Book Description

In this revolutionary bestseller, Harvard professor Clayton M. Christensen says outstanding companies can do everything right and still lose their market leadership, or worse, disappear completely. And he not only proves what he says, he tells others how to avoid a similar fate.

Focusing on "disruptive technology" of the Honda Supercub, Intel's 8088 processor, and the hydraulic excavator, Christensen shows why most companies miss "the next great wave." Whether in electronics or retailing, a successful company with established products will get pushed aside unless managers know when to abandon traditional business practices. Using the lessons of successes and failures from leading companies, The Innovator's Dilemma presents a set of rules for capitalizing on the phenomenon of disruptive innovation.

Reviews (125)

Great Book About Business Strategies, Must Read for Managers
Comment: This review is done as a class project for the San Jose State University MBA e-commerce course by Ji Luo.

Dr. Christensen's book offered me a fresh perspective into looking at how large established business failed. As the author explained it, the standard process that governs sound management could be the same one that destroys the company. I found his use of graphics and quantities data sufficient as well as very useful in understand concepts such as the S-curve and the value networks. The detailed analysis shows that the author has done quite a bit of research into the topic and that makes the data more credible to me. His writing style is very easy to understand and organized. First few chapters go into how disruptive technology can destroy a company if not harnessed. His later chapters list guidelines on how to avoid the pitfalls. These guidelines are followed thoroughly by many case studies and quotes from industry leaders. While company's policies shouldn't be based on a few guidelines and the situations in a person's particular industry may find the guidelines hard to follow, the author's particular views are irrefutable and should at least be considered by the managers. It's really exciting to see him link the same principles to so many varying industries from high tech to low tech. The overarching principle of sustaining technology and disruptive technology and how a company should embrace it could be applied to any large established industry.

People who are interested in the business world should read this book and should especially be read by top managers in large corporation because many of them are ultimately responsible for success or failure of implementing disruptive technology. However, this is not a perfect book. I am a bit skeptical as to whether these rules apply to medium sized companies or companies with low margins. Therefore, my opinion is that the guidelines listed here really only applies to large organization with a lot of resources to divide. Also, The author sometimes repeat his points more than he should. He tends to concentrate so much on the hard disk drive industry that he left less room to get into deeper analysis into other industries.

Overall, I think this is a great read for anyone interested in business and wondered about how large companies such as Montgomery Wards could go belly-up or why Digital Corporation disappeared from our vocabulary.

A "must own" for managers and business executives
This is the best book on strategy I have ever read (and I've read a few in my time). In his book, "The Innovator's Dilemma", Clayton M. Christensen, business professor at Harvard, explains why established firms fail, more often than none, when confronted with disruptive technologies.

Disruptive technology is different from radical innovation. Such technology initially proposes attributes that are not valued by current, mainstream customers. The technology is initially attractive to a small market segment -- making it unattractive for larger firms. Therefore lies the innovator's dillema: how to allocate resources to developing a technology that will target a smaller market and at lower margins.

Thoughout his book, Mr. Christensen develops a framework for managers and executives (also valid and valuable for consultants and analysts) to be able to resolve this dillema.

If you are to read only one book on business this year, the Innovator's Dillema should be it.

The reviewer is a certified management consultant and earned his MBA from the Schulich School of Business at York University and completed the Wharton School Multinational Marketing and Management Program. He is also a Professional Engineer and holds a Bachelor of Applied Science in Engineering from the University of Toronto.

Good introduction to a nice Theory
Not quite as easy to read as I would have liked. Christensen describes some very interesting & plausible theories, but is somewhat confined into employing the computer disk industry as the rapidly changing example which both demonstrates & proves his theories, and its not necessarily the most exciting case material. Other products only get a minor look-in.

What I did like is how he covers the footnotes at the end of each Chapter - so if they don't interest you, you can skip over them, but if they do interest you, then you don't have to struggle to the back of the book. I wish more authors & publishers would use that technique.

One quibble - given his Economics background - of course there are plenty of graphs, and 99% of them are straight lines - there are no time dependent variances in his world.

Read this before you read the Innovators Solution.

Driven by disks
Clay Christensen combines the science of empirical research with the art of organizational behavior in his best-selling "The Innovator's Dilemma." The book provides tangible advice on how to foster innovation within a corporate environment. His case studies draw from the successes and failures of American companies within numerous industries (disk drives, excavators, motorcycles, software). Christensen's strong points include a creative presentation of data, lucid writing and frank admission that the advice in his book is not a one-size-fits-all panacea for management challenges. But a heads-up to readers: perhaps 50% of the book centers on the disk-drive manufacturing industry. Although the lessons learned in hard drives are interesting, a more balanced approach would have been welcome. "The Innovators Dilemma" is a well written management how-to, in the same league as classics by Peters or Hammer. The book seems to be written for managers in large organizations, but entrepreneurs will probably find the material just as beneficial.

Fantastic book for anyone . . . especially business students
This was a fantastic book. I began reading it less than half way through the MBA program I am in and I was amazed at how many of the arguments others were making in class fell apart. This book helped me better analyze several aspects of many of my classes and I only wish I would have read it sooner.

I continued on and read the Innovator's Solution, and while I thought it was also a good book, I got much more out of the Innovator's Dilemma, though I still recommend both of them. ... Read more

Book Description

Notable changes occurring in the global marketplace since the publication of the first three editions of this book (1982, 1987, and 1993) have included e-commerce and widespread use of the Internet, growth of supply chain management, a continued explosion of computer and information technology worldwide, development of 24-hour markets with many organizations operating worldwide, and a continued corporate emphasis on quality and customer satisfaction. Trade agreements such as North America Free Trade Agreement (NAFTA), European Union, ASEAN and Mercosur have enabled corporations to implement regional, if not entirely global, logistics strategies. The fourth edition of Strategic Logistics Management has been significantly expanded to reflect these and the many other changes that have occurred, as well as to include state-of-the-art logistics information and technology. The basic tenets of the previous editions have been retained, but new material has been added to make the book more managerial, integrative, and "cutting edge." Strategic Logistics Management is still the only text that takes a marketing orientation and views the subject from a customer satisfaction perspective. While emphasizing the marketing aspects of logistics, it integrates all of the functional areas of the business as well as incorporating logistics into supply chain management. This book has been extensively revised and updated in the areas of technology, global coverage, and transportation. This book features brand new chapters on Supply Chain Management (Ch 2) and Measuring and Selling the Value of Logistics (Ch 17). ... Read more

Reviews (5)

Fourth Edition Selected for Graduate Course
I reviewed six different texts in preparing for a graduate level course in International Logistics at Baruch College before deciding on Stock and Lambert's Fourth Edition.This text combines currency, and breadth and depth in a way that is most relevant to the manner in which I wish to conduct the class.It provides a useful and usable reference to the students after the course is completed.Furthermore, the related web site has been very helpful in utilizing this text.I will complement the text for certain modules (i.e., E-Commerce, Culture Change, Logistics as a Career). One always needs, no matter who the author, to provide relevant current material from other sources.A big thanks goes to Stock and Lambert for this text.

