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" Any time you have change, it costs somebody. Somebody is a loser. "
Robert J. Shiller
Any
Change
Loser
Related Quotes:
" Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict. "
Robert J. Shiller
Changes
Always
Seeing
" I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately. "
Robert J. Shiller
Think
Life
Go
" Hesitation is often like procrastination. One may have vague doubts and feel a need to mull things over; meanwhile, other issues intrude on thought, and no decision is taken. Ask people why they procrastinate, and you probably won't get a crisp answer. "
Robert J. Shiller
You
Thought
People
" Trump's victory clearly appears to stem from a sense of economic powerlessness, or a fear of losing power, among his supporters. To them, his simple slogan, 'Make America great again,' sounds like 'Make You great again': economic power will be given to the multitudes without taking anything away from the already successful. "
Robert J. Shiller
Great
Power
Losing
" 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. "
Robert J. Shiller
Problems
Great
Better
" A lot of people aren't saving enough. And incidentally, people are living longer now, and health care is improving. You might end up retired for 30 years - people are not really preparing for that. "
Robert J. Shiller
Care
End
Health
" All taxes, except a 'lump-sum tax,' introduce distortions in the economy. But no government can impose a lump-sum tax - the same amount for everyone regardless of their income or expenditures - because it would fall heaviest on those with less income, and it would grind the poor, who might be unable to pay it at all. "
Robert J. Shiller
Economy
Grind
Poor
" Oppression thrives on distance - on not actually meeting or seeing the oppressed. "
Robert J. Shiller
Oppression
Distance
Meeting
" What would be better, that people build big houses thinking that they'll make capital gains or that they send their children to medical school and they do research on curing diseases? When you put it that way, it seems obvious. There has developed a sense of personal worth that's tied to one's house. "
Robert J. Shiller
You
School
People
" We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual. "
Robert J. Shiller
Judge
Spiritual
Engineering
" The desperately poor may accept handouts, because they feel they have to. For those who consider themselves at least middle class, however, anything that smacks of a handout is not desired. Instead, they want their economic power back. "
Robert J. Shiller
Power
Want
Class
" Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure. "
Robert J. Shiller
Government
Rich
Look
" People aren't as impressed by homes anymore after they saw how they collapsed in price with the financial crisis. "
Robert J. Shiller
Financial
How
Crisis
" 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. "
Robert J. Shiller
Going
You
Search
" In my first few years of elementary school at the Edison School in Detroit, I did poorly. I remember worrying that I might fail the second grade and be held back. "
Robert J. Shiller
School
Fail
Detroit
" When valuation confidence falls, it means that stock markets are perceived as overpriced. "
Robert J. Shiller
Confidence
Markets
Falls
" Somehow, talking to young students brings you back to reality - it should, anyway. "
Robert J. Shiller
Talking
Reality
Back
" I didn't vote for Trump. So we've got him. Let's hope for the best. He might do something good. "
Robert J. Shiller
Best
Him
Good
" Even today, I am easily distracted by reading material and will pick up articles on virtually any factual material if I have the time. "
Robert J. Shiller
Up
Will
I Am
" Trump has never been clear and consistent about what he will do as president. "
Robert J. Shiller
Never
Been
Clear
" Fifty years ago or a hundred years ago, generally, most people would buy a house the way you buy a car. When you buy a car, do you think, 'I better buy this year rather than next year because car prices might go up?' "
Robert J. Shiller
House
You
Think
" 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. "
Robert J. Shiller
Stars
Lost
Intellectual
" As a child, I was fascinated by any branch of physical or biological science. Even today, I find great excitement in discovering the complexity and variability of the world we live in, getting a glimpse into the deeper reality that we mostly ignore in our everyday human activities. "
Robert J. Shiller
Find
Great
Child
" 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. "
Robert J. Shiller
Economics
Mathematics
Science
" Diversify, because that helps reduce risk. And you can diversify outside the United States. Some people would never invest in Europe - I think that's a mistake. "
Robert J. Shiller
Think
Never
Mistake
" There's so much disagreement about investing, and it's because nobody really knows. "
Robert J. Shiller
Investing
Nobody
Because
" We don't know the probabilities of future events. Still, you have to take action, and so you do it on gut feeling. That's the world we live in. "
Robert J. Shiller
Live
Know
Action
" Finance is not merely about making money. It's about achieving our deep goals and protecting the fruits of our labor. It's about stewardship and, therefore, about achieving the good society. "
Robert J. Shiller
Finance
Goals
Good
" I think we do need to try to not just rely on the central bank to, in its wisdom, adjust interest rates, but allow for people to avoid being exposed to inflation risk. "
Robert J. Shiller
Need
People
Risk
" The future is always coming up with surprises for us, and the best way to insulate yourself from these surprises is to diversify. "
Robert J. Shiller
Future
Yourself
Way