5 comments about Empire of Wealth: The Epic History of American Economic Power (P.S.).

1. this book is very nationalistic and pro-america in the phrasing. which made me want to stop reading instantly and i couldn't take some things seriously. there were some claims about america that were made in the book that were just included and unexplained while things that is common knowledge to most people were given detailed summaries.



2. I first heard Mr. Gordon on 20/20 talking about the 1987 mini-crash of the stock market, and when he said, "The Fed did the right thing then, it injected huge amounts of liquidity into the market." If people believe creating money out of thin air and giving it to the politically connected helps the economy, they really need to go back to Econ 101. Oh wait, Econ 101 these days says exactly that in almost every government run school in America. For a much more detailed and insightful look at the History of Banking and the true cause of the booms and busts (hint: The Federal Reserve itself), read Murray Rothbard's "A History of Money and Banking in the United States," or his "The Mystery of Banking." There you will find sound logic, as opposed to this trash.



3. It is amazing to me that someone could read this book - as the publisher's weekly reviewer and some of these Amazon reviewers have - and conclude this is an "unfair", biased account of American economic history because it completely ignores the disparity of wealth our capitalist system created.
   
   Really?
   
   Then you have missed the point of this book...missed the forest of the trees, as it were.
   
   This is an epic history of an epic nation. Think about your comments in the epic context of this book. Let me help: Answer these questions about the percentage of Americans in 1780/1880/1980 that could:
   
   - Travel to family or friends 100s, or even 1000s of miles away for a meal? For an emergency?
   - Communicate with loved ones, not in the same room?
   - Hear music that wasn't being played in the same room?
   - Have an iced beverage in the summer time?
   - Enjoy a warm bath in the winter?
   - See 50/70/90/99% of their children grow to adult-hood?
   - Live to see grandchildren? Great grandchildren?
   - Have the ability to show their grand children/great grandchildren/etc pictures of themselves?
   - Spend less than 80/60/40/20/5% of their waking moments feeding themselves?
   - Have fresh, out of season, produce?
   - Have access to virtually any book ever published in the last 100 years? Content not published?
   - Expect to catch typhoid/tuberculosis/small pox/pneumonia/mumps/measles/polio?
   - Survive childbirth/a heart-attack/diabetes/a broken femur/
   - Survive to 40/60/80/90?
   These are the perspectives of this book. It never occurred to me a significant number of people in 1850 didn't even know what ice was. That is, before ships and insulation improved to the point where New England ice could be exported to Central America and India. That is, until refrigeration took over (one can imagine the local politician bemoaning the loss of jobs in the ice-farming industry). This book is page after page of these obvious-in-hindsight, incredibly entertaining tidbits.
   
   But, back to you narrow minded reviewers: the above doesn't even address the core economic fallacy inherent in your phony wealth statistics -unlike the socialist systems you no-doubt favor, ours isn't a caste system - the wealthiest 1% and poorest 10% are not the same people year after year. One of the greatest explanatory variables of % wealth disparity in this country is time spent in this country, governed by both age and immigration status. A pre-med college student is poor, yet 20 years later as a surgeon, is rich; a craftsman at 20 who puts away 10% of his income over a 40 year career starts poor, ends "rich"; a Mexican immigrant who arrives with nothing sees his children go to college.
   
   We are living in the greatest economic environment of opportunity and prosperity in the history of the world and, yet, a significant number of people are finding ways to be miserable, ingrates, and ruin it for the next generation. Read this book and gain some perspective, for your sake and (unfortunately, given our political climate, for my sake and my children's sake as well).



4. This book sat on my shelf for a couple years. It looked thick and everytime I read the back cover I put it back down. An economic history of the US? Ugh. Well, I finally read it and I'm sorry I waited. This is a very entertaining and informative book. After every chapter I would share with my wife some new piece of information I had learned or share some story he had written about some of the characters that present themselves. Honey did you know...? This turned out to in fact be a quick and highly enjoyable read. I highly recommend this book to everyone who thinks they might want to have a better understanding of how the US economy developed from founding to present day - and doesn't have a degree in economics or math. I find myself referencing this book constantly as I discuss the current economic situation of our country with friends and family. Given the current situation with the automakers in Detroit his chapter on the development of GM and Ford and the auto industry should be required reading. Read about Wall Street shenanigans in the 19th century and you won't be nearly as shocked at the current situation. And all this with not one eye-glazing chart, graph or formula. Well done.



5. Gordon's explication of the genesis of the US banking system is exceptionally interesting and highly readable for most people with modest financial backgrounds. He helps provide some facts that enable one to understand what is occuring in todays financial economy. I recommend this book for general reading to all those who doubt our ability to manage our financial affairs; clearly, we have been in many "ditches" before.

5 comments about The New Asian Hemisphere: The Irresistible Shift of Global Power to the East.

1. First I noticed the controversy about this book in Hard Talk on BBC, where the host and the author did some very unsatisfactory pirouettes around the contentious issues, which are related to the Western reservations about current Asian progress. Then I read an even worse interview in Der Spiegel, where the interviewers excelled in stupidity while the author excelled in stubbornness.
   Consequently I had to pick up the book and read it. KM expects to provoke 'us' Westerners, but he asks some pundits to write blurbs, which Summers and Zbig and others did.
   KM's thesis is this: Asia rises, and that is good for the world. The Western leaders have trouble in adjusting their mental maps, which are trapped in the past. Asia has benefitted from the world system as established after WW2 and has no interest in endangering it. The current wave of optimism will enter West Asia as well and Pakistan, Iran and others will want to have the same progress as China and India etc...
   The March to Modernity is good for all, and it is not just material, rather the escape from poverty has far reaching immaterial value for the masses of Asia.
   In short, KM is a 'hopeless' optimist, and I do hope that his victorious scenario wins. My biggest doubts are over the Islamic world's ability to join the trend. Maybe KM knows better. I do hope so.
   One surprise for me was that KM steps away from the old litany of Lee Kuan Yew and others, i.e. that Asian economic success is due to traditonal Confucian values. In the contrary, KM argues that China, India, and the others, are following Japan in adopting the '7 pillars' that were the basis of the West's surge forward some centuries ago. These 7 pillars are: 1. free economy (expect Adam Smith in the Asian pantheon of the future!), 2.science (enormous push forward; quote Rajiv Gandhi: better brain drain than brain in the drain); 3. meritocracy/equal opportunity, a trend which requires overcoming huge traditional obstacles, but which is clearly on the way; 4.pragmatism: possibly a euphemism for copying; 5.a culture of peace (maybe hard to believe for many in the West); 6. the rule of law: far from being an attained target so far; 7.education.
   If KM is right, the adoption of Western values is going far beyond copying Gucci bags and Lacoste shirts. In that sense I would'nt be surprised if he got as much headwind in Asia as in the West.
   The headwind in the West comes from his criticism of the exportation of democracy into nations that are not ready for it. And of course from his criticism of the way the West dominates the international institutions and applies double standards.
   Why are we not happy with the Asians following our example? Because it means loss of power, plain and simple.
   Can't say that I don't see his point. Equally I think he is right in blaming the current Western leadership for gross incompetence in critical issues such as Middle East policy (the Iraq invasion as the single worst case of bad judgment and terrible implementation), free trade, nuclear non-proliferation, global warming...
   Incidentally, KM points out, at the time when Giordano Bruno was burned for heresy in Rome, the Muslim emperor Akbar the Great pronounced principles of a secular government in India. So much for Western conceipt.



