In 'Narrative Economics', Robert J. Shiller explores the powerful role that stories play in shaping economic outcomes and public behavior. He argues that the narratives surrounding economic events can be just as influential as the numbers themselves. Through historical examples and contemporary analysis, Shiller reveals how media and culture intertwine with economic theory. This thought-provoking work challenges traditional economic models by emphasizing the human element of economic decision-making. Discover why understanding the narratives behind economics might be key to predicting future crises and booms.
By Robert J. Shiller
Published: NaN
"Economic events are often driven more by narratives and beliefs than by objective data; understanding these stories is crucial for comprehending the markets."
"Economists have long based their forecasts on financial aggregates such as price-earnings ratios, asset prices, and exchange rate fluctuations, and used them to produce statistically informed speculations about the future--with limited success. Robert Shiller employs such aggregates in his own forecasts, but has famously complemented them with observations about the influence of mass psychology on certain events. This approach has come to be known as behavioral economics. How can economists effectively capture the effects of psychology and its influence on economic events and change? Shiller attempts to help us better understand how psychology affects events by explaining how popular economic stories arise, how they grow viral, and ultimately how they drive economic developments. After defining narrative economics in the book's preface with allusions to the advent of both the Great Depression and to World War II, Shiller presents an example of a recent economic narrative gone viral in the story of Bitcoin. Next, he explains how narrative economics works with reference to how other disciplines incorporate narrative into their analyses and also to how epidemiology explains how disease goes viral. He then presents accounts of recurring economic narratives, including the gold standard, real estate booms, war and depression, and stock market booms and crashes. He ends his book with a blueprint for future research by economists on narrative economics." -- Provided by publisher.
Showing 8 of 27 similar books
Adam Robinson is a distinguished author, financial advisor, and co-founder of the Princeton Review, which revolutionized the test preparation industry. He is renowned for his best-selling book "Cracking the SAT," which has guided countless students to achieve higher scores. Robinson's expertise extends beyond education into financial markets, where he is a respected global macro advisor. His contributions to literature and finance have earned him a reputation as a thought leader and innovator. Continually sought after for his insights, Robinson remains a pivotal figure in both the educational and financial sectors.
Jordan Hughes is a celebrated author known for their compelling narratives and richly developed characters. Their debut novel, "Echoes of Tomorrow," won the prestigious Man Booker Prize, marking a significant milestone in contemporary fiction. Hughes's work often explores themes of identity, resilience, and the human condition, earning them critical acclaim and a dedicated readership. In addition to their novels, Hughes has contributed thought-provoking essays to major literary journals, further solidifying their influence in the literary world. Their innovative storytelling continues to inspire and captivate audiences worldwide.
Brandon Stanton is an American photographer and author, best known for creating Humans of New York, a photography project that shares the personal stories of everyday people. Through his portraits and interviews, Stanton captures the diverse experiences of people in New York City and around the world, offering intimate insights into their lives. Humans of New York has become a global phenomenon, with millions of followers on social media and several best-selling books. Stanton’s work has expanded beyond photography to include fundraising campaigns that have raised millions of dollars for individuals and charitable causes. His ability to connect with people and share their stories has made him one of the most impactful storytellers of his generation.
Naval Ravikant is an entrepreneur, angel investor, and philosopher, best known as the co-founder of AngelList, a platform that connects startups with investors. Ravikant is a prolific thinker and writer on topics such as startups, investing, and personal well-being, sharing his wisdom through essays, podcasts, and social media. He has invested in over 100 companies, including Uber, Twitter, and Yammer, making him one of Silicon Valley’s most successful angel investors. Ravikant is also known for his philosophical musings on wealth, happiness, and the meaning of life, which have garnered him a large and dedicated following.
Alexis Ohanian is an American entrepreneur, investor, and co-founder of Reddit, one of the world’s most popular social news and discussion platforms. Ohanian is also a prominent advocate for open internet and net neutrality, and he has invested in numerous startups through his venture capital firm, Initialized Capital. In addition to his work in tech, Ohanian is involved in philanthropy, supporting causes related to women’s rights, education, and social justice. He is married to tennis star Serena Williams, and together they advocate for gender equality and inclusive leadership. Ohanian’s influence in the tech world and his commitment to social impact have made him a respected figure in both business and activism.
Andrew Lokenauth is a distinguished author and financial expert known for his insightful contributions to personal finance and investment literature. With a career spanning over a decade, he has written extensively on topics such as wealth management, financial planning, and market analysis. Lokenauth's works are celebrated for their clarity and practical advice, making complex financial concepts accessible to a broad audience. He has been featured in numerous financial publications and has established himself as a trusted voice in the industry. Beyond his writing, Lokenauth is also a sought-after speaker, sharing his expertise at various seminars and workshops.
Ben Shapiro is an American conservative political commentator, author, and lawyer, known for his sharp analytical skills and outspoken views. He graduated from UCLA at the age of 20 and Harvard Law School at 23, demonstrating his early intellectual prowess. Shapiro is the author of several best-selling books including "Bullies: How the Left's Culture of Fear and Intimidation Silences Americans" and "The Right Side of History: How Reason and Moral Purpose Made the West Great." He is the co-founder and editor emeritus of The Daily Wire, a popular conservative news and opinion website. Through his writing and media presence, Shapiro has significantly influenced contemporary political discourse in the United States.