Excellent Logistics Textbook
I have used this book as the primary text for my Supply Chain Management class at the College of New Jersey. My students are Junior and Senior undergraduate level students in the School of Business. The book provided excellent coverage of all major aspects of the logistics discipline.

I believe that the book would also be appropriate at the graduate school level. There are excellent case studies that can be expanded into worthwhile class discussions or projects.

The supplemental material for instructors is very helpful in preparing for lectures.

Useful concepts, but outdated in nature
I used this textbook for a recent college course.I was very disappointed because the book was published in 1992 when the computer was a novel concept "for the future of logistics management".If you can getby this "minor" point, there are other good points to be learnedin warehousing and inventory managment that are useful.In short: A goodreference book.

Only good as a reference book
This is not so much a text book for students, but rather a cook book for consultants. I found it boring to read and very superficial. But, as a reference guide in your professional carrier, it is probably quite useful.

This is definitely for the mathematically minded logistician
This book focusses on each and every aspect of Logistics managementstarting from generating an order for a product/commodity right through themanufacturing process, waehousing, inventory management, transportation andcustomer service. It goes into a little more detail when it comes toinventory management incorporating some basic mathematics and algorithms.It explains each and every step of the logistics "supply chain"process with great detail and finesse. This book can almost (not entirely)replace a swag of other logistics books within its genre. A perfect textfor any logistics/industrial engineering curriculum. ... Read more

Book Description

This current, accurate and detailed industry guide for financial service professionals examines life and health insurance simultaneously from the viewpoints of the buyer, the advisor, and the insurer—providing a comprehensive and unbiased treatise on individual and group life; a forthright appraisal of life and health insurance industry products with careful consideration of the environment; and a complete examination of life insurance company operations and regulation. Bases financial treatment of life insured operations on modern financial theory, and devotes entire chapters to the economics of life and health insurance; individual life and health insurance policies; life and health insurance evaluation; the uses of life and health insurance in personal and business planning; government and employee benefit plans; and the management, operation, and regulation of life insurance companies. Offers a strong global orientation, supporting fundamental concepts with an extensive integration of economic and financial theory and international comparisons, and examines how today's health insurance products fit into a broad framework from a contractual, cost, and performance viewpoints. New chapters on the tax treatment of life and health insurance address such areas as estate planning, retirement planning, and the business uses of life and health insurance. For financial planners, salesmen, actuaries, investment managers, attorneys, CPAs, and other financial service professionals.

Reviews (3)

Life and Health Insurance (13th Edition)
New edition of a venerable classic textbook first published in 1915

Comprehensive and concise
This is an excellent reference book for anybody in the life insurance business, whether you are a novice or an old hand. Comprehensive, easy to understand, and concisely written.

an excellent reference book
This book is an excellent reference book. Just by looking at its Edition Number -- 13, you will know how important this book is in the industry. ... Read more

Reviews (15)

The best math book for economists!
The book does not merely provide a sequence of theorems, but helps to develops mathematical intuition which is really critical for economists. I don't have any hesitation to strongly recommend this book to anyone who wants to learn the essential mathematics for economics. One of the best economics books I've ever read!

The best mathematics for economists book ever written
The text is a phenomenon. A book written not only for economists, but also for applied mathemeticians, finance professionals, and others interested in applying mathematics to economics and business problems. It provides solid math fundamentals to students of economics and finance and can easily rival any advanced calculus, linear algebra, or optimization text. Unlike lecture notes, its approach is complete and balanced. It's a text with character, flow, and content. I've read it several times.

Mathematics for Economists
Where is the Comparitve Statics section? Dynamic Analysis? Difference equations? Calculus of Variations? Optimal Control? Etc.

Excellent but incomplete
Excellent description on mathematics needed in economic analysis especially in advanced level. But it do not include some topics such as dynamic optimization, integraion.

The "must" item for all Econ. students.
I recommend this book to all Econ. students. It helps me apply the theories I have learned, also, it enhances my ability on problem solving. Straight forward explainations and practical exercises. ... Read more

Reviews (148)

A must-read, if you are thinking of working on Wall St
I worked for CSFB for three years, and am still in investment banking for a smaller firm. So I have seen a part of the world that is described here. I'm not saying that this is an exact description of what I saw, because Lewis picks the most exotic creatures that he met, but the atmosphere is perfectly conveyed. This book will tell you all the stuff that they don't teach you in an interview or recruitment visit - the pecking order, the politics, and how to get paid.

The other reason to read this is that Lewis is a brilliant writer, with a real talent for describing people and their situations. Lots of other people have written boring books with the same raw material. For a non-specialist like my mother, the technicalities were hard work, but you don't need a lot of special knowledge to like this book. My mother certainly did.

Probably the best way to look at this book is like a travel book - you're not visiting a country, you're visiting a world. Great travel books are not word-perfect descriptions of a place, they are representations of what the author felt like when he was there, and they give the reader a feeling of what it was like to be there. If you read this book, you will understand what it feels like to work inside a big bank, and you'll enjoy the ride, even if you have no interest in actually working there.