2. Kishore Mahbubani presents an engrossing account, written with clarity and incite, detailing the shifting landscape of our human planet. He is able to comprehensively portray the changing forces - strengths and weaknesses, economically, politically, and culturally - affecting the dynamics of the interactions and changing powers of the world's civilizations. I became interested in the book after watching Mr. Mahbubani on an interview on UCTV in which he made a potentially boring-sounding topic sound potentially interesting. IT WAS FASCINATING!



3. By 2050, three of the world's largest economies will be Asian - China, Japan, and India, and America's domination of global institutions such as the IMF, World Bank, G-7, and the U.N. Security Council will be over.
   
   The U.S. needs to take a broader view of morality than it has. The rise of Asia has brought more "goodness" (lifting hundreds of millions out of poverty) into the world in the last several decades; at current growth rates standards of living in China may rise 100X within a human life span, contrasted with Russia's 45% decline after following American advice to leap into democracy without reforming the economy first. Facilitating widespread acquisition of consumer goods removes the feeling of hopelessness and futility, increases sense of self-worth, lowers crime rates, encourages the teaching of history to become less ideological (eg. China's new texts mention Mao only once), and improves education standards. However, accomplishing this requires not freedom from authoritarianism (as most Americans think), but freedom from chaos and anarchy. (Part of the government's reaction to Tiananmen Square was supposedly due to their support for a Russian-style economic and political conversion.)
   
   Mao's initial implementation of central planning was not a failure - thanks to his ending almost a century of political turmoil the first Five-Year Plan brought average annual increases in industrial and agricultural output of 19.6 and 4.8% respectively. The 1955 Great Leap Forward, on the other hand, was a failure.
   
   The success of Chinese expatriates overseas and their low productivity on the mainland confirmed (along with initial small experiments that partially reversed collectivization of agriculture) Deng's suspicion that China had adopted the wrong economic system. Thus, he became a pragmatist ("It doesn't matter whether a cat is black or white - as long as it catches mice it is a good cat."), calling for an end to name-calling, emphasizing responsibility, and stating that "To get rich is glorious." Regardless, China's development has now reached a need for a legal system that borrows from Western concepts, thereby decentralizing financial power and property rights (and further encouraging economic investment).
   
   Asia had slipped behind Western scientific development because of a religious mindset that spurned the material world and a lack of critical questioning. Richard Smalley, Nobel Laureate in chemistry, predicted that by 2010, 905 of PhD scientists and engineers would be living in Asia. China's 200,000 returnees make up 81% of the Chinese Academy of Sciences, enticed by patriotism and growing opportunities, resistance to research in some areas (eg. stem-cell), and increased government funding. (China has increased from 0.6% in 1995 to 1.3% in 2005, vs. U.S. federal outlays declining over the past 30 years to 0.05% in 2003.
   
   The China Central Committee's (CCC) average age in 2002 was 55; membership is based on merit, not seniority (eg. Russia's Politburo). Another lesson learned from Russia's implosion was to avoid an early overfocus on military development.
   
   Arab Muslims make up on about 1/6 of the world's 1.5 billion Muslims. Most live in Asia; throughout the world Islamist parties are gaining ground.
   
   Hopefully, the Western nations will accept Asia's rise. America's star is not dimming, though it is shining relatively less brightly. In addition, our supporting Israel, Arab and other despots, speaking non-proliferation while silent on Israeli nukes, modernizing American weapons, and supporting India's nuclearization, supporting democracy, while punishing Palestinians for not voting the way we want, lack of leadership on global warming (includes insisting on too much, too soon from developing nations), name-calling and refusing to talk to Iran do not compare well with China's no-strings aid to eg. Africa, without dictating terms for economic and political reforms.
   
   An excellent outside perspective!



4. Kishore Mahbubani is the Professor of Public Policy of the Lee Kuan Yew School of Public Policy at the National University of Singapore. His previous books carry the interesting titles of Can Asian Think? and Beyond the Age of Innocence.
   
   In this book, Kishore, a former diplomat explores the reaction of the West especially the United States towards the shift of global power to the east. By 2050, the world's three largest economies will be in Asia: Japan, India, and China.
   
   Kishore's thesis is that the east like to replicate, not dominate. This was always so with Asian and Western countries. However much depends on the response of the United States. If the United States are willing to share and not dominate, then there will be much benefit to everyone. However if the United States decide to try to dominate the rising economies, there will be much chaos.
   
   History unfortunately has shown that the Western response when threatened by the east was always a retreat into protectionism and attacks. The Japan-bashing of the 1980s, have been replaced by India-bashing of the 1990s (due to outsourcing) and now we have China-bashing in the 2000s. Looks like we in Asia are in a stormy ride.



5. The challenge faced by U.S. policy in Iraq is an indication of Kishore Mahbubani's assertion that you cannot export democracy into countries that are not ready for it.
   
   In his book "The New Asian Hemisphere" Mahbubani points to the limitations of Western leadership in such areas as free trade, global warming, nuclear non-proliferation, Middle East policy, and reticence to accept the rise of Asia.
   
   The author discusses the gap between America embracing democracy and the rule of law for all nations while itself arguably playing bully in dealing with so called "enemy combatants." Because of these shortcomings, Mahbubani believes it is far better for third world populations to be modernized rather than Westernized.
   
