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Daniel Davies. Secret Life of Money - Everyday Economics Explained
CONTENTS
INTRODUCTION. THE SECRETS OF MONEY
THE TROUBLE WITH ECONOMICS
A LOOK UNDER THE HOOD OF THE MODERN ECONOMY
THE SECRET LIFE OF MONEY
WHY DOES IT COST MORE TO MOVE A PIANO THAN INSTALL A LIFT?
ROLLING THE STOCK
A CAPTIVE MARKET
A CONTRACT KILLING
THE MONOPOLY OF THE BIG FOUR
LIFT TODAY, PAY TOMORROW
COMEDY OF ERRORS
WHY ARE TRADE SHOWS THE PERFECT BUSINESSES?
HEADS WE WIN, TAILS WE WIN
THE IN-CROWD
THE ‘MATTHEW EFFECT’
FIRST MOVER ADVANTAGE
STELLAR POWER
SHE SHORT-SELLS SHOES ON A SHORT-SALES SHOE SITE
’SCUSE, CAN I ‘BORROW’ YOUR SHOES?
BACK OF THE SHOEBOX
SHORT POSITION
HOW DARE YOU SAY MY SHOES ARE FUNGIBLE?
FUNGIBILITY
BONDAGE
BONDS
SWAPPING CREDIT
CREDIT DEFAULT SWAP
THE NAKED SHORT SALE
AND HOW VOLKSWAGEN BECAME THE MOST VALUABLE CAR COMPANY ON EARTH, VERY BRIEFLY
MINSKY MOMENTS
FINANCIAL INSTABILITY
THE CYCLE
LEVERAGE
WHICH PART OF THE CYCLE ARE YOU IN?
SPOTTING THE BUBBLE
THE MALT WHISKY YIELD CURVE
HOW INTERESTING…
WHISKY IN THE JAR
THE ANGEL TAKES THE TOPMOST
MONEY IN THE BANK?
FINANCIAL THEORY INTO BUSINESS PRACTICE
SENSIBLE SHOES
IF PAYDAY LENDERS’ INTEREST RATES ARE SO HIGH, WHY DON’T THEY OWN THE ENTIRE WORLD?
THE MAN WHO OWNS THE WORLD?
IT ALL ADDS UP
THE REAL COST OF SHORT-TERM BORROWING
WHO ARE RIP-OFF LABEL JEANS ACTUALLY RIPPING OFF?
THE DESIGNER WEARS PRADA
WORKING FOR DA BOSS
BREAKING DOWN THE FOODCHAIN
WHAT MAKES FAKE FAKE?
DR DRE
DR DREADFUL
MONEY AND HOW TO USE IT
MONEY FOR JAM
MONEY FOR NOTHING
JAM TODAY, JAM TOMORROW
WHEN DEBT IS GOOD
THE GIRL WITH THE CURL
WHEN CREDIT CARD COMPANIES MAKE STARTLING SUMS
A DEBTOR’S PRISON
NO SYMPATHY FOR THE DEVIL
CASH ADVANCES ARE EVEN MORE PROFITABLE
HIDDEN FEES
CRAB-FISHING DEATHS AND AMERICAN PRESIDENTS
LINCOLN, KENNEDY, CRAB FISHERS…
THE GREATEST SHARE OF THE FISH PIE
INDIVIDUAL QUOTAS, FEWER ACCIDENTS
GIVING MORE THAN 100 PER CENT
RUNNING ON EMPTY
MONKEYS MINDING MACHINES
TIME OUT
DEPRECIATION – HOW DO YOU WORK IT OUT, AND WHY WOULD YOU BOTHER? DEPRECIATION
APPRECIATING LIFE
DEPRECIATION LIFE
RULE OF THUMB RULES OK
HAVE VAN, WILL TRAVEL
IS IT A VEHICLE? IS IT A MACHINE TOOL?
GOING UP?
THE ASSETS THAT WOULD NOT DIE…
ASSETS WORTH APPRECIATING
FOOTFALL CRAZY
LOCATION, LOCATION
THE GRAVEYARD
CHARITY BEGINS ON A SIDE ROAD OFF THE HIGH STREET
RISK OF RENT CONTAGION
A DESTINATION BUSINESS
WHY DO UNDERTAKERS LOOK LIKE FAMILY BUSINESSES, EVEN WHEN THEY AREN’T?
YOU DON’T SHOP AROUND WHEN YOU’RE DEAD
THERE’S GOLD IN THEM THERE CORPSES
LOW-KEY BRANDING
ECONOMIES OF SCALE AREN’T DEAD
ECONOMIES OF SCALE
RAISING THE DEAD
MONEY LAUNDERING
DO NOT PASS GO, DO NOT COLLECT £200
CASH IS KING
PARTNERSHIP WITH THE DEVIL
TAKEN TO THE CLEANERS
HOW MUCH DOES LIVING IN THE CATCHMENT AREA OF A GOOD SCHOOL DRIVE UP HOUSE PRICES?
WHAT COST EDUCATION?
BID UP
LOCATION, LOCATION
HEDONISM
THE UNCERTAINTY PRINCIPLE
SMALLVILLE
THE PRICE YOU PAY?
THE WIDER PRINCIPLES OF HEDONISM
‘BLOOD DIAMONDS’ AND THE MYSTERIOUS ABSENCE OF ‘BLOOD EMERALDS’
KIMBERLEY
RESTRICTING THE SUPPLY
CARTEL
KEEPING UP THE CARTEL
IT’S HARD TO BE DIAMOND IN A RHINESTONE WORLD
BLOOD WILL HAVE BLOOD
LEARNING CURVES AND WHY PEOPLE DON’T NECESSARILY DO WHAT’S GOOD FOR THEM
HELL’S KITCHEN
BUSINESS HELL
FIX THE ROOF WHILE THE SUN SHINES
KENYAN FLOWERS
BACKLOADS
A SUFFICIENT LOAD OF BACKLOADS?
