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" 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
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" 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
" 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. "
Robert J. Shiller
Economy
Way
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" My very first publication was an estimator - this was a statistical procedure - a kind of invention. My father got a patent and started a business; it wasn't successful, but maybe I have some of him in me. "
Robert J. Shiller
Successful
Me
Kind
" People who stay unemployed for a long time start to look like damaged goods, and they don't get such good offers. Also, they're not learning anything. Most learning is on-the-job learning. "
Robert J. Shiller
People
Start
Time
" I often tend to think that things are not what they seem. "
Robert J. Shiller
Things
Seem
Often
" Somehow, talking to young students brings you back to reality - it should, anyway. "
Robert J. Shiller
Talking
Reality
Back
" 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
" 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
" Some of the best theorizing comes after collecting data because then you become aware of another reality. "
Robert J. Shiller
You
Become
Best
" Oppression thrives on distance - on not actually meeting or seeing the oppressed. "
Robert J. Shiller
Oppression
Distance
Meeting
" 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
" 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. "
Robert J. Shiller
Burden
People
Paradox
" If I was counselling an individual, and my purpose was to help that individual, the most important thing would be that you should save more. Because don't expect that your retirement will follow those trajectories that some advisers are telling you. "
Robert J. Shiller
Follow
Purpose
Retirement
" As far as I can find, almost no one in the profession - not even luminaries like John Maynard Keynes, Friedrich Hayek, or Irving Fisher - made public statements anticipating the Great Depression. "
Robert J. Shiller
I Can
Find
Great
" 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
" 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
" People might just decide, 'Yeah, I'll diversify my portfolio. I'll live in a rental.' That is a very sensible thing for many people to do. "
Robert J. Shiller
Portfolio
Decide
Just
" 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
" If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme. "
Robert J. Shiller
Enough
Feel
Wealth
" 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
" 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. "
Robert J. Shiller
See
Revolution
Feeling
" That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics. "
Robert J. Shiller
Economics
World
People
" This is an anxiety driven world - the whole world is driven by anxiety. It is anxiety about the aftermath of the global financial crisis; it's anxiety about inequality and about computers replacing jobs. "
Robert J. Shiller
World
Anxiety
Computers
" 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
" In a bubble, eventually people start saying, 'Wait a minute... these prices are way too high! What is anyone buying anymore? What could they possibly be thinking?' And then there's a correction and a bursting. "
Robert J. Shiller
People
Wait
Thinking
" 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
" 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
" 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 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
" 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