   While sometimes harsh on Western leaders the author is quick to give credit where credit is due by recognizing Western contributions such as science and technology, free-market economics, pragmatism, rule of law, education, culture of peace, and meritocracy. But that does not stop the author from pushing for changes in the institutions that govern the international and economic system to make room for Asia's return to global leadership, such as his call to add India and Japan to the UN Security Council.
   
   In his book, the author calls for more partnering among East and West to help build a more stable world with more stable growth. I'll drink to that, since this is what I do for a living.
   
   By Gunjan Bagla
   Author of Doing Business in 21st Century India

5 comments about The 22 Immutable Laws of Branding.

1. There are two parts to this book. One part is pure common sense to anyone vaguely aware of what branding is, and an excellent guide for beginners. The other part is almost pure fiction.
   
   The basics of branding are very well defined and explained through examples. Ideas are grouped under logical categories named "laws" (i.e., to be unconditionally obeyed?) whereas the concept of "pattern" (i.e., truths that apply most of the time in certain non-exclusive conditions) would have been more appropriate.
   
   The following excerpt is very characteristic of the self-confidence this book displays: Because the eye focuses red light behind the retina, red light appears to move toward you. Therefore, red is the color of energy and excitement.
   
   As a reader, I don't have a hard time believing that red is the color of energy and excitement. I also trust scientific experiments that red focuses behind the retina. But the causality link between the two is, to me, as risky as unnecessary.



2. This book is a classic. The language and content are so fresh you won't fail to be impressed even when you read it today.
   
   [...]



3. very easy to read, to the point...sometimes a little repetitive but that's ok...good for memorizing.



4. Great book. Very consistent with their previous books and full of exemples that corroborate with the ideas.



5. Overall a great marketing/branding book for anyone wanting to get an overview of how it all works. They use classic, well-known examples that many professors cite constantly. If you have a background in marketing, it is a great refresher to remind you of the stuff you learned. As with all books, take from it what you can, and always challenge everything you read. But I read all of Al Reis' stuff, I think he is great.

5 comments about The Culture Code: An Ingenious Way to Understand Why People Around the World Live and Buy as They Do.

1. There aren't many books I just don't like, but this was one. Rapaille comes across as an elitist who's tricked everyone into believing he's a guru. I would compare his book to a work of art where some know-it-all expert at the gallery is raving about the artist's use of light, color, and internal meaning, only to find out later that the painting was done by an elephant with a brush in its trunk (i.e. waaaay too much meaning assigned to random things). The same is true here. Rapaille's conclusions are ambigious and unproveable, and you or I could spout the same arbitrary theories. For example, because Americans consume a lot of hamburgers, I hereby declare that the culture code for America is a cow. See? It's easy. This type of random link between unrelated things (and the unsupportable claim that they're not random and they ARE related)is what you get with this book. Rapaille's only genius is in convincing corporate America that he is one.



2. We are products of our environment, rearing and experiences. This book may have value from a marketing stand-point. It is not why I read it.
   
   Culture Code is insightful as to the behavior of people based on their life experiences. Our values as a society are reflected in our actions and our purchases. We do what is accepted by the majority and reject many things that are unpopular.
   
   When a culture embraces a behavior we accept it as we grow within that culture. Sometimes it makes sense, other times, it does not.
   
   If you are interested in why things are accepted as relevant for no seemingly good reason, read this title.



3. Although the writer mainly does his (extremely highly paid) work for marketing and advertising purposes, the book gives an unusually deep insight into the underlying meanings of certain concepts for various cultures.
   
   Based on the learning of the particular culture as constructed in early childhood, he defines (for instance) what the word "love" means to several different cultures - and backs up his claims. He says that to the Americans (an adolescent culture) "love" really means "false expectation"; that in France "love" and pleasure are intertwined; the Italians expect love to contain strong dimensions of pleasure, beauty and (above all) fun (and that for them true love is maternal love); and for the Japanese (an older culture) love is a "temporary disease".
   
   No, it's not terribly well written, but most of what he says resonates as true (I have lived for more than a decade each in Western Europe, US and Japan). He provides valuable insights and I'd love to read more on this subject by this author.



4. ... someone will introduce you to positions or ideas that on some level you already know, but in a way that makes you say wow. Now I get it. This is one of those books. Filled with insights that are both revolutionary and obvious, it is a book that will make you re-think the way you talk with your product developers, frontline staff and creative department.



5. Clotaire Rapaille delivers the goods in this outstanding exeplanation of what makes people tick. In my 20 years working in marketing and branding, I've spent more time studying psychology, sociology, anthropology, and politics than much of the standard marketing fare.
   
   At the core, marketing is about understanding the messy world of human interaction - what drives and moves us, what frightens and stops us.
   
   This book - and Dr. Rapaille's work - reveal the power in undesrtanding these principles. In my own work, this book has opened intellectual doors through which I continue to explore how to better understand the audiences we address in growing our business.

5 comments about The Great Unraveling: Losing Our Way in the New Century (Updated and Expanded).

1. This book is as relevant today as it was when it was written. Most books of this type tend to have a relatively short shelf life, but this one endures. It proves the axiom about news being the first draft of history.



2. The early years of the Bush Administration are a blurry memory for me. Partly because nothing that was going on, from tax cuts to 9/11 to the shifting recession, made any sense to the common observer. The hall of illusions structuring the public conversations of the time were all a part of the great unraveling. Paul Krugman was one man with a strong flashlight in a world of foggy numbers. He cut through the confusing lies cast forth by the Bush team in order to show us what was really going on and where these cryptic economics would take us. It is eerie to read these articles years after we know the truth. He couldn't have hit the target more accurately with a patriot arrow. After swimming through this text I have become a true fan.



3. Unfortunately, a newly awarded noble peace prize winner, further adding to his armor to attack without criticism, the opposing party politics. Nothing but a rambling Bush hit piece, only three years into his presidency, and a big government proponent. Problem is he has apparently has no offspring contributing to the "cradle to grave" society he espouses. A career without raising children? Maybe I could have as many publications in my spare time. Collection of op-eds from the NTY's that have no cohesion. Sounds like a town crier for the boy who cried wolf. No doubt to his economics knowledge, however, from the halls of academia to the street are two different gigs. Time to see if the next four years, possible eight, will corroborate what he hypothesizes about the gap betweent the rich and poor. Still a good read for the open minded from both sides of the political spectrum. One must repect his credentials, at least.



