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" Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't. "

Robert J. Shiller

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" 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

" Somehow, talking to young students brings you back to reality - it should, anyway. "

Robert J. Shiller

" Trump does magic. Maybe it will be black magic sometime, but he's an amazing phenomenon. "

Robert J. Shiller

" 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

" 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

" 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

" In a perfect world, people don't have to move to another country to get a higher wage. Ultimately, they need only be able to participate in producing output that is sold internationally. "

Robert J. Shiller

" 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

" 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

" 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

" There's so much disagreement about investing, and it's because nobody really knows. "

Robert J. Shiller

" Oppression thrives on distance - on not actually meeting or seeing the oppressed. "

Robert J. Shiller

" I want to know diverse facts about such things as galaxies or molecules or proteins or insect species. I have an impulse to want to know the little details, which are usually of no significance to non-specialists. I own a dissection microscope, and if there is an insect in the house, I sometimes catch it and look at it under the microscope. "

Robert J. Shiller

" 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

" 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

" 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

" We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most. "

Robert J. Shiller

" 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

" Manufacturers of food try to get the optimal ratio to tap into your impulsivity. They don't care about your health. "

Robert J. Shiller

" 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

" 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

" When valuation confidence falls, it means that stock markets are perceived as overpriced. "

Robert J. Shiller

" Any time you have change, it costs somebody. Somebody is a loser. "

Robert J. Shiller

" A moderate tax on robots, even a temporary tax that merely slows the adoption of disruptive technology, seems a natural component of a policy to address rising inequality. Revenue could be targeted toward wage insurance, to help people replaced by new technology make the transition to a different career. "

Robert J. Shiller

" 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

" I often tend to think that things are not what they seem. "

Robert J. Shiller

" 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

" 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

" Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society. "

Robert J. Shiller

" 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