Robert Shiller on financial innovation
Yale University economist Robert Shiller defends the social value of financial innovation, in a Vox Talks interview recorded in May 2012. He surprised me with a Panglossian response to the following...
View ArticleShiller on speculative bubbles
Yale economist Robert Shiller writes that bubbles are difficult to define, and even more difficult to recognize. The Oxford English Dictionary defines a bubble as “anything fragile, unsubstantial,...
View ArticleNobel Memorial Prize in Economics – 2013
The Royal Swedish Academy of Sciences awarded this year’s “Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel” jointly to three economists: Eugene Fama, Lars Peter Hansen and Robert...
View Articlethe “efficient market hypothesis” vs the “cost matters hypothesis”
David Henderson’s “A Nobel for the Random Walk of Stock Prices” (op-ed, Oct. 15) describes me as “one high-profile beneficiary of Mr. Fama’s insight,” allegedly inspiring my founding of the Vanguard...
View ArticleRichard Thaler on the EMH and Trust
This is a wide-ranging interview. I focus on just two of the topics covered: the Efficient Market Hypothesis (EMH) and the role of trust in a market economy. The office of behavioural economist Richard...
View ArticleRobert Shiller on Eugene Fama
Professor [Eugene] Fama is the father of the modern efficient-markets theory, which says financial prices efficiently incorporate all available information and are in that sense perfect. In contrast, I...
View Articleeconomics as science
Physics, everyone agrees, is a science. Is economics also a science? Not everyone thinks so. Indeed, some see the label ‘economic sciences’ as evidence of ‘p-envy’. (The ‘p’ stands for physics!) Adam...
View ArticleThomas Piketty on rising inequality
The publication in English of French economist Thomas Piketty’s “Capital in the Twenty-First Century” has sparked widespread debate among economists (and others) over the causes and policy implications...
View ArticleRobert Shiller on government bonds
Yale University economist Robert J. Shiller asks whether the low yields (high prices) of long-term government bonds should worry investors. His answer? No, because bond-market crashes in the past have...
View Articleefficient financial markets?
Economists cannot agree on whether asset markets are efficient or not. This has very important policy implications. Freelance writer Anna Louie Sussman interviews New York University economist Paul...
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