4. It is frightening how Krugman's words are so applicable to the economic crisis that is happening right now.
   I had to keep checking the publication date to make sure that it was not written just in the last month.
   The policies of the current administration; the shrub who's name we dare not say out loud, even in our heads;make you want to scream, and very much out loud.
   My wish is that economics teachers were not so dry and predictable when I was in high school. Economics is such an important part of how our country is run, and why it is run, to just be a mountain of statistics.
   Read Krugman's works, and Freakonomics to start educating yourself about how it all works.
   Cheers



5. This book is a compilation of columns written by Paul Krugman mostly addressing the economy, warning of impending crises. Another words, a warning from 2004(and earlier) about what we are currently experiencing.
   
   The author is highly critical of the current administration's use of tax cuts for the wealthy as a cure for all economic ills.
   
   He also looks at companies "moving offshore" and using "fancy footwork" to evade paying taxes.
   
   Another subject is the amount of money that can be either a "modest sum" if it's a tax cut for the rich or an "unsupportable burden on the budget" if it's an obligation to retirees like Social Security or a similar program.
   
   I can see the point Mr. Krugman makes about better media sources being the business- related media like CBSMarketWatch.
   
   He also examines how assorted administration officials, particularly the president and v.p. have aquired their wealth. Their familiarity with Enron-type accounting schemes is, well, accounted for. This is directly related to the administration's hypocritical opposition to corporate and accounting reform.
   
   The major ingredients in formulating political debate in our country are :campaign finance, lobbying, and the power of money. Mr. Krugman demonstrates that point very well.
   
   He views the California energy disaster as a result of market manipulation by energy producers and traders. Enron was evidently not the only trader involved.
   
   Mr. Krugman addresses the story of his connection to Enron as a legitimate business transaction that was used as a smear tactic.
   
   
   I will sum up my impression of the book with this quote form page 129.
   "To an extent unprecedented in recent history, this is a government of, by and for corporate insiders. I'm not just talking about influence, I'm talking about personal career experience."
   
   I don't agree with Mr. Krugman's opinions on globalization, but "The Great Unraveling" is an intelligent, clear, and accurate book about Bush's policies and the resulting economic disaster.

5 comments about The World Cafe: Shaping Our Futures Through Conversations That Matter.

1. Full of clear and sensible information about how to manage complex conversations and consultations with large and diverse groups. A pleasantly 'unacademic' approach to achieving good results.



2. This book gives a nice overview of World Cafe's. Good introductory text. This is really a book about setting the stage for good conversations that are meaningful and productive.



3. This book provides useful insight on leading discussions of diverse groups. I found the ideas to be a fresh way of looking at the discussion process. Especially useful for classroom and retreat situations.



4. As CEO Coach, Poet and author of a leadship book that helps leaders unleash the genius of themselves, their teams and their businesses, I recomend this book. I have been through the process described in this book and find it an excellent way to discover the wisdom of a team or a company. Paul David Walker Unleashing Genius: Leading Yourself, Teams and Corporations



5. This is an incredibly hard book for me to review. As with some other business books I've read in the past, I think the ideas are good and useful. On the other hand, despite its deceptively friendly appearance, I find this an incredibly difficult book to read.
   
   My main complaint is simple and, again, commonplace among books of this type: it is entirely too long for what it is trying to achieve. This is a two hundred-plus page book that could have easily accomplished its purpose in thirty pages. It is bulked up by vagueness, repetitiveness and numerous personal anecdotes that are only occasionally useful. With much more direct and succinct writing, the authors could have given us a clearer picture of how to make the world cafe process unfold.
   
   Still, it needs be said that the world cafe idea is a good one. I've used it a few times in meetings and it has always been successful. If you're looking for what the world cafe is about, this is the place.

5 comments about The Long Tail: Why the Future of Business is Selling Less of More.

1. A writer who I follow avidly is the New Yorker's Malcolm Gladwell, who for a decade now has successfully analyzed and explained the bleeding obvious. But he does so in a fluid and entertaining manner, which is what mostly accounts for his success.
   
   A few years ago Mr. Gladwell wrote a book called "The Tipping Point," which went on to become a publishing phenomenon. In it he explained how certain products become phenomena. First, someone creates the product or comes up with the idea. Second, someone packages it properly so that it's something that resonates with people. Third, someone discovers it and enthusiastically promotes it until its sales or notoriety reaches "a tipping point," and once it crosses this threshold the idea or product becomes a cultural phenomenon.
   
   A lot of readers enjoyed the book and found it "empowering" because they fundamentally misunderstood it. For them it meant that if they worked hard enough and had the proper skill-set they could sell their products and be successful. But "The Tipping Point" showed how important chance and randomness were in products and ideas becoming successful and mainstream -- different people working at different times re-working and re-marketing an idea or a product before the product obtains that magical combination of utility, relevance, and buzz. It's a very much organic, natural, and social process -- where no one or no group is completely in control.
   
   In that way Malcolm Gladwell's contribution was not coming up with a new idea but in framing a well-known cultural phenomenon.
   
   Likewise with Chris Anderson's "The Long Tail." Instead of telling us anything new he's helping us frame our understanding of the Internet and digital age.
   
   We know the Internet is a revolutionary tool that has empowered consumers with more choice and information than ever before, has made the production and distribution of products cheaper than before, and is radically challenging the dominance of traditional media and bricks-and-mortars retailers. We know that Internet retailers -- such as Amazon, Ebay, and Google -- have different revenue and business models than Walmart, Target, and Barnes & Noble. The Internet has also fundamentally changed consumer behavior: instead of waiting for prime time consumers now watch want they want to watch when they want to watch it. What Chris Anderson has done is frame all this in a concept called "The Long Tail."
   
   What "The Long Tail" means is that given the diversity of individual tastes the number of movies and books that consumers could potentially want to buy is almost infinite. Unfortunately the resources of traditional retailers like Walmart is very finite -- because of limited shelf space Walmart has to choose books and DVDs that have the most consumer appeal. But web-based retailers like Amazon have infinite shelf space so they can offer consumers more choice, and consumers embrace choice.
   
   That in a nutshell is what the "The Long Tail" is about, and to justify turning his magazine article of the same name into a book Chris Anderson offers lots of examples and cases studies of "The Long Tail" in action but mainly just waxes eloquent on how the Internet has empowered people: Thanks to the miracle of cheap digital technology young kids who don't want to work but just want to be famous can make their own movies, and make their friends and parents buy it over the Internet.
   
