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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

Kind

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

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

" 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. "

" 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. "

" 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. "

" The problem is that once we focus on economic policy, much that is not science comes into play. Politics becomes involved, and political posturing is amply rewarded by public attention. "

" 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. "

" 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?' "

" 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. "

" 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. "

" 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. "

" 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

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

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

" Trump has never been clear and consistent about what he will do as president. "

" We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual. "

" Fear causes individuals to restrain their spending and firms to withhold investments; as a result, the economy weakens, confirming their fear and leading them to restrain spending further. The downturn deepens, and a vicious circle of despair takes hold. "

" 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. "

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

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

Robert J. Shiller

Will

Black

" 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. "

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

" 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. "

" 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. "

" That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics. "

" 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. "