The Wisdom of Finance

"Accessible... Desai, a Harvard economist, is an omnivorous reader, referring to Trollope and Hammett amid explanations of such concepts as leverage and options theory."-- New Yorker "A strikingly involving, strangely life-affirming new tome... following Mr Desai through his arguments and explanations is, in practice, a disarming and illuminating process."-- Mr. Porter "This is a charming, provocative and readable book. For non-financiers, it can be a great teaching tool; for financiers, it is a badly needed rap on the knuckles, and perhaps an inspiration." - Gillian Tett, Financial Times "Those familiar with the world of finance will have their perspective shifted, and for the rest of us, Desai provides a welcome entry."-- The Boston Globe "Mihir Desai is a fortunate person: he is an expert economist who is also well-read. In this book he uses his skills to provide a fascinating new perspective on modern finance, showing how the main concepts have parallels in literature and the arts. Students of finance will learn literature, students of literature will learn finance, and everybody will learn something." -- Oliver Hart, 2016 Nobel Laureate in Economics "For those of us who have long believed that the field of finance was more than a way to make a good living, Mihir Desai has written a liberating book. He shows us how an understanding of the humanities can increase our effectiveness as financial practitioners and add a dimension of joy to process." -- Byron R. Wien, Vice Chairman, Multi-Asset Investments, Blackstone Group "In this lucid, witty and delightfully erudite study, Mihir Desai connects finance to philosophy, literature and the deep essence of the human condition. From the French revolution to film noir, from the history of probability to Jane Austen and The Simpsons, this is an astonishing intellectual feast. " --Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan "This book is startling, a stunning, erudite, fascinating look at the world as we think we know it, but it‘s a world where all roads lead to finance, and in particular, insurance. Highly recommended." -- Seth Godin, author of Purple Cow " The Wisdom of Finance is fascinating and delightful throughout. Desai explains the world of economics to those who love literature and the world of literature to those who are passionate about economics. And if you enjoy both -- well, then you are in for an extra-special treat. I kept shouting aloud: "I get it, I finally get it!" Here is a book that will make you richer in spirit -- and maybe in money, too." -- Will Schwalbe , New York Times bestselling author of The End of Your Life Book Club and Books for Living "The Wisdom of Finance is required reading for anyone interested in finance or in pursuing a career in the industry. Mihir eloquently traces the products, practices, and services of our modern financial system to their roots while providing literary context and illustration. It’s a refreshing approach to what can be a turgid topic, and it can provide practitioners with a new appreciation (and understanding) of their role in their companies, the industry, and in the broader economy." -- Vikram Pandit, Chairman and CEO of The Orogen Group and former CEO of Citigroup. "In The Wisdom of Finance, Mihir Desai masterfully achieves two goals - bringing great clarity to how finance works and why it is important, and shining a bright light on how the humanities helps us to bet