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" 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

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" 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

" 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. "

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

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

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

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" 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. "

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" 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

" 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

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

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

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

Robert J. Shiller

" Some of the best theorizing comes after collecting data because then you become aware of another reality. "

Robert J. Shiller

" 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

" 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. "

Robert J. Shiller

" 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

" 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

" 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

" 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. "

Robert J. Shiller

" 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

" 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

" 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

" 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

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

Robert J. Shiller

" 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

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

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

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

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