Worth the Risk : The Seven Myths That Keep Us from Taking the Chances We Need to Take

Why fear of risk is holding us back, and how we can reclaim the confidence to thrive in unpredictable times

Something is out of sync in today's economy. People feel insecure and unable to reach their potential. We worry that the world has become too risky, that investing is only for the rich, that our nest egg might not last, that it’s all or nothing. We retreat into lives of minimal uncertainty. Economist Allison Schrager argues that there has never been a better time to take risks, and yet we as a society have never been more risk-averse. She explains how the fears surrounding risk are unfounded—and that these myths are exactly why so many are falling behind. In the meantime, the very wealthy are still taking risks that generate outsized rewards and widen economic divides.

Blending economic history and behavioral science, Schrager traces how our understanding and tolerance of risk have changed—how we have become less willing to open a business, start a family, or even drive a car. Along the way, she reveals the secrets of unconventional risk-takers, from a mob hit man to America’s last frontiersman to a high-wire walker.

In this reassuring book, Schrager explains how to assess uncertainty, make better choices, and reclaim the upside of risk, allowing each of us to contribute to a more dynamic economy—and to live a more fulfilling life.

MEDIA REVIEWS

"How should we think about risks in our lives? Although most of us think we are taking too much, are we actually taking much too little? Allison Schrager’s fascinating and deeply informed book will help you navigate a world in which you are probably not taking as many chances as you should.”—Kenneth Rogoff, author of Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead

“It’s the foundational principle in finance: there’s no such thing as a free lunch. Every return requires risk. Eliminating the risk may eliminate the potential return—not just in markets, but, Allison Schrager argues, in life. Is playing it safe the riskiest thing we do?”—Ian Bremmer, author of Every Nation for Itself: What Happens When No One Leads the World

“Living means dealing with risk. Yet most of us don’t know how to think about the cosmic roulette that governs our choices, from the trifling to the existential. That includes policymakers, who must trade off risk and reward in their own decisions and in the incentives they provide to citizens. Allison Schrager explains the history, logic, politics, and psychology of risk in a book that is fascinating, timely, and practical.”—Steven Pinker, Harvard University