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.
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.
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?
Reflections on Finance and the Good Society
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Book Review: Finance and the Good Society
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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.
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