Robert J. Shiller Livres

Robert J. Shiller blickt hinter die Fassaden lieb gewonnener Vorstellungen und bestätigt all jene, die die Euphorie an den Börsen der Welt mit wachsendem Unbehagen verfolgen.

Examines the impact of a rapidly evolving global economy on the twenty-first century financial world and presents six fundamental principles for using information technology and advanced financial theory to hedge risk.

Acclaimed economists George Akerlof and Robert Shiller argue for the essential role of government in restoring economic confidence in the wake of the global financial crisis. They highlight how psychological forces, termed "animal spirits," have jeopardized national wealth, from blind faith in rising housing prices to declining trust in capital markets. Challenging traditional economic wisdom, Akerlof and Shiller propose a transformative vision that emphasizes the necessity of an active government role in economic policymaking. They revive the concept of animal spirits, originally introduced by John Maynard Keynes, to explain the psychological factors that contributed to the Great Depression and subsequent recovery. Akerlof and Shiller contend that managing these forces requires government intervention, as laissez-faire approaches are insufficient. They explore the pervasive impacts of animal spirits—such as confidence, fear, bad faith, and fairness—on contemporary economic life, critiquing Reaganomics, Thatcherism, and the rational expectations revolution for overlooking these dynamics. This work provides a roadmap for addressing current financial challenges, illustrating how leaders can effectively channel the powerful psychological forces influencing today's global economy.

Argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets, and that new ways to rechannel financial creativity to benefit society as a whole are needed.

The reputation of the financial industry could hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. In this book, the author argues that, rather than condemning finance, we need to reclaim it for the common good. It shows how society can once again harness the power of finance for the greater good.

The subprime mortgage crisis has devastated millions and poses a significant threat to the U.S. and global economies. In this insightful work, economist Robert Shiller examines the crisis's origins and proposes bold solutions. He advocates for a comprehensive restructuring of the financial system to restore confidence in home buying and foster greater prosperity in the interconnected global economy. Shiller attributes the crisis to the irrational exuberance that fueled the recent economic bubbles in stocks and housing, leading to excessive credit extension and resulting in foreclosures, bankruptcies, and a global credit crunch. To regain market confidence, he argues for immediate bailouts, specifically targeting low-income victims of subprime deals. For a sustainable solution, Shiller emphasizes the need for leaders to overhaul the financial framework with initiatives designed to prevent future bubbles and mitigate risks. These include improved financial information, simplified legal contracts, expanded risk management markets, home equity insurance, income-linked home loans, and measures to protect consumers from hidden inflation. This compelling book is crucial for understanding the subprime crisis and exploring pathways to recovery.

"Economists have long based their forecasts on financial aggregates such as price-earnings ratios, asset prices, and exchange rate fluctuations, and used them to produce statistically informed speculations about the future--with limited success. Robert Shiller employs such aggregates in his own forecasts, but has famously complemented them with observations about the influence of mass psychology on certain events. This approach has come to be known as behavioral economics. How can economists effectively capture the effects of psychology and its influence on economic events and change? Shiller attempts to help us better understand how psychology affects events by explaining how popular economic stories arise, how they grow viral, and ultimately how they drive economic developments. After defining narrative economics in the book's preface with allusions to the advent of both the Great Depression and to World War II, Shiller presents an example of a recent economic narrative gone viral in the story of Bitcoin. Next, he explains how narrative economics works with reference to how other disciplines incorporate narrative into their analyses and also to how epidemiology explains how disease goes viral. He then presents accounts of recurring economic narratives, including the gold standard, real estate booms, war and depression, and stock market booms and crashes. He ends his book with a blueprint for future research by economists on narrative economics"-- Provided by publisher

Akerlof and Shiller argue that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Based on the intuitive idea that markets both give and take away, they show how phishing affects everyone, in almost every walk of life. We spend our money up to the limit, and then worry about how to pay the next month's bills. The financial system soars, then crashes. In doing so they explain a paradox: why, at a time when we are better off than ever before in history, all too many of us are leading lives of quiet desperation.

„Tech-Aktien steigen immer!“ „Immobilienpreise fallen nie!“ Stimmt das wirklich? Ob wahr oder nicht, solche Narrative, oder einfacher gesagt Geschichten, beeinflussen das Verhalten von Menschen und somit auch die Wirtschaft massiv. Wie entstehen Narrative? Wie gehen sie viral, wie gewinnen sie an Einfluss, wann verlieren sie diesen wieder? Welche Auswirkungen haben sie? Und, last, but not least: Wie lassen sich mit ihnen ökonomische Zusammenhänge und Entwicklungen besser verstehen und vorhersagen? Diese Fragen untersucht Wirtschafts-Nobelpreisträger Robert J. Shiller in seinem vielleicht wichtigsten Buch.