   Too much boasting and boosting and not enough analyzing and criticizing is yet another similarity between "The Long Tail" and "The Tipping Point." Both are also magazine articles that have been for marketing purposes turned into books.
   
   Ultimately, both books sell a gimmicky concept that doesn't really enhance our understanding of the world.



2. The digital age has thrown a curve ball at traditional economic theory. Disrupting the institutionalized notion that economics is about choice under scarcity, the Internet has introduced economists to a world of abundance.
   
   Chris Anderson's book The Long Tail examines the non-traditional markets that emerge when people are faced with abundance and infinite selection. This model allows the public to deviate from the accepted norm of being fed "hits" that are corporately designed for mass-appeal. Anderson's Long Tail theory proves that by opening the door for consumers to access niche choices and tools of creation, the Internet has unveiled a means of "turning unprofitable customers, products, and markets into profitable ones" (p. 11). The Long Tail refers to the market share that is made attainable by the Internet's introduction of "abundant shelf space, abundant distribution, and abundant choice" (p. 143).
   
   In The Long Tail, Anderson effectively presents engaging ideas that are muted only by the book's sometimes-scattered structure. Anderson uses real-world examples to make his points, leads readers to evaluate their own consumer habits, and upholds the context that the Long Tail is part of a bigger picture. At times Anderson is redundant, and the book lacks the guidance of a defined genre, but compared to The Long Tail's strong overall message, the points of contention are minimal.
   
   Using real-world examples, Anderson effectively teaches readers how the digital age is empowering formerly complaisant consumers to control what is popular. Anderson gives examples of musicians who made it big without record label support and were able to "record and distribute their music themselves and keep their creative independence" (p. 106) and actors who developed enormous fan bases and reached stardom by posting their skits online. By citing such examples, Anderson illustrates to readers that aspiring artists no longer need to wait for a big break from entertainment industry executives; "technology has shifted the balance of power from label to band" (p. 106). Anderson also uses a real-world example to show readers that when a company broadens its selection of items it will learn from the customer what is popular: "Until KitchenAid had an online channel that allowed customers to pick from its full range of products, it had no way of knowing that there was latent consumer demand [for orange mixers] that it hadn't previously tapped" (p. 205).
   
   The author's real-world proof that consumers can influence industries leads readers to evaluate their own position in corporate-to-consumer relationships. The Long Tail model causes readers to think twice about supporting broad-appeal-based businesses that offer limited selections. Readers may ask: Why should I settle for mainstream when I can get just what I want elsewhere? Both consumers and producers can leverage the Long Tail of niche markets to their own advantage. Anderson notes that while abundance of selection grants consumers the power of choice, businesses are reaping the revenue benefits of the Tail: "the numbers are so large that you can lop off a large chunk (the hits) and it's still a huge market" (p. 215).
   
   Anderson does a good job of reminding the reader of the context from which the Long Tail should be viewed; it is one splice of a larger market. He appropriately notes that while there is a significant subculture market to be captured in the Long Tail, the head of hits should not be disregarded. It is hard to side with writers such as Anita Elberse of the Harvard Business Review who seem to misconstrue the Long Tail concept as promoting tail-only business; Anderson explicitly states that "successful Long Tail aggregators need to have both hits and niches" (p. 148). He cites the importance of both ends, using Google as an example: "most of its revenues come from the head of the curve, [but] most of its customers are somewhere in the tail, which suggests that this is where much of its growth will come in the future" (p. 215).
   
   While the educational and thought-provoking merits of The Long Tail are significant, Anderson nonetheless introduces two challenges to his readers. The first challenge lies in the mid-section of the book, wherein Anderson is unnecessarily redundant and risks losing the reader's attention. Page 146 would make an excellent last page, as it nicely summarizes and connects what has been read. Although there is some good content interspersed in the redundancy, Chapter 9 (page 147) would make a nice start for The Long Tail: Part Two, as it restates what was in Part I. Page 155 revisits big box retailers, page 164 tells the reader again that there are limitations in airwaves, and goes on to recount what makes a hit. Ironically, in his WIRED Magazine article, "Free! Why $0.00 is the Future of Business," Anderson states that in a world of abundance attention is the new scarcity to be vied for. A more concise, well-organized edition of the book would be more apt to engage the scarcity of attention.
   
   The second challenge is that the book lacks a genre. Anderson admits "I tremble to think where the Dewey Decimal System will place the book you're reading now. Technology? Economics? Business? Culture? None of them are quite right by themselves" (p. 161). For the reader, not knowing what The Long Tail was written for hinders enjoyment and slows the reading process. It is challenging to decipher if the book is meant to be read as a textbook from which statistics ought to be memorized, or as a breezy read that offers ideas that will be fun to share at cocktail parties. Anderson finds single-genre classifications to be limiting, since "one thing can be many different things to many different people" (p. 161). However, he overlooks that a genre can be of more use than just determining where to physically or digitally store/categorize the book. Genres can also provide readers a useful context from which to read. The burden of figuring out the genre of The Long Tail is a hurdle for the reader.
   
   As Professor Kathy Gill of the University of Washington notes, this is the "Wild West" of the digital age. In this Wild West, Anderson pulls together the elements and implications of a previously unattainable Long Tail market to bring meaning to this burgeoning area that is still being defined. Despite a few points of contention, The Long Tail does an excellent job of introducing and addressing today's changing economy and leads readers to evaluate the economic role they play.



3. A friend of mine told me about "The Long Tail" a few months ago and I finally got the book. Chris Anderson gets it right with the transformation of brick and mortar to online... Hence the latest implosion of Circuit City.
   
   So, for any B-School student or someone like myself that convert businesses online - you'll find this a quick and informative read.
   
   Enjoy!



4. The Long Tail refers to the shape of the graph with high sales volume of a few hit products in the head, and low volume of many products in the tail. The book is about the shift from an economy of mass-market hits to an economy of niches.
   
   "The average Borders carries around 100,000 titles. Yet about a quarter of Amazon's book sales come from outside its top 100,000 titles." Amazon and eBay overcome the scarcity of local shelf space for physical products. Digital products (such as MP3 downloads) are ideal since there is no warehousing cost.
   
   "Netflix reckoned that 95 percent of its 25,000 DVDs... rented at least once a quarter. ...98 percent of [Amazon's] top 100,000 books sold at least once a quarter." It strikes me that the examples in the book explain the benefits to online retailers of carrying a long tail inventory; however, unless you are selling battleships, one sale per quarter does not sound so profitable for the manufacturer.
   
