What could he do? Harvard, Social Concerns My major social concerns all revolve around the future. If we do not understand the epidemics of popular narratives, we do not fully understand changes in the economy and in economic behavior.” Bitcoin is the wave of the future, an anarchist challenge to national currencies meant to disguise the identity of those who hold stores of the “cryptocurrency.” It’s been valued at something around $300 billion. By narrative economics I mean the study of the spread and dynamics of popular narratives, the stories, particularly those of human interest and emotion, and how these change through time, to understand economic fluctuations. Tales drive booms and busts in real estate and stocks. The overall premise is so clear, intuitive and easy to understand. However, I feel like the topic was only scratched on the surface. I think this is the only point where we agree.The author claims there is a need on economic theory to understand not only metrics, but narratives that create reality and affect economic decisions. The first half was much dryer than I expected, particularly because the consistent narrative example centered around bitcoin, and I don't really care about bitcoin. I said there that the authors came across rather as old fuddy duddies. He currently serves as the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management. He would blame the Federal Reserve, that’s for sure.”"I don’t know how he takes bad news; I think he denies it, he claims it’s a lie. It will probably even inform actions yoIn this powerful book, a simple, intuitive proposition is presented—the stories humans tell influence economic outcomes. endstream
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< Courage; the narrative that wins will determine the path of our economy. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was Vice President of the American Economic Association in 2005, and President of the Eastern Economic Association for 2006-2007. 0
Needs to take the next step and ground this hypothesis in some empirical testing. Meanwhile, the emergence of social media led to a focus on what made ideas spread virally (literally, like a virus). This book is an important addition to the literature of behavorial economics. I said there that the authors came across rather as old fuddy duddies. endstream
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Shiller focused most of the book on the narrative of the great depression and recession after WWI. His Irrational Exuberance at the start of the 2000s was a landmark. Goodreads helps you keep track of books you want to read.
So if you're looking for a good story, pull up a chair...When human beings dream, they don’t conjure images of charts, graphs or data; they dream in stories. "I don’t know how he takes bad news; I think he denies it, he claims it’s a lie. And so, I gracefully retire from my process of reading this lengthy treatise on narrative economics. An engaging scholarly study of the stories we tell about economic events—stories that go viral, for better or worse. The ideas and stories presented will influence how you think of the past and present, and future. Why Shiller spends 300 pages trying to make it seem like a novel idea, makes no sense to me. But at the same time he’s been all about behavioral economics for years...he should know this by now. This is a history and philosophy book disguised as economics which used to be called the worldly philosophy back in the day just as science got called natural philosoEconomics is part of politics and politics has a strong narrative element to it largely because narratives get people to act a certain way to cooperate a certain way, to understand the world in a certain way and to vote and become politically active in a certain way largely because narratives are how humans make sense of the world. This author previously brought these notions to finance: ‘behavioral finance’. NBER Working Paper No. Most of the time economics is based on the assumption that all people act rationally, which just is not true. Our rating helps you sort the titles on your reading list from adequate (5) to brilliant (10). 23075 Issued in January 2017 NBER Program(s):Economic Fluctuations and Growth. I wish the author had read “Made to Stick”, a popular read about what mades ideas resonate. Here's what the ratings mean:Prominent economist Robert J. Shiller argues that, to truly understand the economy, he and his fellow dismal scientists need to look beyond the usual data points. Those details improve the readability of the book.Shiller is a Nobel Prize winning economist who is known for “behavioral economics”, an area of study that emphasizes the aspects of economics that have steered away from the much more common emphases of the field on high levels of focused goal directed optimizing behavior by smart decision makers with lots of information and knowledge of how to process that information.Shiller is a Nobel Prize winning economist who is known for “behavioral economics”, an area of study that emphasizes the aspects of economics that have steered away from the much more common emphases of the field on high levels of focused goal directed optimizing behavior by smart decision makers with lots of information and knowledge of how to process that information.The author invites us to look at major US economic events from the past two centuries not just as a simple mix of economic policies and indicators, but also in the light of prevailing economic narratives that spread virally throughout the population. Adam Smith is often credited as the father of modern economics. One of the things he does very well is to give some of the history of the issue - I did not know where the term Boycott comes from (hint it is a reference to a specific person). to hear how ideas like anti-technological sentiment, the idea of basic income, anti-business and anti-labor sentiment have waxed, waned, and interacted over the years, this reads more like an economic history than the "new thing" in economics. In Narrative Economics: How Stories Go Viral and Drive Major Economic Events, Robert J. Shiller argues for the significance of narrative when it comes to understanding the drivers of economic events, arguing that contagious narratives not only play a causal role in their unfolding but also that such events transform our narratives. I personally was hoping for him to refer more to current times though. While this book is a very worth-while read, I really struggled with it.
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