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Review
Anyone wishing to understand the nature of the global economic mess in which we still find ourselves - an understanding which is essential if we are to avoid a repetition - would do well to read this timely book. --Nigel Lawson
Amusing and incisive, Masters of Nothing is the best account of the crash I have read. Hancock and Zahawi make original and powerful arguments about the crash, told through gripping stories about the real behaviour of the people at the heart of it. Entertaining, honest and provocative, this is a must-read from two rising voices in British politics.
--John Humphrys
Amusing and incisive, Masters of Nothing is the best account of the crash I have read. Hancock and Zahawi make original and powerful arguments about the crash, told through gripping stories about the real behaviour of the people at the heart of it. Entertaining, honest and provocative, this is a must-read from two rising voices in British politics.
--John Humphrys
Product Description
If we are to avoid a second crash, then we must achieve a better comprehension of human behaviour and apply this understanding to how we organise the financial system. Behaviour is important. Whether this be the behaviour of those who saw it coming, or of those who constantly berated them. The behaviour of those who rode the boom and switched at the tipping point to ride the bust, or the behaviour of those who held on to their principled as the system collapsed around them. It was human behaviour after all, that led us to construct a bubble nobody suspected was dangerous, yet nonetheless would burst with disastrous consequences. Contrary to the views of many before the crash the cycle is inevitable you cannot eliminate boom and bust. In a boom the bullish are promoted whilst the cautious are overlooked, reinforcing the cycle. This factor is generally ignored by the beautiful but flawed models of economic analysts. Since we cannot abolish the cycle, we must ensure that busts are not so dangerous in the future. The policy solutions are there if we re brave enough, from changing incentives, and creating fiscal and financial regulators with clout and discretion, through to changing corporate governance and shifting the power of executives.
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Customer Reviews
Most Helpful Customer Reviews
10 of 10 people found the following review helpful
Format:Paperback
The media coverage of this book makes out that it's either a book about RBS and Fred Goodwin or about gender in banks, but it's actually much more.
Writing in an entertaining and accessible manner, Hancock and Zahawi examine the economic crash in a different way to other books and bring it alive with stories about the people who were involved. At the heart of their analysis and their solutions is behavioural economics, terms like loss aversion, bystander effect and prospect theory are all explained and used to explain the irrational behaviour that led us to the brink.
Whilst their conclusions on gender have been well trailed by the media there's a lot more in there on the Vickers review, the way corporate governance works and how we tackle the current regime of rewards for failure in banking, and in business across the board.
Writing in an entertaining and accessible manner, Hancock and Zahawi examine the economic crash in a different way to other books and bring it alive with stories about the people who were involved. At the heart of their analysis and their solutions is behavioural economics, terms like loss aversion, bystander effect and prospect theory are all explained and used to explain the irrational behaviour that led us to the brink.
Whilst their conclusions on gender have been well trailed by the media there's a lot more in there on the Vickers review, the way corporate governance works and how we tackle the current regime of rewards for failure in banking, and in business across the board.
1 of 1 people found the following review helpful
Format:Paperback
Masters of Nothing is a hugely accessible, well researched and authoritative account of the events surrounding the banking crisis, written insightfully from the perspective of human behaviour.
Unlike many of the other works that tackle this subject which are fairly biased towards events in America, this book takes a more balanced approach and looks in detail at events that unfolded in London too.
The authors are both Conservative MPs, so it is no surprise that the previous administration takes many punches, although they are well argued and evidenced!
In many respects, this book tells the same story as the seminal Black Swan, but is infinitely easier and more fun to read!
Unlike many of the other works that tackle this subject which are fairly biased towards events in America, this book takes a more balanced approach and looks in detail at events that unfolded in London too.
The authors are both Conservative MPs, so it is no surprise that the previous administration takes many punches, although they are well argued and evidenced!
In many respects, this book tells the same story as the seminal Black Swan, but is infinitely easier and more fun to read!
5 of 6 people found the following review helpful
Format:Paperback
I initially bought this book to further my understanding of "The Crash" without having much knowledge of the authors and their established backgounds. Upon investigation however I learned that not only do the authors (Nadhim Zahawi and Matthew Hancock) have significant economic knowledge of the intricacies of the crash, but they were also active businessmen and economists during its occurence. From their established past's, a great book has been written that speaks with authority. It spectacularly combines human nature and finance using credible evidence and well conducted research and the book's fluidity contributed to what was ultimately an enjoyable read. 5 stars!
Most Recent Customer Reviews
An interesting take on the financial crisis and how to recover
I have read quite a few books on the financial crisis but this book is unusual in that it concentrates on the underlying motovational reasons which caused the crisis and, more... Read more
Published 3 months ago by ajb bucks
useful insights
I heard Mathew being iterviewed (on radio 4 today), and his weak response to questions concerning the importance of pursuing individuals who have recklessly contributed to the... Read more
Published 4 months ago by realshadey
Masters of Nothing
A light look about the financial crisis which is good for the layman as it attempts to make sense of human behaviour during in a financial crisis. Read more
Published 6 months ago by Maurice Howse
A must-read for everybody
It's remarkable that, to my observation anyway, this important and highly readable book has received little attention in the mainstream media. Read more
Published 7 months ago by A. Wright
Well-informed insight into financial crash
I agree with the comments of all the other five star reviewers. I really like the way the authors clearly explain the technical complexities of the bundles of debt that threatened... Read more
Published 7 months ago by Mary Powell
Excellent
Prompt, courteous, reliable service. Thank you!
I will order from them again. Their shipping price was very reasonable .
That is all I have to say.
I will order from them again. Their shipping price was very reasonable .
That is all I have to say.
Published 7 months ago by Affi Ansari
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