Obvious Cry Baby
I want you to realize that Michael Lewis is only one perspective albeit a very biased and skewed one at that. If you speak to any one who worked at Salomon they will bluntly tell you that the book is not completely factual. Michael Lewis has an agenda, and it is very obvious that he has it in for the Salomon and Wall Street traders. And, he is willing to bend the truth and exagerate things to make the people look like monsters. Using the endearing term of Human Pirhana speaks to this point. I loved the book, because it gives you somewhat of a perspective on the life of traders, but I don't think you truly know what it is you're up against until you go and do actual trading. I wouldn't believe everything you read in Liar's Poker, and I would weigh each word carefully, because Meriweather isn't the only playing Liar's Poker here. Enjoy, and don't let the book discourage you from hedge funds and investment banking, especially if you really love finance.

An insider's view of Solly
'Liar's Poker' is worth a read if you want an insider's account of life on Wall Street. The book doesn't pretend to glorify the easy money that Lewis and his ilk made during the bond schlepping go-go days of the 1980s. Rather, Lewis is disillusioned by the greedy culture and hypocritical short-sightedness at Salomon Brothers, but not enough that he doesn't enjoy the ride for a few oh-so-profitable years. Like his other books, 'Liar's Poker' is fun to read. His anecdotes about the training program and the trading floor, albeit surely embellished, read like a day at the amusement park. The key shortcoming is an oozy 20-something self-righteousness that pervades many of the book's chapters, and reaches a crescendo in the final pages. But hey, arrogance begets credibility. And when it comes to describing Wall Street in the 80s, Lewis is as credible a spokesman as anyone.

Excelent insight into the world of wallstreet
Michael Lewis is obviously an excellent writer. The words simply flow from him. He speaks from experience so his perspective is insightful, and entertaining.

I have always been mesmerized by wallstreet, as well as silicon valley, simply because we it allows us, if even for just a few hours, to imagine the possibility of attaining great wealth legitimately thru our talent and hard work.

He reminds me of Kurt Vonnegut. But Kurt speaks of the old wrld, the one our fathers lived in. Lewis in more today. Somewhat ike Po Bronson

Good read for a finance novice too!
I picked up this book as it is highly popular among investment bankers. I am not an investment banker and do not intend to be one but I was keen to find out what makes Wall Street special. The book not only satisfied my curiosity but also was pleasantly amusing.

The author traces the glorious and gloomy times of Salomon Brothers, a big financial enterprise in which he worked long enough to be able to tell this tale and become a rich man. He explains some financial innovations of Salomon brother's in lay man's terms, which makes this book very readable for all.

The author's self-deprecating humor and his vivid analysis of the people he came across in his organization make the account entertaining.

Whether or not the author's opinions on technical matters in this book are meritorious-I am not qualified to say. If you are a finance novice and curious to find out about life in that universe, you will find this book worthwhile. ... Read more

Book Description

Great managers praise effort and reward results. It’s true, and nobody knows it better than the best-selling authors of Managing with Carrots and The 24-Carrot Manager, Adrian Gostick and Chester Elton. Now from these award-winning authors comes a one-a-day manager’s handbook on motivating employees through praise and recognition. A Carrot A Day can keep you away from recognition pitfalls and help you develop employees who are more focused, more committed, and more engaged in your noble cause. Read just one a day and you will become a better leaders – a manager who is able to tap the power of recognition to build a stronger workplace where employees focus on company goals, spot new opportunities faster, and have longer employment life spans (translation: lower turnover).

Adrian Gostick is co-author of the bestselling The Integrity Advantage. An award-winning business author, Adrian also co-wrote the critically acclaimed business book The 24-Carrot Manager, called a "must read for modern-day managers" by Larry King. He has written for USA Today Magazine, Investor’s Business Daily and other national publications, and has been featured on CNBC, MSNBC and NPR. Adrian is director of corporate communication with the O.C. Tanner Company. Adrian has a master’s degree in strategic communication and leadership from Seton Hall, and is a guest lecturer on ethics at that university.

Chester Elton is co-author of the best-selling books Managing with Carrots and The 24-Carrot Manager. As a motivation expert, Chester has been interviewed by The Wall Street Journal and has been a guest on CNN, Bloomberg Television and on National Public Radio. A sought-after speaker and recognition consultant, Chester is VP of performance recognition with the O.C. Tanner Recognition Company. He has been a featured speaker at the HR Southwest, Incentive Magazine Forums, New York City Premium and Incentive Show, and Chicago Motivation Show. ... Read more

Amazon.com

Rosabeth Moss Kanter will convince you that the goal of winning is not losing two times in a row. In her view, success and failure are not events, they are self-fulfilling tendencies. "Confidence is the sweet spot between arrogance and despair--consisting of positive expectations for favorable outcomes." says Kanter, a Harvard Business School Professor and author of The Change Masters.

She applies the literature of cognitive psychology (dissonance, explanatory models, learned optimism) to explore the winning and losing streaks of a diverse lineup including the BBC, Gillette, Verizon, Continental Airlines, the Chicago Cubs, and Target. The result is a brilliant anatomy lesson of the big decisions and the small gestures that build and restore confidence.

Three cornerstones are clearly detailed: "Accountability," the actions that involve facing facts without humiliation; "Collaboration," the rituals of respect that create teamwork, and "Initiative/Innovation," the "kaleidoscope thinking" that unlocks energy and creativity. A standout chapter describes how Nelson Mandela created a culture of confidence in South Africa. Some readers may wish for more strategies about positive habits of mind in individuals. Others will search for a quick fix. Instead, Moss Kanter’s in-depth examples and ideas about resilient organizations will become requiredreading. They add up to a persuasive and informed optimism. --Barbara Mackoff ... Read more

Book Description

This book provides the most current, thorough, and contemporary account of the factors affecting the organizational design process, making important organization theories accessible and interesting. It addresses the many issues and problems that are involved in managing the process of organizational change and transformation, providing direct and clear managerial implications.Topics covered in this comprehensive book are the organization and its environment; organizational design; organizational change; and finally, interesting case studies that illustrate the concepts presented.A useful book that is appropriate for managers in any organization. ... Read more

Book Description

A comprehensive state-of-the-art text on microeconometric methods. ... Read more

Reviews (4)

Simply a great text..
If you are frustrated with the presentation in Greene and other econometric textbooks, then you may want to take a look at this book. It's the anti-Greene, full of clear, well-motivated presentations. What I love about this book is that the author clearly intended for it to be used by students -- even though you can find all the formal results that you would expect from an advanced econometrics text, there is so much intuition that can't be found anywhere else (at least in one book). If you plan on doing applied research, get this book!