   "In a world of infinite choice, context -not content- is king." Directly and indirectly, customers help other customers with similar interests to make informed choices. This includes product reviews (like this one) and Amazon's Customers Who Bought This Item Also Bought [these items] feature.
   
   I bought this book in an airport to pass the time on an international flight. But honestly, in a world of infinite choice, I'm sure you could find something more interesting on Amazon.



5. This book was very easy to read in that it was straight forward and had good explanations and examples of the topic. The title was explained from the onset and summarized the content of the book. The remainder of the book went on to explain why Long Tail economics is happening and how it got started. I agree with the premise of the book and can now appreciate and put a name to the changes I have seen in consumerism and my personal consumption.
   This book is relevant because we are all consumers. The number of options available, reduced costs and connecting supply and demand are a few examples of the catalysts of Long Tail economics. Understanding why certain things are happening is also very important from the perspective of business. Recognizing opportunities and obstacles that result from the Long Tail will encourage better decision-making and in turn more success. Another factor that cannot be overlooked is the influence of technology. This niche market trend has been encouraged by the increased use of technology and the new realm it has created.
   Two very different markets have surfaced as a result of the Long Tail. First, the traditional bricks and mortar approach still meets the needs of consumers, especially the desire for immediate gratification. On-line markets on the other hand have grown the idea of niche marketing exponentially. The ability of users to find exactly what they are looking for and the ability of businesses to provide unlimited options to consumers has taken advantage of and promoted the expansion of the Tail. Reduced consumer constraints, however, have begged the question of whether of not too many consumer choices is possible and what are its implications. In some cases this seems to be true, but it will be interesting to see how this issue is addressed in the future.
   On a personal level, my role as a consumer is changing. The book identifies the increased faith in the individual and the increasing value of their input. Various companies and markets in general are realizing the importance of and relying more heavily on the advisory role of individuals.

5 comments about The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.

1. The Mystery of Capital tackles one of the largest issues in development and comparative economics: non-convergence. Why is it that living standards do not converge? Is it because some nations have better technology? Is it because some nations simply have more capital? De Soto focuses on institutions rather than existing technology or capital. The reason why some nations succeed in developing a modern capital structure using modern technology is because their institutions protect the property rights of those who try to save and accumulate wealth.
   
   The discussion of American history is detailed enough to make a strong case, yet focused enough to make it easy reading. De Soto does a good job of relating American experience to modern development issues. This is what economics should be about: using valid and sensible theoretical propositions to explain real historical events. Consequently, I have found this book useful in my classes on Comparative Economic Systems, and Law and Economics. The Mystery of Capital certainly does not read like a textbook, but it should be used as one anyway.
   
   The main limitation of this book is that it tends to make observations about politics, rather than explaining it. In other words, De Soto does not get very far into Public Choice issues. This is a minor limitation, as no book can cover every angle. Read The Mystery of Capital and learn!



2. The mystery of capital? Property rights.
   
   Your reaction to this fundamental statement will probably determine your enjoyment level of this book: are you in the "Oh, really?" camp or the "Of course!" camp? Although de Soto seems to stake this out as his first "Eureka!" moment, this is far from a new insight--the role of property rights in economic development is well-known in a number of fields, including business, law, and economics. Therefore his claim that everyone has simply "forgotten" about the source of the mystery of capital requires some suspension of disbelief. To a large extent, de Soto undermines his claim to novelty by citing a number of renowned property rights scholars (such as Coase and Demsetz, and of course Marx) and noting that Latin American governments have recognized property rights as being key to economic development for the past 200 years. Somewhat shocking to me is the absence of reference to Douglass North, the Nobel Prize-winning economist who deals with virtually the same question ("why do some countries consistently outperform others?") and arrives at virtually the same conclusion: countries with institutions that foster property rights do better. De Soto rightfully concludes that culture is not to blame for everything, but North has a more developed framework that encompasses not only culture but other informal norms (such as those that allow the extralegal economy to function) as well as the formal institutions and their enforcement. What I'm trying to say is that if the "mystery of capital = property rights" part was at all surprising (or even if it wasn't), give North's 1990 book on institutional economics a read.
   
   Personally, what I found more interesting was the focus on the extralegal economy of developing & underdeveloped countries. Undoubtedly, this is a topic that does not garner much attention, and when it does it is more from a human rights standpoint than an economic standpoint. De Soto's point that these "extralegals" are often not extralegal by choice, and often productive members of society is well taken. So is his point that formal laws must be harmonious with informal customs (although it is interesting that he spends much time arguing this point, which is taken as a given--and starting point--for North and other institutional economists). As other reviewers have noted, however, a degree of skepticism is needed when de Soto treats his "legalize what is not extralegal" mantra as a panacea for all poor countries' ills. Not just because of the logistics necessary for such an endeavor (such as the simultaneous improvements in the many complementary institutions to property rights necessary in order to fully realize the economy's potential), although that is a key stumbling block. Nor is skepticism needed purely because of the fact that de Soto apparently expects a virtuous politician (or enlightened consultant) to implement in a series of fell swoops what it took the US and Europe many centuries to achieve in a gradual, organic evolution kind of way. Even the success of Japan was not as precipitous as de Soto and others claim--Japan's rise to power is best viewed as starting with the 19th century Meiji Restoration, not the post-war period. It's not even because de Soto doesn't seem to consider the situation where extralegal norms are inefficient or even run counter to capitalism (which is often a primary reason why reform is pushed by the IMF and other such actors).
   
   No, what concerns this reviewer even more is that the causality de Soto argues seems counter to what his actual US/Europe examples imply. In other words, de Soto argues that the economic potential of extralegals would be unleashed if only they were allowed into the formal economy. That is, legalization of what is extralegal leads to economic development. Yet, the example of US settlers suggests the exact opposite. Rather than the legalization of extralegal activities (like squatting) being instrumental to the release of economic potential, it was largely an irrelevant, post hoc adjustment to reality. Politics certainly figured in, but purely from an economic standpoint, the extralegal institutions trumped the outdated and inefficient legal institutions anyway. The squatters were going to squat and the gold diggers were going to dig, and the law was at worst a minor nuisance to them as they pursued their economic activities. Economic changes heralded legal changes, not the other way around. Not only that, but the decision to tolerate and even reward squatters--while an economically justified decision--actually undermined property rights in the traditional sense, ironically.
   
