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Robert J. Shiller Quotes
Robert J. Shiller Quotes
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
Manufacturers of food try to get the optimal ratio to tap into your impulsivity. They don't care about your health.
Robert J. Shiller
Health
Food
Try
Care
About
Ratio
Tap
Optimal
dont Care
Get
Your
Manufacturers
In my first few years of elementary school at the Edison School in Detroit, I did poorly. I remember worrying that I might fail the second grade and be held back.
Robert J. Shiller
Remember
School
First
Few
Back
Worrying
Detroit
Fail
Edison
Years
Did
Grade
Might
Held
Poorly
Elementary
Elementary School
Second
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
Saying
People
Wait
Thinking
Too
Way
Correction
High
Possibly
Minute
Could
Prices
Bubble
Anymore
Anyone
Bursting
Then
Eventually
Start
Buying
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
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
Future
Best
Yourself
Way
Best Way
Diversify
Always
Coming
Surprises
Up
Us
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
Wisdom
People
Try
Inflation
Think
Adjust
Rates
Risk
Rely
Allow
Bank
Just
Being
Central
Interest
Central Bank
Interest Rates
Avoid
Exposed
Need
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
Fear
Result
Circle
Despair
Spending
Further
Weakens
Restrain
Investments
Takes
Individuals
Leading
Economy
Withhold
Causes
Hold
Confirming
Vicious
Them
Downturn
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
Trump does magic. Maybe it will be black magic sometime, but he's an amazing phenomenon.
Robert J. Shiller
Amazing
Will
Black
Black Magic
Magic
Sometime
He
Does
Trump
Maybe
Phenomenon
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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