Simply the best in its field.
Wooldridge fills an enormous gap in the market between applied manuals (which do not deliver enough theory for an academically serious audience), and theory books (that leave you scratching your head as to how one is supposed to implement their results). This is a wonderful book for economic practitioners who want enough theoretical knowledge to support their applied work, but who don't want the theory obscuring the practical issues. An econometric theoretician might find another work more satisfying.

Five stars just because of the other books.
I have bought this book to have a comprehensive intermediate-advanced text on panel data and other approaches. The book is good, but no tables, no datasets, no figures!
Compared to other books on the topic, it is a very understandable book, but only COMPARED to those books. You do not have to be a Mathematician to understand it, but you must be at least intermediate in econometrics (after Gujarati or an intermediate course).

A Gold Mine of Microeconometric Methods
If you are interested in learning the latest microeconometric methods, this book will save you from long hours of sorting through the literature. Wooldridge has brought together in a well organized, clear and concise manner the state of the art techniques in microeconometrics. His book covers all of the core issues involving single equation and simultaneous equation models. The most important aspects of M-estimation, MLE, GMM and minimum distance estimation are carefully presented. Those interested in limited dependent and qualitative variables will find that this goes well beyond Maddala's classic book. In addition to new developments in logit, probit and tobit, Wooldridge explains sample selection, attrition and stratified sampling. He covers research by Heckman et al on estimating average treatment effects using instrumental variables. I found his material on negative binomial regression, binomial regression, exponential regression and fractional logit regression to be especially interesting. He concludes his book with a nice summary of research on duration analysis. Throughout the book Wooldridge shows how to handle panel data with the various techniques he covers. Anyone doing applied work with cross section or panel data runs the risk of being left behind if they fail to read this new classic of microeconometrics. ... Read more

Reviews (38)

Now, it has a competitor
Greene is NOT a very good book. However it not a bad one either.

It is only a comprehensive book on Econometrics, more suitable for applied economists for a quick review.

I do not like the author's style of presenting the proof before the theorem. This makes it difficult and confusing to follow.

Before buying it, the customer should take a look at a more recent, well organized, great competitor, and better book both for practitioners and a more theoretical econometrists:

Ruud, Arthur. An Introduction to Classical Econometric Theory.

An Indispensable Book for Applied Econometrics
This is an indispensable book for applied econometrics students. It has lots of applied and a reasonable degree of theoretical stuff. What is missing in many advanced econometrics textbooks, including the popular books Davidson and MacKinnon (1993) and Hamilton (1994), is some data sets and some results based on them so you can learn econometrics by actually doing it, not by simply having to trust the author's results. I mean, after all, what is the point of putting actual data examples in a book if the reader cannot replicate them because he does not have the data? In the preface to his important 1971 textbook Principles of Econometrics Theil remarks that "...nobody should believe that he will be able to handle statistical data in economics without touching actual data." I cannot agree more.
I use Ox and Gauss for my econometric analyses and write lots of codes. The very first thing I need is a clear explanation of the theory and some results to check the accuracy of my codes. In those respects Greene's book is the champion. You have the theory, the data sets and the results. Replicate them and learn. I believe this is how you can learn applied econometrics.
Besides Greene's book, I could also recommend "Patterson (2000) An Introduction to Applied Econometrics" for applied time series. You can get the data sets used in this book by contacting the author.
Finally, answering some critics. First, I do not think that evaluations of this book based on some course experiences are unbiased. If you use a book to pass a Ph.D. course its usefulness depends very much on the structure of the course. And some books are better suited to the course than others. Actually, no book can beat a good set of lecture notes. Second, if you think you are a serious econometrics student, go to the original papers for proofs and the sources of the mathematical equations. If you look for them in textbooks you are in the wrong place. Third, the author does not just throw in a lot of numbers. He gives you the theory and the results. The rest is your job. If you cannot figure out how he got those numbers, get a tutor.

Econometrics Analysis by William H. Greene
I used the first edition of this book as a graduate student in my econometrics class. The book is very confusing and hard to understand. It's still of no help to me now that I am a professor and writing research paper. Whenever I need a review in econometrics I use Judge et all; "The Theory and practice of econometrics." It is a better book, well written, and easy to follow. Unfortunately it is off print. We need a better book than the one by Greene. If it was for me, this book should be put where it belongs, in the garbage.

this book stinks
i bought this book as a grad student a couple of years ago. as the title of this review suggests, this book stinks. it's poorly organized, and the proof and derivations (when included) are difficult to follow not because the math is hard but because greene's not a good mathematical writer. if you have to learn econometrics, go with hayashi and hamilton; they're way better.

just so confusing
Having used Greene's text for my undergraduate econometrics course I think its really important to point out its faults.
1The layout is confusing and hard to follow,
2the math is clunky and inelegant
3its more useful as a weapon (SO heavy)
4Plus it gives asymptotic results in a somewhat misleading manner.
5It is far from impossible to cover results of the same level in a clearer and more COHERENT way
6Probably its only strong point is that it covers a vast number of topics.
7Why is this text so widely used? ... Read more

Reviews (5)

This is not a good book for beginners.
This is the textbook required by my professor. When I read it, I just felt that the author wastes a lot of words on some very simple and straightforward points. But as to those very confusing concepts and complicated procedure about how the economy adjusts, he uses as few words as possible. For example, when talking about the adjustment of inflation expectation, the author doesn't explain why and how the new equilibrium point appears at point E2 in figure 8-2. And I think this is very important to understand the underlying theory. Also, there are many inconsistent points and some critical typos in this book.

Just fine
I gotta buy this book for my class. I have some troubles with the topics inside. I agree that this is a good book but I gotta read from other sources to get more details. The author didn't make clear in many points. However, he covered all of the important topics. If you have some economic background, it would be your wonderful book, but for me it's not.

Good but poorly design
It is a good book. The author ,however, put "Figures and Graph" on the next page so that you have to turn pages back and forth most of the time to make senses. That will slow down your reading. Other than that you will enjoy reading the book.