   In other words, it was the economic development that preceded legalization; this is not the causality for which de Soto argues. To that end, one cannot help but think that the economic potential of a Peruvian shantytown dweller--while positive, from a value-creation perspective--is dwarfed by that of a historical US frontiersman or UK suburban textile worker. In that case, the focus shifts to classic concepts like comparative advantage. The implication is that the question becomes: what sources of competitive or comparative advantage can be exploited to achieve sustainable economic development? The legality of these aspects becomes somewhat trivial. If economic development is fostered, the legal system will fall in line (case in point: China's meteoric economic rise is finally being accompanied--albeit slowly--by legal reform, but clearly it was not legal reform that drove China's economic ascent!). Don't get me wrong: improving a country's system of property rights can do nothing but good. But would legalizing what is currently extralegal propel a country like Peru into the ranks of the developed, "rich" countries? That's a little harder to believe. It also casts a shadow on de Soto's sunny optimism because it would then be possible for a country to "do all the right things" and still languish in poverty.
   
   De Soto's zeal is admirable, and he's clearly on the right path in general. And even though his examples suggest that economic change precedes legal change, while he argues that legal change precedes economic change, these are not mutually exclusive processes so he is not necessarily wrong (he just has less anecdotal support than he presumes). I just worry that even if his suggestions are implemented, 10, 50, or 100 years from now we'll still be asking the same basic question: why do the gods of economic prosperity smile on some places but not on others?



3. Life changing book, should be read by everyone. Very easy to comprehend and very easy to read in one or two settings. What is capitalism, what is a capitalist and what is capital? More importantly, why do some have the good fortune to be capitalists? And, why have so many missed the boat? DeSoto doesn't give the formula for alleviating world poverty. More importantly he provokes the reader to start looking for answers. The "Mystery of Capital" essentially becomes the source of knowledge capital in action. I've already started looking at the billions of humanity stuck at the bottom in a whole different way. Hopefully you will too after reading this book.



4. To what extent do private property rights--dividing up the earth among individuals, making everything a commodity which can be bought or sold--facilitate economic development? Are they absolutely required? Could a planned economy manage to guide development, perhaps with (nearly) as much speed, but a lot more consideration for humanity?
   
   This is an important question for Marxists as well as others. It's also a controversial one. Adherents of Trosky's theory of Permanent Revolution (Bolsheviks more generally, in fact), and of Che Guevara's theory of peasant-based rural guerrilla rebellion, insist that it is possible and desirable to make the transition directly from an underdeveloped, largely agrarian society to an advanced, industrial capitalist economy under the auspices of socialist planning. In terms of legal systems, they believe it is possible to bypass a system of private property and free enterprise, moving directly from feudalism (landlords and peasants) to socialism (collective ownership of the means of production, distribution and exchange) without capitalism (the private ownership and building up of small businesses into giant capitalists industries, aka the MoP).
   
   Classical Marxism--represented by Marx himself, most Marx scholars, and politically speaking, by (for instance) the Russian Mensheviks--holds instead that every society must pass through a long period of capitalist industrialization before it is ready for socialism. Private property rights must be granted and protected by the government, development must take place under the "guidance" of capitalists (they are really just seeking their own individual self-interest, but in the aggregate they guide things), productive capital must become ever more concentrated into fewer hands, until eventually the forces of modern production are too large and too concentrated to be held by any one person in a society that considers itself democratic, and control of them must be taken away from individuals and given to society as a whole.
   
   Like any honest Marxist, although I'm convinced of the need for a planned economy in any highly industrialized society, I'm torn on the question of third world development. On the one hand, the classical Marxist argument seems more compelling and more in tune with reality. On the other, there is a strong emotional impetus to accept the revisionists' theories about moving straight to socialism. Must all of humanity really pass through the ugly period that the West experienced while capitalism was developing here? Modern sweatshops, all over the world, are like Charles Dickens' London on a massive scale: child labor, starvation wages, dangerous conditions, 16-hour days. Is it really necessary to see all this suffering happen again? Surely it would be inexcusable to dogmatically hold to the classical Marxist view if there was indeed an alternate, more humane path to development.
   
   The Mystery of Capital takes the basically libertarian viewpoint that an extensive and rigidly enforced private property system is necessary for development to occur--roughly in line with the classical Marxist view about the capitalist development stage that must precede socialist planning. It makes the case rather well. Since 100+ reviewers have already summarized the book, I won't. Instead I'll suggest reading De Soto in conjunction with Law and the Rise of Capitalism by Michael Tigar, which documents the *actual* role that libertarian (bourgeois) property rights had in the *actual* development of capitalism in the West. It nicely rounds out De Soto's hypothetical argument about what is required for the *future* development of the third world.
   
   Even if the argument of De Soto/libertarians/classical Marxism is correct, no one should think that legally-enforced private property is all that is necessary for development today. For we live in a different age than the one in which classical Marxism was born. Today there is an unprecedented development gap between the industrialized and undeveloped world, something that wasn't faced by the early industrializers (Britain, Western Europe, and America). New and unique obstacles therefore face those who wish to industrialize in today's global economy.
   
   Even with extensive private property laws in place, no infant manufacturing industries are able to compete on the global free market with those of the advanced industrialized nations. Thus, pure free trade provides another stumbling block to development even if private property laws were extensive and thoroughly enforced. Sure, developing nations can freely compete and trade their agricultural products and raw materials, but if they do not protect their markets for *industrial* products, they won't ever develop their own industries. An Indonesian car is not going to be able to compete on the free market with Japanese and American ones. The industrially undeveloped countries must be protectionist about their manufacturing industries until they are sufficiently developed to compete against established global companies. To continue with the same example, protectionism would allow an Indonesian car maker to grow to the point where it was providing cars for the entire Indonesian domestic market. At this point, it would be robust enough to have at least a fighting chance should the Indonesian government open up the automobile market to free trade, allowing foreign companies to sell cars in Indonesia and the Indonesian company to sell cars in foreign countries. For a further development of this argument, check out books by Ha-Joon Chang (Kicking Away the Ladder) and Erik Reinert (How Rich Countries Got Rich...Why Poor Countries Stay Poor). Needless to say, this will require a political battle by common working people of the first world against the economic elites of their own countries. Overseas development can only help working people in the first world: as other countries develop, their wages rise, and Western capital stops going overseas to exploit super-cheap labor, so more jobs stay here in the West. However, Western economic elites--by which I mean to refer to that select group of people who are in a position to personally profit from lack of development overseas, the owners of the capital that is benefiting by exploiting cheap foreign labor--will continue to try and make free trade, which is an impediment to development, a condition of Western loans and aid. For them, development of industries in the undeveloped countries represents merely a loss of cheap labor and a bunch of new competitors.
   
