It's that time of year again—the "longlist" of contenders for the Financial Times Business Book of the Year Award has been released, and we're happy to see one of our favorites has made the cut. Many congratulations to Atif Mian and Amir Sufi for the recognition of their book House of Debt as an important commentary on the causes of the Great Recession, and how to avoid it happening again. The book that Larry Summers called "the most important economics book of 2014" is in good company—among the 16 books that made the cut are Thomas Piketty's Capital in the Twenty-First Century and Michael Lewis's Flash Boys. (For a full list, see the Financial Times announcement.)
Mian, of Princeton, and Sufi, of Chicago Booth, have been sharing economic insights on their blog of the same name since March. They also kindly allowed us to run an excerpt from House of Debt in the Summer issue of Capital Ideas (which you can read here while you wait for the copy you already ordered to arrive). What's more, you can watch the video below and learn from Sufi himself, in less than three minutes, about the relationship of household debt to severe economic downturns. Sufi has also appeared on our Big Question video series, in our most recent episode, "Is the US housing hangover wearing off?" and in one from last season, "What's holding back the US economy?"