifications. Sowell then focuses on the application of economics to major contemporary real-world problems-housing, medical care, discrimination, and the economic development of nations.

Thomas Sowell (Author), Brian Emerson (Narrator)

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Karl Marx: Das Kapital

In his monumental work, Das Kapital, Karl Marx (1818-1883), tried to show that capitalism was both inefficient and immoral. His key to explaining capitalism is his labor theory of value, which he developed from ideas of Adam Smith and David Ricardo. Marx argued that all profit, rent, and interest are "surplus-value", obtained by paying workers less than the value of their products. He maintained that the living conditions of the workers always tend to deteriorate that competition automatically creates monopoly, and that the business cycle demonstrates the wastefulness of capitalism.

David Ramsay Steele (Author), Lois Rukyser, Louis Rukeyser (Narrator)

Audiobook

Fundamental Analysis, Value Investing and Growth Investing

Benjamin Graham, the "father of fundamental investing," showed the way from speculation (based on tips, intuition , and guesswork) to investing as a disciplined, quantitative analysis of a company's fundamentals (such as earnings, dividends, assets, debt, financial structure, and the history of all these items over time). Graham's style , known as value investing, focuses on a company's intrinsic value (i.e.inherent value), buying stocks only when the market price is well below the intrinsic value per share. Benjamin Graham was himself a remarkably successful investor, and his prize student, Warren Buffett, applied Graham's principles to become perhaps the most successful investor in history. Growth investing seeks to spot companies entering a period of vigorous and rapid expansion. Pioneered by T. Rowe Price in the 1930's, this style has been well suited to capitalize on America's industrial boom after World War II, with the rise of such companies as Xerox, Microsoft, Blockbuster Video, Home Depot, and Liz Claiborne, In addition to finding specialized growth companies, Price specified several criteria for a growth industry. These are (1) high quality R & D; (2) limited competition; (3) few government regulations; (4) well-paid employees but low labor costs; (5) a strong possibility of high return on invested capital; and (6) superior growth in earnings per share. Growth investors must have the nerve to handle risk and the financial wherewithal to endure volatile market conditions.

Janet Lowe, Roger Lowenstein (Author), Louis Rukeyser (Narrator)

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Five Lessons a Millionaire Taught Me About Life and Wealth

Easy to understand and simple to apply, The Five Lessons a Millionaire Taught Me About Life and Wealth is one of the most powerful books ever written about money. This book will change your life. When Richard Paul Evans was twelve, his father, a building contractor, shattered both his legs. With no insurance, no income, and eight children, the family was destitute. At that difficult time young Evans was introduced to a kind multimillionaire who taught him the five secrets of wealth. Today, Evans credits those lessons not just with bringing him wealth and success but with bringing him freedom and opportunity in a world where financial slavery is ubiquitous. In his signature motivational voice, Evans interweaves those influential lessons with personal stories from everyday people. He explains that money should not be the preoccupation of our lives. Rather, if we follow the five principles, we will be free to focus on God, family, and relationships -- the true nourishments of life. Wise and compelling, The Five Lessons a Millionaire Taught Me About Life and Wealth can be read in a single sitting and will leave you with a new view of what it means to be rich -- and convinced that you, too, can build wealth. The Five Lessons a Millionaire Taught Me About Life and Wealth is endorsed by financial consultants, churches, schools, and marriage counselors. You cannot afford to be without this book.

Richard Paul Evans (Author), Richard Paul Evans (Narrator)

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The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos

In this groundbreaking treatise, best-selling author and economist Ravi Batra identifies the roadblocks to world economic prosperity and what we need to do to overcome them. Bringing the same insight and expertise that made an international best-seller of his book The Downfall of Capitalism and Communism, Batra takes on falling minimum wages, corporate scandals, rocketing oil prices, and many of the other crises facing the world economy. He offers an expansive, optimistic vision of how the international community can address them and bring about something historically unprecedented: true global economic prosperity. "The analysis is keen and provocative, and the conclusions unorthodox as ever."-Publishers Weekly

Ravi Batra (Author), Brian Emerson (Narrator)

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Who Shot Goldilocks?

In WHO SHOT GOLDILOCKS? William D. Rutherford outlines in detail the economic and policy decisions that helped create the greatest generation of wealth in American history ' and the incredible actions that ultimately destroyed it. WHO SHOT GOLDILOCKS? presents a clear-eyed view of the inner workings of the American economy, explains how policy decisions affecting millions are made, and shows how the people responsible for maintaining the course of the economy failed.

William D. Rutherford (Author), Bryan Earl (Narrator)

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Freedomnomics: Why the Free Market Works and Freaky Theories Don't

Does the free market usually lead to unintended and negative consequences? Quite the opposite, says John Lott, who holds a Ph.D. in economics. In fact, says Lott, a wide range of fascinating and peculiar case studies prove the simple adage that if something is more costly, people will do less of it.

John R. Lott, John R. Lott, Jr. (Author), Brian Emerson (Narrator)

Audiobook

Economics Audiobooks in Business & Economics