![]() ![]() "Shiller argues forcefully." -Chris Johns, Irish Times ![]() the results are fascinating, and sometimes startling." -Howard Davies, Prospect " to identify the enduring narratives that influence the way we think about the economy, and may influence our patterns of spending and saving, and therefore become self-fulfilling prophecies. "Excellent." -Gillian Tett, Financial Times He rarely gets it wrong." -Tom Rees, The Telegraph "Many economists argue that the US housing market and economy are still on solid foundations, but ignore Especially timely in the current social media-obsessed era, because narratives-both real and false-can spread globally with just a few swipes, affecting not just economic activity, but ultimately the balance of geopolitical power." -Matt Schifrin, Forbes and how people react to them." -Rana Foroohar, Financial Times Economists, he argues, need to study this if they are to have any hope of doing a better job than they have in the past of predicting major events. But in Narrative Economics, Shiller goes much broader and deeper, looking at how the stories we tell ourselves about the world drive our behaviour. "The idea that human behaviour can exert its own influence in the market is something that most traders wouldīuy into. a bigger challenge to the foundations of economics than behavioral economics." -Steve Denning, Forbes A sensible and welcome escape from the dead hand of mathematical models of economics." - The Economist " explores how the public’s subjective perceptions can shape economic trends. Not Robert Shiller, the author of Narrative Economics, who believes that volatile human emotion counts for more than you think in the ostensibly objective valuation of stocks, bonds and buildings." -James Grant, Wall Street Journal "Economics is the study of people at work, but where are the people? Many a learned economist forgets all about them. "Shiller’s thorough discussion and many examples are certainly convincing as to the importance of narratives in individual economic decision-making and aggregate economic phenomena." -Sonia Jaffe, Science Armed with this understanding, we gain a far richer understanding of how economies behave." -Martin Wolf, Financial Times But they also drive economies into booms and busts. Stories allow human beings to make sense of an uncertain world. "Shiller is one of the world’s most original economists. It may be Robert Shiller’s most important book to date. Narrative Economics explains how we can begin to take these stories seriously. The stories people tell-about economic confidence or panic, housing booms, the American dream, or Bitcoin-affect economic outcomes. Narrative Economics sets out to change that by laying the foundation for a way of understanding how stories help propel economic events that have had led to war, mass unemployment, and increased inequality. But despite the obvious importance of such stories, most economists have paid little attention to them. Whether true or false, stories like these-transmitted by word of mouth, by the news media, and increasingly by social media-drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. Spread through the public in the form of popular stories, ideas can go viral and move markets-whether it’s the belief that tech stocks can only go up, that housing prices never fall, or that some firms are too big to fail. Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior-what he calls “narrative economics”-has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events. In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize–winning economist and New York Times bestselling author Robert Shiller offers a new way to think about the economy and economic change.
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