A very helpfull book
Macroeconomics makes it easier to understand the very complex fundamentals of macroeconomics. It not only describes the different economic principles but also explaines them and examples are used frequently. Most chapters have at least a case study that shows how the ideas of the chapter can be applied to real-world episodes. The book consist of seven parts which cover different areas. The book provides information about unified development of core business cycle theory; new perspective on inflation, unemployment, growth and productivity and much more. What makes this book unique is that not only it deliver theories and concepts but also possible explanations to the central macroeconomic puzzles. I realy recomend this book.

An easy understood book
The book provides informations about business cycle, unemployment, inflation, and economic growth. Not only it describes Cinderella confluence of low unemployment and inflation but actually explains it. The book is easilly understood even by people who don't know anything about economics. The entire presentation is graphic, with simple ninth-grade algebra. Examples are used frequently. The book will equip you with the principles you need to make sense out of the conflicting and contradictory discussions of economic conditions and policies in newspapers and news magazines. I higly recomend this book to people who want to know more about how economi changes influence you. ... Read more

Reviews (5)

BULLIES - FAMILY / WORKPLACE / SCHOOL / NEIGHBORHOOD
Excellent compliments to this book are: Emotional Blackmail: When People in Your Life Use Fear, Obligation and Guilt to Manipulate You by Susan Forward and Donna Frazier; Why Is It Always About You?: The Seven Deadly Sins of Narcissism by Sandy Hotchkiss and James Masterson; The Angry Heart: Overcoming Borderline and Addictive Disorders by Joseph Santoro and Ronald Cohen; The Narcissistic Family: Diagnosis and Treatment by Stephanie Donaldson-Pressman and Robert Pressman; Understanding the Borderline Mother: Helping Her Children Transcend the Intense, Unpredictable and Volatile Relationship by Christine Ann Lawson; Living with the Passive-Aggressive Man by Scott Wetzler; Malignant Self Love: Narcissism Revisited by Sam Vaknin and Lidija Rangelovska (Editor); Children of the Self-Absorbed: A Grown-Up's Guide to Getting Over Narcissistic Parents by Nina Brown; Treating Attachment Disorders: From Theory to Therapy by Karl Heinz Brisch and Kenneth Kronenberg; Toxic Coworkers: How to Deal with Dysfunctional People on the Job by Alan Cavaiola and Neil Lavender; Bully in Sight: How to Predict, Resist, Challenge and Combat Workplace Bullies by Tim Field.

And if you want to pursue the subject even further, you may be interested in reading The Narcissistic / Borderline Couple: A Psychoanalytic Perspective On Marital Treatment; Parenting with Love and Logic: Teaching Children Responsibility by Jim Fay and Foster Cline.

A Good Read!
Finally, a book that honestly identifies and analyzes that prolific workplace species - the jerk. Organized by situation and topic, Jerks at Work presents the answers to at least 200 jerk-related questions from real-life readers that were originally published in author Ken Lloyd's syndicated On the Job column. The book is psychologically sound, excruciatingly direct, extremely funny and, above all, actually helpful. Lloyd does a splendid job of covering all the bases and every kind of jerk, from the boardroom to the mailroom. We [...] highly recommend this book to everyone, because every company has at least one jerk.

It works!
I heard about this book on Dr. Laura's radio program. I bought it on her recommendation. It is everything she said. Not only is it informative, but it is also a "fun read". I know that I can already use several points in dealing with some of the "jerks" in my office. I highly recommend this book.

A great working aid
This is perfect book for dealing with those not so great co-workers. I truly enjoyed the entire book. I recommend this book to all of my friends. I also enjoy reading Ken's column in the Daily News. Ken has done it again!

A fantastic guide to the working environment.
"Jerks at Work" by Ken Lloyd is a well-written book on the trials and tribulations of the working environment. Each of us knows a "jerk" at work, whether it be our boss or a co-worker. These people are never easy to deal with, yet Ken Lloyd's book gives suggestions and tactics to dealing with just such people. "Jerks at Work" is a fantistic guide to the working environment. ... Read more

Book Description

The national bestseller that defines a new economic class and shows how it is key to the future of our cities.

The Washington Monthly 2002 Annual Political Book Award Winner

The Rise of the Creative Class gives us a provocative new way to think about why we live as we do today-and where we might be headed. Weaving storytelling with masses of new and updated research, Richard Florida traces the fundamental theme that runs through a host of seemingly unrelated changes in American society: the growing role of creativity in our economy.

Just as William Whyte's 1956 classic The Organization Man showed how the organizational ethos of that age permeated every aspect of life, Florida describes a society in which the creative ethos is increasingly dominant. Millions of us are beginning to work and live much as creative types like artists and scientists always have-with the result that our values and tastes, our personal relationships, our choices of where to live, and even our sense and use of time are changing. Leading the shift are the nearly 38 million Americans in many diverse fields who create for a living--the Creative Class.

The Rise of the Creative Class chronicles the ongoing sea of change in people's choices and attitudes, and shows not only what's happening but also how it stems from a fundamental economic change. The Creative Class now comprises more than thirty percent of the entire workforce. Their choices have already had a huge economic impact. In the future they will determine how the workplace is organized, what companies will prosper or go bankrupt, and even which cities will thrive or wither. ... Read more

Reviews (36)

Creative Class
Richard Florida's book, 'The Rise of the Creative Class', provides readers with some interesting ideas about economic and social growth. Throughout the book, Florida relates economic growth to creativity and diversity, without one, you may not have the other. In addition, he identifies 3 Ts as necessary for growth: technology, talent and tolerance. While planning for the future, cities no only have to look at economic development, but must look at the climate the city provides for the arts. Recently moving from South Dakota, one of the areas Florida describes as have high social capital but lacking economic growth, Florida's ideas about fostering an environment in which creativity thrives ring true. Economic development does not mean acquiring a chain restaurant, but it should include developing an authentic local environment that allows creativity to flourish.