Anu Hariharan is a distinguished partner at Y Combinator's Continuity Fund, where she has been instrumental in scaling numerous startups into successful enterprises. With a strong background in economics and technology, she has become a respected voice in the venture capital community. Hariharan has also made significant contributions through her writing on startup growth and investment strategies, offering insightful analyses and practical advice to entrepreneurs. Her work is frequently featured in leading business publications, showcasing her expertise in the tech industry. Beyond her professional accomplishments, Hariharan is committed to fostering diversity and inclusion within the startup ecosystem.
Showing 8 of 18 related collections
“Economic events are often driven more by narratives and beliefs than by objective data; understanding these stories is crucial for comprehending the markets.”
Narrative Economics
By Robert J. Shiller
Discover a world of knowledge through our extensive collection of book summaries.
Robert J. Shiller is a prominent American economist, best known for his analysis of financial markets and behavioral economics. He is a Sterling Professor of Economics at Yale University and a co-founder of the Case-Shiller index, which tracks U.S. home prices. Shiller gained international acclaim with his books, including 'Irrational Exuberance', which critiques the volatility of stock and real estate markets, and 'Animal Spirits', co-authored with George Akerlof, which explores the psychological factors affecting economic decision-making. His writing is characterized by its accessibility, blending rigorous economic theory with practical insights, engaging a broad audience and influencing both academic discourse and public policy.
Key information about the book.
Buy on Amazon
Buy via BookShopSupport local bookstores: BookShop gives a portion of each sale to independent bookshops!
In "The Priory of the Orange Tree," a richly woven tapestry of fantasy unfolds, where a matriarchal society faces an age-old threat from a dragon that once ravaged their lands. Amidst court intrigue and budding alliances, a fierce dragon rider and a reluctant noblewoman must confront their destinies while grappling with their emerging identities. As ancient magical forces stir, secrets long buried begin to surface, challenging their beliefs and allegiances. With a captivating blend of romance, adventure, and empowerment, this epic tale dares to reimagine classic tropes and ignite the flames of courage. Will they unite to save their world, or will the shadows of the past consume them all?
In "Misbehaving: The Making of Behavioral Economics," Nobel laureate Richard Thaler takes readers on a riveting journey through the evolution of behavioral economics, a field that challenges traditional economic theories. Thaler candidly shares his experiences and groundbreaking experiments that reveal how human behavior often defies rational expectations, leading to surprising choices in everyday life. With a blend of humor and keen insight, he highlights the quirks and biases that influence decision-making, reshaping our understanding of markets and policies. This enlightening narrative not only unveils the complexities of human behavior but also emphasizes the importance of incorporating psychology into economic thinking. Dive into a world where misbehavior leads to profound revelations about the way we live, work, and decide!
In "Nudge," behavioral economists Richard Thaler and Cass Sunstein unveil the subtle art of influencing choices and shaping outcomes without restricting freedom. They explore how small, seemingly insignificant changes in the way options are presented can lead to drastically improved decisions in health, finance, and overall happiness. With compelling real-world examples and engaging insights, the authors demonstrate how understanding human psychology can empower individuals and policymakers alike. Dive into a world where choice architecture transforms lives and reshapes society's approach to welfare. Discover the hidden nudges that could change everything about the way we choose!
In "The Greatness Guide," Robin Sharma unveils transformative strategies to unlock your true potential and elevate your life to unprecedented heights. With a blend of powerful insights and practical advice, he guides readers on a journey to cultivate mastery in their personal and professional endeavors. Each chapter brims with motivation, revealing the habits of extraordinary individuals who have achieved remarkable success. Discover the simple yet profound principles that can lead you to a life filled with purpose and fulfillment. Are you ready to embrace greatness and become the best version of yourself?
In "The Blessings of a B Minus," Erin Gruwell, a passionate educator, challenges the conventional notion of success through grades. Instead of perfection, she champions the value of resilience and learning from failures in the classroom and beyond. As her students navigate their tumultuous lives, they discover that imperfection can be a powerful teacher. Gruwell's authentic stories reveal how embracing vulnerability can lead to profound personal growth and deeper connections. This compelling exploration inspires readers to reconsider their own standards and find beauty in the journey rather than just the destination.
In 'Mastery', George Leonard unveils the secrets of achieving excellence through a lifelong commitment to personal development and the pursuit of mastery. With profound insights into the importance of practice and persistence, he encourages readers to embrace the journey rather than fixate solely on the end goal. Leonard draws on examples from various fields, illustrating how anyone can transform their passions into mastery with dedication and a growth mindset. This compelling read inspires self-reflection and challenges the reader to consider their own path to mastery. Are you ready to uncover the principles that can elevate your life to new heights?
In 'Nonviolent Communication,' Marshall B. Rosenberg unveils a transformative approach to communication that fosters empathy and connection. He illustrates how breaking down barriers in dialogue can lead to understanding and compassion, rather than conflict. This book guides readers to express their needs authentically and listen deeply to others, cultivating healthier relationships. With real-life examples and practical strategies, Rosenberg's teachings empower individuals to navigate challenging conversations with grace. Discover the power of words to heal and unite in this enlightening exploration of human connection.
In 'The Wealth of Nations', Adam Smith unveils the intricate dynamics of economics and its impact on society. He argues that free markets, driven by individual self-interest, can lead to unprecedented prosperity. Smith introduces the concept of the 'invisible hand,' suggesting that personal ambitions can benefit the collective good. This groundbreaking work lays the foundation for modern economics, challenging prevailing mercantilist ideas. Dive into Smith's insights to uncover how economic forces shape our world and influence our everyday lives.
Download our mobile app to enjoy your favorite books on the go. Get access to exclusive features, offline listening, and personalized recommendations.
