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" 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
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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. "
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" 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. "
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" 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. "
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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. "
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" 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
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" 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
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" 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
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" People aren't as impressed by homes anymore after they saw how they collapsed in price with the financial crisis. "
Robert J. Shiller
Financial
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" 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
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Poor
" 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
" I often tend to think that things are not what they seem. "
Robert J. Shiller
Things
Seem
Often
" Some of the best theorizing comes after collecting data because then you become aware of another reality. "
Robert J. Shiller
You
Become
Best
" 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
" 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
Facts
Want
Look
" 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
" 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
Oil
" 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. "
Robert J. Shiller
Focus
Political
Science
" 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
" 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
" Any time you have change, it costs somebody. Somebody is a loser. "
Robert J. Shiller
Any
Change
Loser
" 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
" There's so much disagreement about investing, and it's because nobody really knows. "
Robert J. Shiller
Investing
Nobody
Because
" 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
" The future is always coming up with surprises for us, and the best way to insulate yourself from these surprises is to diversify. "
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Future
Yourself
Way
" 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 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
" 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
People
Inequality
Help
" 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. "
Robert J. Shiller
Result
Circle
Fear
" Trump does magic. Maybe it will be black magic sometime, but he's an amazing phenomenon. "
Robert J. Shiller
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He
" 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
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