25 Robert J. Shiller Quotes for You to Enjoy

Robert J. Shiller

American Economist

Born: Mar 29, 1946

Because People Time Will World You

Related authors: Alan Greenspan Herbert A. Simon John Kenneth Galbraith Milton Friedman Paul A. Volcker Richard Thaler Robert Reich Thomas Sowell

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

Finance Good Money Goals Society Our About Merely Protecting Stewardship Making Making Money Labor Achieving Fruits Deep Therefore

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

You People Procrastination Decision Thought Other Hesitation Crisp Intrude Taken Feel Over Like Answer Issues Get May Often Procrastinate Ask Doubts Meanwhile Why Things Need Vague

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

Great Progress Better Problems Style Considered Those Out Fad Investment Takes Maintenance New Housing New Ones Goes Viewed Technical Why

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. Robert J. Shiller

Class Wealth Wait Will Entitled Become Gone Enough Extreme Severe More Feel New Until Inequality Interest Far Much Means Who Whole Income Income Inequality Defend

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

Politics Science Problem Political Focus Once Economic Economic Policy Attention Involved Policy Becomes Rewarded Public Much Play

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

Entertainment Fate Lost Stars Our Determine Only Idea Still Scientifically Intellectual Yes Persist Currency Newspapers Popular Challenged

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

People Burden Lose Other Jobs Paradox Rises Thrift Rather Because Causes Falls Debt Than Produce Buying

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 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

Time Good Learning People Long Long Time Stay Goods Like Look Most Also Unemployed Offers Get Anything Who Start Damaged

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

Sometimes Own Significance Insect Details About Diverse Facts Catch Know Look House Proteins Microscope Impulse Want Which Little Galaxies Molecules Such Things Species Things

Fifty years ago or a hundred years ago, generally, most people would buy a house the way you buy a car. When you buy a car, do you think, 'I better buy this year rather than next year because car prices might go up?' Robert J. Shiller

Buy You People Better Car Year Think Hundred Hundred Years Way Would Rather Prices Generally Most House Because Go Years Years Ago Up Than Might Fifty Next Next Year

Somehow, talking to young students brings you back to reality - it should, anyway. Robert J. Shiller

You Reality Young Back Somehow Students Talking Anyway Should Brings

I think we do need to try to not just rely on the central bank to, in its wisdom, adjust interest rates, but allow for people to avoid being exposed to inflation risk. Robert J. Shiller

Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure. Robert J. Shiller

Government Failure Money Rich Progressive Those Punishing System Give Rising More Economic Generally Feels Demeaning Like Look Make Policies Redistribution Inequality Impose Government Policies Labeled Being Tax Order Want Tax System Them Taxes Downside

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

Thrive Important Way Variety Economy Particularly Because Oil Should Asset Assets Portfolio Wide Wide Variety Need

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

My very first publication was an estimator - this was a statistical procedure - a kind of invention. My father got a patent and started a business; it wasn't successful, but maybe I have some of him in me. Robert J. Shiller

Me Business Father Invention First Statistical Kind Some Him Got Very Patent Maybe Procedure Successful Publication Started

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

Health You People Care Living Enough Saving Retired Longer Health Care Years Lot End Up Improving Might Really Preparing Now

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

You Mistake People Some People Think States Would Some Risk Diversify Invest Outside Never Because Reduce Europe Helps United United States

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. Robert J. Shiller

Class Power Desperately Consider Back Those Smack Economic Economic Power Instead Feel Accept Because Least However Handout May Middle Want Middle Class Anything Poor Themselves Who Desired

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

Government Fall Pay Everyone Those Unable Introduce Would Except Economy Because Impose Same Expenditures Heaviest Tax Regardless Grind Poor Might Taxes Less Who Income Amount

I often tend to think that things are not what they seem. Robert J. Shiller

Think Seem Tend Often Things

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