The Price of Time
Interest rates as institutional gravity.
Chancellor traces the history of interest — from ancient Mesopotamia to the zero-rate experiments of the 2010s — and makes the case that suppressing it systematically distorts every other signal in the economy. It is one of the clearest arguments on record for why the cost of capital is not just a financial variable but an institutional one: when it is wrong, the misallocation propagates through every system that prices risk.