MARGINAL COST
AIR FREIGHT
SAFE AS HOUSES
EVERYONE’S GOT TO LIVE SOMEWHERE
ULYSSES TIED TO THE MAST
DO YOU TRUST A UNIT TRUST?
SAFE AS DUCK HOUSES
MARGIN CALL
LACK OF FORECLOSURE. FORECLOSURE
EXPOSURE
LEVERAGE UP
HITSVILLE UK – WHY IS A RECORD LABEL LIKE A PHARMACEUTICAL COMPANY?
THE ONLY WAY IS BIG
FALLING OFF THE CLIFF
WHAT’S IN THE PIPELINE?
CAN SMALL BE BEAUTIFUL?
GENETIC SCREENING AND HEALTH INSURANCE
THE TITANIC PROBLEM
MEDICAL RISK VERSUS FINANCIAL RISK
RISK POOLING AND STANDARD TERMS
RISK PRICING FLAMEOUTS
GENETIC TESTING – A THREAT NOT AN OPPORTUNITY
CLAIMS MANAGEMENT – DIY FOR THE WIN. INERTIA
LAWYERS AND REBATES
BUILDING UP THE CLAIMS SETTLEMENT BUSINESS
WHAT GOES AROUND COMES AROUND
YOU’LL GET WHAT’S COMING TO YOU…
RANDOM NUMBERS THAT AIN’T
I GO BACK TO BLACK
CASINO ROYALE
THE MAN WHO LOST HIS SHIRT AT MONTE CARLO
CRAFTY BREWERS
THE GRAPES OF WRATH
WHAT’S IN THE BOTTLE?
AMORTISE
QUALITY CONTROL AND INDUSTRIALISATION
YOU ARE WHAT YOU DRINK
READY FOR A ROUND-UP?
TERMINATOR
LIFE’S A BED OF MAIZE
I-TERMINATOR
READY?
THE MAN FROM MONSANTO, HE SAY YES
SWEATY JANUARY – HOW GYMS MAKE MONEY
SWEATY BETTY
GYM MEMBERSHIP IS FOR A YEAR, NOT JUST FOR JUST AFTER CHRISTMAS
LIFE FOR RENT
WHEN FIXED COSTS MEET FIXED BUDGET
SECURITY THROUGH MATURITY
THE PECKING ORDER
SENIORITY BY PRIORITY
DON’T LET BYGONES BE BYGONES
IN PRACTICE…
GETTING PAID ON GOVERNMENT DEBT
TV FORMATS AND BRANDS
BUY NOT BUILD
HAVING THE ‘X’ FACTOR
VALUING BRANDS
THE GAZETTE AND GOODWILL
SIGN OF THE TIMES
PINNING DOWN THE VALUE
FREE LOVE ON THE FREE LOVE FREEWAY (OR THE BALANCE SHEET)
BOTTOM OF THE LEAGUE
SHHHH!
BIG TICKETS FOR BIG TICKETS – MONEY BROKERS
TAX AND SPEND
COMMODITY SPIRIT
PARTY HARDY
JOLLIES FOR THE BOYS
MALCOLM IN THE MIDDLE
GOING DOWN?
TELL IT TO THE JUDGE
WHO’S IN THE KNOW?
KICKING BACK THE WHISKY
THE SECRET WEAPON OF MARTIAL ARTS SCHOOLS
MARTIAL ARTS: THE WAY OF THE INSURANCE BROKER
PASS GO, COLLECT £200
WHAT’S IN A TRADEMARK?
WHAT DO AIR MILES HAVE IN COMMON WITH THE ZIMBABWEAN DOLLAR?
FREE FLIGHT TO SPACE
BUT THERE IS A PROBLEM…
SO WHAT SHOULD WE DO ABOUT IT?
WHEN IS £50 WORTH MORE THAN £50?
A TOKEN GIFT
LIBERTY HALL
GOLF AS CURRENCY
PENNY BLACK
SPEND, SPEND!
SYMPATHY FOR THE INSURANCE COMPANY DEVIL
INSURANCE HEAVEN
WHY ARE THERE NO SMALL ‘MOM AND POP’ INSURANCE COMPANIES?
INSURANCE HELL
NOT THE AVERAGE
A LITTLE KNOWLEDGE
A BROAD SPECTRUM
CHEAP AND NASTY
A RAINY DAY
THE PREMIUM CYCLE
WRITE AND RUN
IT’S THE BROKERS WHAT BROKE IT
WHY DON’T MAINTENANCE MEN EVER TURN UP ON TIME?
HURRY UP AND WAIT
SMALL IS PROBLEMATIC
THE TRAVELLING SALESMAN PROBLEM
NO SILVER BULLET
BUILDING IN THE SLACK
THE AFTERLIFE OF MONEY. THE BIG IDEAS OF ECONOMICS
THE COST OF BUSINESS
MARGINAL COST
ZERO OR VERY LOW MARGINAL COSTS
RECURRING BUSINESS AND LONG-TERM RELATIONSHIPS
THE STICKINESS OF BUSINESS
LEAVE IT TO THE EXPERTS
HENCE HYPER-SPECIALISATION
THE SECRET
GLOSSARY OF KEY TERMS
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