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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. "

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" 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

" 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. "

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

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

" 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. "

" 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. "

" 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. "

" 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. "

" People aren't as impressed by homes anymore after they saw how they collapsed in price with the financial crisis. "

" 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. "

" 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. "

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

" 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. "

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

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

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

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

" 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. "

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

" I didn't vote for Trump. So we've got him. Let's hope for the best. He might do something good. "

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