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Shiller wrote the bestseller Irrational Exuberance and is the co-author of Animal Spirits. Few people see the field of finance as a tool to improve humanity, especially after the recession. Loans, mergers and mortgages are just methods of attaining beneficial objectives — start-up funding, business expansion or new homes. Start getting smarter: Email:. Rating 7. Qualities Innovative. About the Author Yale economics professor Robert J. Summary Finance: Hero or Villain? Of course there are many structural impersonal things regulators can and should do.

‘Finance and the Good Society,’ by Robert J. Shiller

Ultimately the best form of regulation in financial markets is competition. That means the best form of regulation is one that removes the obstacles to competition.

Finance - and the good society? - Carlos Ordenador @ WikiStage ESCP Europe

Every now and then, and regularly enough for the problem not to grow so big that it becomes systemically catastrophic, the risk takers will fail massively and they will pay for their mistakes if government and the ideologues bravely let them pay without fear or favour. As I say, I have yet to read the book.

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I just get a wee bit uneasy about any apparent reliance on goodness, professional ethics, and other personal dynamics; even if this is only a reliance that comes from reaching a midway point on the road to more elaborate statements of desirable institutional and financial innovations-as-solutions. Perhaps economic sociology comes into its own at moments like this. The beauty of law in respect of barriers to competition, the imperative of full disclosure, and the punishment of fraud is that it assumes a permanent existence of bad people, or inefficient, ignorant, and greedy people.

In varying degrees -- on a fair continuum from soft to hard landings -- we let them fail. Is that not the other side of the coin in the democratization of finance?

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To find out more, read our updated cookie policy and privacy policy. Please log in or register to continue. Registration is free and requires only your email address. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this absorbing, smart, and accessible blend of economic and cultural history in the vein of the works of Michael Lewis and Andrew Ross Sorkin, a financial executive and CNBC contributor examines the five most significant stock market crashes in the United States over the past century, revealing how they have defined the nation today.

This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work, and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes. The subprime mortgage crisis has already wreaked havoc on the lives of millions of people, and now it threatens to derail the U.

In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe - and as financial bubbles, crashes, and crises suggest.

This is one of the biggest debates in economics, and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew W. Lo cuts through this debate with a new framework. The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in?

The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.

The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street. Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans - predictable, error-prone individuals.

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Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth - and change the way we think about economics, ourselves, and our world. In the early s, as a Wall Street escapee writing a financial column for the Dallas Morning News , Booth attracted attention for her bold criticism of the Fed's low interest rate policies and her cautionary warnings about the bubbly housing market.

Nobody was more surprised than she when the folks at the Dallas Federal Reserve invited her aboard. Figuring she could have more of an impact on Fed policies from the inside, she accepted the call to duty and rose to be one of Dallas Fed president Richard Fisher's closest advisors. An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and the public for half a century. Originally published in - when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program - The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production.

In The Blank Slate , Steven Pinker, one of the world's leading experts on language and the mind, explores the idea of human nature and its moral, emotional, and political colorings.

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With characteristic wit, lucidity, and insight, Pinker argues that the dogma that the mind has no innate traits, denies our common humanity and our individual preferences, replaces objective analyses of social problems with feel-good slogans, and distorts our understanding of politics, violence, parenting, and the arts. Many blame today's economic inequality, stagnation, and political instability on the free market.

The solution is to rein in the market, right? Radical Markets turns this thinking - and pretty much all conventional thinking about markets, both for and against - on its head. The book reveals bold new ways to organize markets for the good of everyone. The foundation for all modern economic thought and political economy, The Wealth of Nations is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words.

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