Robert J. Shiller
Robert J. Shiller
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Full Name and Common Aliases
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Robert J. Shiller is commonly known as Bob Shiller.
Birth and Death Dates
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Robert J. Shiller was born on March 29, 1946. Unfortunately, we could not verify if he is deceased or not.
Nationality and Profession(s)
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Nationality: American
Profession: Economist, Professor of Economics
Early Life and Background
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Robert J. Shiller was born in Detroit, Michigan. His family moved to St. Louis, Missouri when he was a young boy. He showed an early interest in economics and mathematics, which eventually led him to pursue a career in academia.
Shiller received his Bachelor's degree from the University of Michigan in 1965 and went on to earn his Ph.D. in Economics from Massachusetts Institute of Technology (MIT) in 1972. After completing his education, he joined the faculty at Yale University, where he currently serves as Sterling Professor of Economics.
Major Accomplishments
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Shiller's work has had a significant impact on the field of economics. Some of his notable contributions include:
Predicting the housing market bubble: Shiller is perhaps best known for predicting the 2008 housing market bubble, which led to widespread financial crisis.
Development of the Case-Shiller Index: In collaboration with Karl Case, Shiller developed a widely used index that measures changes in home prices.
Research on behavioral finance: Shiller has made significant contributions to the field of behavioral finance, examining how psychological factors influence economic decision-making.Notable Works or Actions
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Shiller's notable works include:
"Irrational Exuberance" (2000): This book explores the psychology behind financial markets and warned of an impending market bubble.
"Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Economics" (2009): Shiller co-authored this book with George Akerlof to examine how human behavior affects economic outcomes.Impact and Legacy
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Shiller's work has had a significant impact on the field of economics. His predictions about market bubbles have been widely recognized, and his research continues to influence policy decisions around the world.
Why They Are Widely Quoted or Remembered
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Robert J. Shiller is widely quoted and remembered for his:
Visionary insights: Shiller's ability to predict market trends has made him a respected voice in economic circles.
Innovative research: His contributions to behavioral finance have expanded our understanding of how psychological factors influence economic decision-making.
Widely recognized index: The Case-Shiller Index, which he co-developed, is now a widely used measure of home prices.
Quotes by Robert J. Shiller
One should have a wide variety of assets in one's portfolio. And oil, by the way, is a particularly important asset to have in one's portfolio because we need it, and the economy thrives on it.
This is the paradox of thrift: belt-tightening causes people to lose their jobs, because other people are not buying what they produce, so their debt burden rises rather than falls.
Critics of 'economic sciences' sometimes refer to the development of a 'pseudoscience' of economics, arguing that it uses the trappings of science, like dense mathematics, but only for show.
Yes, horoscopes still persist in popular newspapers, but they are there only for the severely scientifically challenged, or for entertainment; the idea that the stars determine our fate has lost all intellectual currency.
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
When I see the Trump supporters on television explaining themselves, I don't get a feeling of supreme confidence. They've created a revolution, and now maybe they're a little scared by it.
Housing traditionally is not viewed as a great investment. It takes maintenance; it depreciates. It goes out of style. All of those are problems. And there's technical progress in housing. So, new ones are better. So, why was it considered an investment? That was a fad.
One thing I've noticed about history - you can search on newspapers going back hundreds of years, search for 'economic forecast,' you don't find it. It would be very rare to find it.
When valuation confidence falls, it means that stock markets are perceived as overpriced.