Many criticize Florida's use of the Bohemian Index and Gay Index (however well it correlates to economic growth), citing the information does not apply to the majority of middle class Americans. The paperback edition of Florida's book contains a preface where the author points out that the creative environment is not limited to a city itself, but a region that allows people to live in the environment that suits them the best, i.e. Silicon Valley and San Francisco together provide an environment to growth. I do, however, find Florida's diversity ranking a bit lacking. Honolulu, one of the most diverse areas I have lived in, does not seem very diverse, because Asians and Pacific Islanders were considered as one racial/ethnic group.

Richard Florida for President
Richard Florida sees clearly what our present leadership does not- our country is in transition and the old rules no longer apply . He systematically shows through his research that cities that are thriving economically, intellectually and culturally are developing around a base of diversity, flexibility and tolerance. Talented people are moving to places that appeal to them and will allow them to reach their potential. He shows the only non-renewable resource is time and the only renewable resource the human intellect. Type his name into Google and you will find pages of growing city planning commissions either listening to him speak or their members quoting his book.
Run, Richard, run!

Insightful!
The good news is, Richard Florida's book recognizes the growing economic and sociological impact of creativity. The bad news is that in just two years, it has lost some of its gloss. The collapse of the bull market, the popping of the dot.com bubble, the 9/11 trauma, each took some shine off of the creative economy, with its casual dress days, flexible schedules and free rides. But even though this appraisal occasionally sounds quaint, we believe that the book's faith in the transforming economic and social power of creativity, its broad view, and its excellent references and quotations make it worth recommending.

a relic of the bubble economy
This book was conceived during the 1990s when the high-tech bubble economy caused a labor shortage which made it possible for recent college grads with the right "hot" skills to "write their own tickets". Professor Florida wondered why Pittsburgh, his home town, was having trouble attracting high-tech talent, and graduates from local schools were choosing to move away. He found that these young, single, upper-income, well-educated people were making job choices based on geography. They wanted to live somewhere "fun" for young people. That is with amenities such as a vibrant night life, opportunities for outdoor recreation such as biking, rock climbing, etc. Thus they chose places like Austin TX with its music scene over Pittsburgh with its symphony.

This is interesting enough, and Florida makes the connection to earlier work (especially that of Jane Jacobs) on what makes a city an "authentic" and interesting place to live.

It is well known that as time goes on, so-called "knowledge workers" are becoming a larger and larger part of the economy. However Florida, perhaps driven to some "irrational exuberance" by the bubble economy we were living in when he was writing this, makes some pretty outlandish claims for the importance and power of this class of workers (which he calls "the creative class"). As of mid-2004, this all seems a quaint relic of 1990s "new economy" optimism.

He also fails to address two things which have had a huge impact on the labor market in recent years:

He mentions but does not address at any length the collapse of the high-tech bubble, and what impact this change will have on the phenomena he describes. It would seem that most of what he describes is (at least for now) no longer true, as high-tech workers can no longer pick and choose but are now in the position of being glad to find any job at all.

He does not mention at all the phenomenon of overseas outsourcing. This may not have been a hot topic when the book was written but by the time (Fall '03) he wrote the preface to the paperback edition it was so, and he does not even mention it, despite the fact that it is at the very least having a large psychological effect on the high-tech job market.

Leaves us hanging
This book presents an interesting concept but the author doesn't tell us what to do with this information. He suggests that the "creative class" must become conscious of their identity as a class and begin to act in concert, but he doesn't outline a method for doing this. One would think that he would want to provide a platform for the unification and interaction of a class which he has identified.

The author suggests that municipalities would be wise to structure their geography to attract creative class individuals. Another approach, which he does not consider, would be a strategy to develop more creative class individuals from the resident population. Unlike other natural resources, which are finite, creative class capital can be generated by educational opportunities and personal development.

An interesting thought occurred to me while reading this book: Dr. Florida describes creative class individuals as uninterested in group conformity. Meanwhile, the major political parties become increasingly polarized and intolerant of dissent within the ranks, sidelining independent-thinking "moderates." Thus public policy is being developed by parties who have driven the creative class out from their midst. This, more than anything, may be the most critical issue for the creative class to confront. ... Read more

Book Description

48 Days to the Work You Love is not about finding a new job. It is about finding out what you are going to "be." According to Dan Miller, failing to make that fundamental discovery is why so many people find themselves in jobs they hate. But the great news is this book will lead you to the vocation you will love.

Dan Miller will help you see clear patterns form fromwhich you can make successful career and job decisions by understanding your God-given skills and abilities, personality traits, values, dreams, and passions. These patterns create a compass for you. Finding the work you love is finding the fulfillment of your calling. ... Read more

Reviews (3)

Understand Yourself First
In reading this I was reminded of the old saying, "To thine own self be true." I first thought that this was a book on how to find a new and better job in 48 days.

Instead it's a book on self discovery. It's how to find, look at, and understand your own skills, abilities, personality traits, values, dreams, and passions.

Once you understand where you are and where you're coming from, you have the basis for making some decisions about where you want to go. Then you can use this knowledge to find a better job, to start a business or whatever.

Dan Miller then covers the fundamentals of finding the new job, or the new business. It's an interesting combination of a self-help and business advice.

This is an essential for anyone in the workplace!
How wonderful to find a book that gives hope and direction to all of us in the workplace.As Dan Miller says in his book, "The fruits of a fulfilling life - happiness, confidence, enthusiasm, purpose and money - are mainly by products of doing something you enjoy, with excellence, rather than things we seek directly."He also made me understand that I should decide what kind of life I want, then plan my work around it.What wonderful wisdom!If you are feeling like you aren't getting all you want out of your career and life, READ THIS BOOK!

