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Results for tag:by Robert J. Shiller

18 results

Fraud, Fools, and Financial Markets

Published 18.09.2015
NEW HAVEN – Adam Smith famously wrote of the “invisible hand,” by which individuals’ pursuit of self-interest in free, competitive markets advances the interest of society as a whole. And Smith was right: Free markets have generated...

The Mirage of the Financial Singularity

Published 15.07.2015
NEW HAVEN – In their new book The Incredible Shrinking Alpha , Larry E. Swedroe and Andrew L. Berkin describe an investment environment populated by increasingly sophisticated analysts who rely on big data, powerful computers, and scholarly...

Effective Altruism

Published 20.04.2015
PRINCETON – Can humans really be motivated by altruism? My new book, The Most Good You Can Do, discusses the emerging new movement called Effective Altruism, and, in doing interviews about the book, I am surprised by how often that question is...

What Good Are Economists?

Published 15.01.2015
NEW HAVEN – Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode – the aftereffects of which still...

Parallels to 1937

Published 11.09.2014
NEW HAVEN – The depression that followed the stock-market crash of 1929 took a turn for the worse eight years later, and recovery came only with the enormous economic stimulus provided by World War II, a conflict that cost more than 60 million...

Booming Until It Hurts?

Published 15.07.2014
NEW HAVEN – In recent months, concern has intensified among the world’s financial experts and news media that overheated asset markets – real estate, equities, and long-term bonds – could lead to a major correction and another economic crisis....

The Global Economy’s Tale Risks

Published 20.03.2014
TOKYO – Fluctuations in the world’s economies are largely due to the stories we hear and tell about them. These popular, emotionally relevant narratives sometimes inspire us to go out and spend, start businesses, build new factories and office...

The Financial Fire Next Time

Published 14.01.2014
NEW HAVEN – If we have learned anything since the global financial crisis peaked in 2008, it is that preventing another one is a tougher job than most people anticipated. Not only does effective crisis prevention require overhauling our...

Is Economics a Science?

Published 06.11.2013
NEW HAVEN – I am one of the winners of this year’s Nobel Memorial Prize in Economic Sciences, which makes me acutely aware of criticism of the prize by those who claim that economics – unlike chemistry, physics, or medicine, for which Nobel...

The Best, Brightest, and Least Productive?

Published 20.09.2013
NEW HAVEN – Are too many of our most talented people choosing careers in finance – and, more specifically, in trading, speculating, and other allegedly “unproductive” activities? In the United States, 7.4% of total compensation of employees in...

Bubbles Forever

Published 17.07.2013
NEW HAVEN – You might think that we have been living in a post-bubble world since the collapse in 2006 of the biggest-ever worldwide real-estate bubble and the end of a major worldwide stock-market bubble the following year. But talk of bubbles...

A Man Without a Plan

Published 13.11.2012
During the United States’ recent presidential election campaign, public-opinion polls consistently showed that the economy – and especially unemployment – was voters’ number one concern. The Republican challenger, Mitt Romney, sought to...

Bubbles without Markets

Published 24.07.2012
A speculative bubble is a social epidemic whose contagion is mediated by price movements. News of price increase enriches the early investors, creating word-of-mouth stories about their successes, which stir envy and interest. The excitement...

The Euro’s Imagined Community

Published 21.03.2012
"[A] currency works as a constant, if latent, reminder of identity. In using it, one has the psychological experience of participating with others in a common venture, and thus developing a sense of trust in both the endeavor and one’s...

Does Austerity Promote Economic Growth?

Published 12.02.2012
J. Guajardo, D. Leigh, and A. Pescatori of the IMF recently studied austerity plans implemented in 17 counries .Their analysis found a clear tendency for austerity programs to reduce consumption expenditure and weaken the economy.