   Finally, what about the revisionist Marxist view, that of Trotsky, Che Guevara and others? It is possible to empirically check up on that line of thinking: just examine the record of states which have attempted development under capitalist and socialist legal systems. Compare existing and formerly existing socialist states and their efforts at development against the efforts of *comparable* (you don't compare Cuba with the United States, obviously) nations who have followed the liberal capitalist model of development. Many books have been written on the Cuban case, putting it in comparative perspective against Latin American nations with similarly undeveloped economies who have followed the capitalist model, and looking at whether Cuba's policies can potentially serve as an alternative path to development. Hopefully these books also take into account the effect of the crippling American-led embargo, or else their conclusions will be flawed in favor of the libertarian/classical Marxist view. I personally haven't read any of these books on comparative development in Latin America, but I plan to do so soon. After all, the entire third world is just waiting on my answer about what it should do! :)



5. This book reveals what needs to be done to bring the third world out of poverty. The everyday American does not have a clue about what made America's economy the best in the world. Property rights are the key to advance any civilization out of poverty. Just look at china and how with their economy has exploded with the limited property rights they have granted.

5 comments about Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression, Expanded and Updated Edition.

1. Must admit I'm only a bit more than half way thru the book.
   However, I bought it after reading other positive reviews & I'm not
   disappointed. The premise is SAFETY with your capital.
   The horrendous machinations we're seeing today in the world of finance was predicted by the author 4 years ago. His recomendations for safe havens for your money are excellent.
   
   Gives methods to determine strength of your bank & money markets as well.
   Well worth the purchase price. Get into prec. metals before it's too late!



2. The author provides good practical advices on how to live through the difficult times he foresees.
   I was slightly disappointed in not finding in the book much of his "charted expectations" of how the market crash shall paly out, although he often refers to his other book ("At the crest of the tidal wave") for this. So I guess I should buy that one as well.
   Also, not much insight is given with respect to Elliot Wave theory, of whom mr Prechter is an eminent scholar. Apparently the only book the author wrote to provide it is "Elliot Wave Principle".



3. This book came out around the bottom of the market in the early 2000's and made it to the best seller list.
   
   Here it is 6 years later and eerily everything unfolds as if following a script written by Prechter.
   
   As he was early in calling for the top in the market, so too was he early in calling for the events we currently see.
   
   When this book hits the best seller list again, most likely the bear market is over and those who didn't pay attention will have lost everything.
   
   Good Call, Mr. Prechter.



4. I have followed the advice of Robert Prechter for decades and long ago discovered that he is always very early in his predictions but hardly ever wrong. He kept me from losing any money in all these years for which I owe him a great debt. I was able to retire early and feel safe as possible in, currently, short-term Treasuries. Paper profits don't mean a thing unless you can actually gain in real terms. The secret is to not lose any of your capital and to stay far away from the herd mentality.



5. This book not only explains why deflationary forces are dominating the US economy, but also explains what you should do to protect your hard-earned wealth. Buy "Conquer the Crash" and act while you can!
   PS. You can check Prechter's video interviews on youtube for updates on the material presented in the book.

5 comments about Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich.

1. Mr. Frank does an excellent job of presenting an overview of this rarefied subculture. Base insecurities of the human condition are displayed by this obscenely wealthy crowd's habitual one-upmanship social gatherings, Freudian obsessions with having the biggest yacht, mansion or whatever and rarely being satisfied with what they have accrued. A great deal of credit must be given to Mr. Frank for not devolving his book into a hatchet job on the moneyed folk. The author presents some of the pros and cons of finally acquiring and living with so much moolah. A brief, informative and entertaining book.



2. The topic area is interesting, but does not seem as thorough and balanced as I would expect - I am not sure if I should consider this an accurate account of life in the wealth stratosphere, or just an entertaining perspective by one author. I read this book right after "Nickel and Dimed" by Barbara Ehrenreich, which created an interesting contrast. I listened to the audio version, and did not care for the reader. The accents he uses to portray discussions with the author (and there are many of them) are strange and get to be quite irritating by the end of the book.



3. Robert Frank's "Richistan" is a voyeuristic peek inside the posh tent and McMansions of the American wealthy. He argues that there are developing polarizing forces that make the "new rich" a nation unto themselves. He also dissects this affluent band, indicating that there are three subsets depending on the degree of wealth.
   
   This is a fascinating sociological study of the New Rich, tracing how they differ from Old Money. This has political and social - as well as financial - ramifications.
   
   "Richistan" offers few solutions. It does not pretend to be a prescriptive work of non-fiction. It is, instead, a very interesting perspective on the growth of the new class and the bubble in which it lives.



4. In view of the current economic tailspin, this presents a perspective that may have already passed us by in this generation. But it aptly describes a phenomenon of our most recent past, the uber-rich -- lifestyles, priorities, challenges, excesses. While the majority of those described herein will probably survive the free-falling economy, it's to be expected that the numbers will be decimated in most instances. The personal whims and wants of having the biggest, most technologically advanced, most desirable of everything -- and the staff to manage it all -- will likely be considerably downsized.
   Definitely a worthwhile read -- even as non-fiction!



5. Richistan is an extremely interesting book about the new wealth in America and the rapidly increasing numbers of newly rich people. Mr. Frank works at The Wall Street Journal and appears to have access to an amazing number of sources. He quotes firsthand information from many wealthy individuals. The book should be particularly interesting to people who are not members of Richistan. By the way, the author or someone should receive credit for a particularly clever title.
   
   Mr. Frank introduces the reader to many situations that would develop only if you had real money. For example, the first chapter is about Butler Boot Camp - a training ground for staff to manage estates of the members of Richistan. Apparently the demand for qualified people is huge. He also delves into how much money a rich person needs before a true comfort level sets in, modern methods of philanthropy, making money and then losing it, the political impact of Richistan, and the effect of large inheritances on the kids.
   
   All in all, this is an excellent book to read to gain exposure to the benefits and difficulties of being wealthy. It's too bad that it was written in 2007. I would love to see an update reflecting today's economic conditions.