Excellent Book !!!
A great book, that blends both common sense and reality together concering finding meaningful work. If you think your work situation is awful, I would suggest this book.I hate to use this common uesed phrase, but it allowed me "think outside the box." ... Read more

Book Description

John Meriwether, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born.
        In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of investments: discreet, private clubs limited to those rich enough to pony up millions. They promised that the investors' money would be placed in a variety of trades simultaneously--a "hedging" strategy designed to minimize the possibility of loss. At Long-Term, Meriwether & Co. truly believed that their finely tuned computer models had tamed the genie of risk, and would allow them to bet on the future with near mathematical certainty. And thanks to their cast--which included a pair of future Nobel Prize winners--investors believed them.
        From the moment Long-Term opened their offices in posh Greenwich, Connecticut, miles from the pandemonium of Wall Street, it was clear that this would be a hedge fund apart from all others. Though they viewed the big Wall Street investment banks with disdain, so great was Long-Term's aura that these very banks lined up to provide the firm with financing, and on the very sweetest of terms. So self-certain were Long-Term's traders that they borrowed with little concern about the leverage. At first, Long-Term's models stayed on script, and this new gold standard in hedge funds boasted such incredible returns that private investors and even central banks clamored to invest more money. It seemed the geniuses in Greenwich couldn't lose.
        Four years later, when a default in Russia set off a global storm that Long-Term's models hadn't anticipated, its supposedly safe portfolios imploded. In five weeks, the professors went from mega-rich geniuses to discredited failures. With the firm about to go under, its staggering $100 billion balance sheet threatened to drag down markets around the world. At the eleventh hour, fearing that the financial system of the world was in peril, the Federal Reserve Bank hastily summoned Wall Street's leading banks to underwrite a bailout.
        Roger Lowenstein, the bestselling author of Buffett, captures Long-Term's roller-coaster ride in gripping detail. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein crafts a story that reads like a first-rate thriller from beginning to end. He explains not just how the fund made and lost its money, but what it was about the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the late-nineties culture of Wall Street that made it all possible.
        When Genius Failed is the cautionary financial tale of our time, the gripping saga of what happened when an elite group ofinvestors believed they could actually deconstruct risk and use virtually limitless leverage to create limitless wealth. In Roger Lowenstein's hands, it is a brilliant tale peppered with fast money, vivid characters, and high drama. ... Read more

Reviews (114)

Engrossing read
The author gives an engrossing read about the LTCM debacle in this book. His writing style, in my opinion, really captures my attention and almost turns the book into a Grisham-style page-turner. After reading the book, you will have a better idea of the reasons why the fund failed. Also, you will gain more qualitative knowledge about hedge funds, derivatives markets and investing in general. However, if you are looking for equations and quantitative stuff, then sorry man, you will be greatly disappointed. Don't expect to find the Black-Scholes equation here. Nor do I think it's necessary. As a finance student, I'm tired of having to know the complex equations and quantitative stuff inside-out, without the slightest idea of how they should be used and their limitations.
If you have the basic idea or training in quantitative finance, the this book is a must-read. It sheds light on the untold stories in derivatives trading. The downfall of LTCM should be a very somber and sobering reminder of the limitations of the derivatives markets. Too much credit is given to "risk management" and "quantitative finance". I think every portfolio manager and derivatives trader should keep this in mind.

BIG MEN MAKE SMALL MISTAKES!
Small traders who break the simple rules are called 'dumb' by the professionals in the industry in their magazine articles, interviews on radio & TV etc. Here we have a group of top academics including Nobel Prize winners in economics who headed a firm that made some of the most silly 'mistakes' that caused them to lose over FOUR BILLION DOLLARS1 The reason: simple over-trading and mis-management of funds - just what the little guy is always told not to do!

This book gives a brief introduction to the various players involved. It gives an indicationl of the greed involved, not only by over-leveraging but by forcing investors to take back their money so the partners could put all their money in the fund and make all the profits for themselves. Interestingly, they did these people a great favor by preventing them from going broke.

Later in the book, when the crisis is really brought forward, we are given a detail day to day account of the stress and problems that the fund managers were creating for themselves and the rest of Wall Street as many banks and other financial institutions had tied up hundreds of millions with this firm. In the end the Federal Reserve arranged a bailout with fourteen major banks to save day.

Ironically, the super-losers went and created another fund after this big crash and sure enough they raised a few hundred millions in trading capital so the 'bright' fellows can get running again!

Not enough Cream on the Coffee
1997, 30 year Treasury Bonds Fell to 5.58; traders were selling short to hedge against riskier bonds, treasuries rallied and spreads increased between bonds; Japanese bonds dropped opposite of the bet by LTCM.

Blame the Asian flu, IMF unresponsiveness, and Salomon Barney Smith abandonment of its arbitrage positions as causes for the evaporation of 4 billion dollars LTCM within months. LTCM was too big, possessing $128 billion in assets and $3.6 billion in the bank and 2/5 of money belonging to the owners. Notation derivates reaching leverage 100 to 1 preventing rapid sell off and bankruptcy out of question, for bankruptcy would have caused a world cascade economic crash and loses reaching above $1 trillion. Bankruptcy was not an option; LTCM was too big to fail and the Fed knew it. LTCM only chance was too secure money from warranties, loans, or a buy out; none of which in the end would save them. In the end, the Feds 16 banks would invest $250 million each with a total accumulation of $4 billion dollars rescuing LTCM and the partners would leave with relatively nothing in their pockets. How did smartest guys on Wall Street fail? How did the impossible happen?

1997, Indonesia, Rupiah dropped 85 percent as currency traders forced devaluation revealing a corrupt banking practices and overextension of bad credit; volatility rose to 27 percent.

1998 LTCM bet that no future recession would occur and believed the Bond margins would narrow. Instead, the world economy were experience new global forces as communism was breaking down, China's GNP was heating up, and East Germany was experiencing new economic freedoms. A U.S - 56 point margin increase on the swap, England - 45 point margin, and German - 20 point margin and LTCM was losing money on all of its markets. LTCM had previously negotiated a warrant by UBS and UBS was being seriously exposed while LTCM was claiming "Future expected returns are good" although Equity Volume was in trouble, Swap margins were increasing, and Treasuries were falling as investors fled to safer securities and as Treasuries were being bought up their rates dropping to 5.56.

