Irrational Exuberance

Revised and Expanded Third Edition

Robert J. Shiller

The book analyzes the broader economic and psychological factors driving volatility in the stock market and real estate, suggesting that herd behavior and speculative bubbles are fueled by irrational enthusiasm among investors. It provides historical evidence and updated data to warn of the potential risks in financial markets and the economy, advocating for more informed investment strategies and policy decisions.

See full summary

Narrative Economics

How Stories Go Viral and Drive Major Economic Events

Robert J. Shiller

The book explores the impact of popular narratives and storytelling on economic events, arguing that these stories can spread like viruses and significantly influence public behavior and economic outcomes. It examines historical examples and provides a framework for understanding how narratives affect financial markets, consumer decisions, and policy making.

See full summary

Finance and the Good Society

Robert J. Shiller

The book argues that financial capitalism, when properly regulated and managed, can lead to greater societal well-being by providing opportunities for a wide range of individuals to participate in the economy. It discusses the roles of various financial players – from bankers to lawyers to regulators – in fostering an environment that can promote the common good.

See full summary

The Subprime Solution

How Today's Global Financial Crisis Happened, and What to Do about It

Robert J. Shiller

The book analyzes the causes of the 2007-2008 financial crisis, particularly focusing on the housing bubble and subprime mortgage debacle. It proposes solutions to stabilize the financial system, including financial innovation and policy reforms to prevent future crises and to democratize finance.

See full summary

The New Financial Order

Risk in the 21st Century

Robert J. Shiller

The book explores innovative financial tools and ideas for managing and distributing risk in society, advocating for better financial insurance mechanisms, such as livelihood insurance and intergenerational social security, to address economic inequality and provide stability. It discusses the potential of technology and finance to create a more secure economic future through improved risk management strategies.

See full summary