Nobel Prize-winning economist Robert Shiller and his new book.
Popular stories that go viral aren't always frivolous. Some can move markets and drive decisions about how and when to invest. In an interview with ThinkAdvisor, a sister publication to Treasury & Risk, Yale economics professor and Nobel Prize winner Robert Shiller argues for economists to pay more attention to what he terms "narrative economics." As social media has expanded the volume and contagion of popular narratives, some have grown into full epidemics that "can change the economy's direction," Shiller maintains.
The bestselling author of "Irrational Exuberance" (2000), who predicted the dot-com debacle and the housing crisis, has a new book titled "Narrative Economics: How Stories Go Viral and Drive Major Economic Events." Joint winner of the 2013 Nobel Memorial Prize in Economic Sciences with Eugene Fama and Lars Peter Hansen, Shiller is also an entrepreneur: Since 2010, he has collaborated with Barclays Bank on a series of equity-sector indexes, which he and the firm design. In 2012, they introduced the Shiller Barclays CAPE Sector Index Family.
ThnkAdvisor recently spoke with him, on the phone from his office at Yale. Here are highlights of our interview:
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Jane Wollman Rusoff
Jane Wollman Rusoff is a ThinkAdvisor contributing editor specializing in interviews with thought leaders. She has written for ThinkAdvisor since its inception and was a contributing editor to Research magazine, a predecessor to ThinkAdvisor, starting in 1992.
Jane has received two AZBEE Awards from the American Society of Business Publication Editors. She has contributed articles to The New York Times, The Washington Post, the Los Angeles Times and Esquire, among numerous other publications.
Jane has written or co-authored five books, including three written with “Tonight” show creator Steve Allen. Jane was a staff editor with London Express Features and Billboard’s Merchandising Magazine. She has interviewed and profiled thousands of entertainment personalities, including Ray Charles, George Clooney, Angelina Jolie and Meryl Streep.
Jane is the founder of www.FamilyStarProductions.com.