With Indonesia falling - all eyes were turned to Russia. There was no rescue by the IMF for the Russian ruble. Shares in Europe and Turkey were weak and Venezuelans were buying dollars all the while swaps margins increased. Aug 21, the Dow fell 280 points and investors continued to prefer the safest bonds, the 30 year treasures, US swaps increased to 76 points, 20 points in one day, Britain swaps increased to 62 points and mortgage spreads spread to 121 points, high yield climbed to 276, and treasurers were at 13. LTCM lost $558 million in a single day, 15 percent of their capital. LTCM was certain the markets would correct rationally and the spreads converge. Losses accumulated faster because leverages increased. Additional $200 million in funding was requested from Merrill Lynch. Hedge funds were not considered a bank and so credit extension regulation was constrained. The drop in LTCM performance caused banks to tighten their credit lines to hedge funds. In fact, the hedge funds poor performance screamed default and banks demanded their entitlement to repayment. LTCM was very close to insolvency. Mattone told Meriwether, "when you're down by half, people figure you can go down all the way" and "your out". Aug 31, the DOW crashed 512 points, Hong Kong Authority stopped supporting local markets by buying local shares. For the month of Aug, LTCM had lost $1.9 billion, 45 percent of its equity capital, and still had $125 billion in derivative assets. Death was imminent, the leveraging could not be stopped, LTCM was immobilized by its size, and Bear was threatening to suspend trading. After reviewing LTCM books, Bear allowed LTCM trades and gave a harsh warning, if they dropped below $500 million all trades would halt.

Sep 10, LTCM experiences a sum lose of $500 million dollar for five days of trading. LTCM still has 7,000 derivative contracts totaling $1.4 trillion dollars.

In 1987, Alan Greenspan was appointed as chairman of the Federal Reserves. Greenspan did not totally understand hedge funds, they were fairly private, and the Fed had no authority over them. Greenspan was nervous about the credit lines extended too these funds. Some call the funds, banks. What were the hedge funds? What is a bank?

The New York Fed keeps in touch with its branches and they talk with private industry, so supposedly the Fed keeps a pulse on the private sector. The Fed has a trading desk and trades $450 billions in treasuries, buying and selling to affect the amount of available money supply. If the Fed buys treasures, this act increase money supply and gives banks more money for banks to loan, and interest rates decrease. If the Fed buys back treasures, this act decrease money supply and makes less available loanable money and interest rates rise.

The volatility of LTCM was rising because it was so vulnerable. LTCM was being pressured by Goldman as they continued buying down increasing spreads. Goldman exasperated the European bond market cutting apart LTCM.

Warren Buffet was a seemly friend but of no help to LTCM. Berkshire Hathaway made an offer: 250 million for $3.57 billion to stabilize the fund and all partners fired. Legal confusion forfeited the deal. The last thing the economy wanted was an economic meltdown, so the Fed offered a deal and the LTCM partners were out in the cold with tears in their eyes, a perfect model (Merton, Black, Scholes) and not enough liquid money to save them against the impossible.

"...in crisis, correlations go to 1"
The author of this book is a journalist - not a trader or banker - and it's helpful to remember that as you read through this moralistic account of LTCM's rise and fall.

Lowenstein has the audacity to write of Merton, a Nobel Laureate, that he held a "naive belief in perfect markets." Perfect markets may be mythical, but the author is not qualified to call this view naive. The output of the model is as important as the tenability of its' assumptions.

In the end, the fund was too big and successful, not hubristic, to remain in its' sphere of expertise (bond arbitrage) and was forced to become the 800-pound gorilla in other markets like merger arbitrage. Yes, the top two traders were arrogant (a requirement for traders) but the markets broke the fund, not Hilibrand and Haghani.

More details on the transactions would have been interesting but these may have burdened the flow of the book.

There are copious footnotes and the author does a nice job of outlining the players and their stakes in the fund.

Ideology and greed defy common sense
There should be a sinking feeling in the pit of your stomach as you read this book. Long-Term Capital Management was almost guaranteed to fail from its outset and, when the end finally did come, the fund's collapse almost took a big chunk of Wall Street with it. The scary part is that there are more LTCMs out there, operating without regulatory oversight and all subject to wrong-headed economic hypothesizing as the basis for their trading operations.

The poison pill at the center of Long-Term Capital Management's very being was the efficient market theory, an almost universal belief among economists and financiers alike that free markets always operate in the most effective, logical manner possible over the long term. They don't, of course, and that refusal to acknowledge fundamental human irrationality led LTCM over the brink.

Lowenstein does an outstanding job of untangling the fund's complicated derivatives trades and explaining how the fund eventually over-leveraged itself into a sudden collapse. We normally read business stories like this for the thrill of seeing moral hazard at work, seeing the rich fall from grace and thinking how well-deserved that fate is. I would recommend, however, that you approach this book as a template for how the next Great Depression could spring from the simultaneous self-destruction of derivatives trading firms. And thanks to Roger Lowenstein, you don't have to be a genius to see how it could happen. ... Read more

Book Description

This easy-to-read, accessible, macro-first principles book engages readers with familiar real-world examples and applications that bring economics to life. The authors follow an Explore and Apply theme that shows learners how economics is a part of their everyday lives, and how it can be a useful tool in making personal decisions and evaluating policy decisions.The Enhanced Edition contains more detail and more in-depth coverage of key economic concepts, expanded multiplier coverage, new coverage of crowding out, greater detail on exchange rates, more extensive treatment of antitrust, and much more.For individuals interested in the principles of economics—and how those principles effect the details of daily living. ... Read more

Book Description

The idea of China has always exerted a pull on the adventurous type. There is a kind of entrepreneurial Westerner who just can't resist it: red flags, a billion bicycles, and the largest untapped market on earth. What more could they want? After the first few visits, they start to feel more in tune and experience the first stirrings of a fatal ambition: the secret hope of becoming the Mr. China of their time.

In the 1990s, China went through a miraculous transformation from a closed backwater to the workshop of the world. Many smart young men saw this transformation coming and mistook it for their destiny. Not a few rushed East to gain strategic footholds, plant their flags, and prosper. After all, the Chinese had numbers on their side: a seemingly endless population, a thirst for resources, and the tide of history. What they needed was Western knowledge and lots of capital. Or so it seemed ...

Mr. China tells the rollicking story of one man's encounter with the Chinese. Armed with hundreds of millions of dollars and a strong sense that he and his partners were -- like missionaries of capitalism -- descending into the industrial past to bring the Chinese into the modern world, Clissold got the education of a lifetime.

The ordinary Chinese workers, business owners, local bureaucrats, and party cadres Clissold encountered were some of the most committed, resourceful, and creative operators he would ever meet. They were happy to take the foreigner's money but resisted just about anything else. At every turn, the locals seemed one step ahead of Clissold's cre