Summary

Robert J. Shiller is Sterling Professor of Economics at Yale University and Professor of Finance and Fellow at the International Center for Finance at the Yale School of Management. He is the author of eleven books, including the best-selling Irrational Exuberance (2000), Subprime Solution: How the Global Financial Crisis Happened and What to Do about It (2008), and, most recently, Phishing for Phools: The Economics of Manipulation and Deception (2015), co-authored with George Akerlof. Shiller has received numerous awards for his work, including the 2013 Nobel Prize in Economics, which he shared with University of Chicago economists Eugene F. Fama and Lars Peter Hansen, “for their empirical analysis of asset prices.” Shiller’s Director's Lecture, “Narrative Economics,” addressed narrative psychology in economics and its relation to economic inequality. How society has dealt with inequality in the past is deeply reflective of the narratives that shape our observations of blame and incentivization, Shiller argued. If inequality gets worse as technology continues to replace common labor, society will need to draw on insights from psychology, sociology, and institutional economics to address the problem in a durable way.

 

Video available here: https://www.youtube.com/watch?v=b8l6wLSPnYY