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Irrational Exuberance: Revised and Expanded Third Edition

Irrational Exuberance: Revised and Expanded Third Edition

Written by Robert J. Shiller

Narrated by Mike Chamberlain


Irrational Exuberance: Revised and Expanded Third Edition

Written by Robert J. Shiller

Narrated by Mike Chamberlain

ratings:
3/5 (121 ratings)
Length:
13 hours
Publisher:
Released:
Nov 24, 2020
ISBN:
9781663710222
Format:
Audiobook

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Description

In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to listen to this book.
Publisher:
Released:
Nov 24, 2020
ISBN:
9781663710222
Format:
Audiobook

Also available as...

Also available as ebookEbook

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Reviews

What people think about Irrational Exuberance

3.2
121 ratings / 6 Reviews
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Reader reviews

  • (5/5)
    Prior to reading this book, I have listened to various lectures and speeches by Professor Shiller that I have found on Youtube and online. What I appreciate is that I can follow and largely understand his explanations and analysis (for the most part) as someone who did not do well with my economic courses in college. Fortunately this book was also user-friendly. It’s not written exclusively for other economists and academics.

    I am trying to gain a better understanding of economics in general but also trying to understand investing and what factors affect the stock market, housing market and finance. Shiller provides an excellent overview of the American economy and history including the 1929 Stock Market crash and the 2007-2008 downturn (I read the third edition of this book that included the 2007-2008 downturn.)

    There are lots of chart, data and information throughout the book. Shiller also has an informative section of how the press and media affect the Stock Market and economy. This is not an easy read but the effort was worthwhile, at least for this reader.
  • (4/5)
    The book was well written and straightforward in its presentation and premises. Although one can't help but agree with the author's conclusion of a stock market bubble and its long-term impact, the author presents his psychological/sociological interpretation without basis far too often. I would have liked to see more substantiation of investor behavior and their motives; too often the author made assumptions about investor motivation.
  • (4/5)
    Great book. Explains the mentality and economic principles behind bubbles, especially the recent tech and housing bubbles.
  • (4/5)
    I couldn't resist a book with a chapter called, 'Naturally Occurring Ponzi Processes'. That has to be my favourite title for anything in the last 10 years. Talk about the what that explains everything. "Donna, what happened to you? Are you just another fuck-up? Is that it? What happened to you?" "No. No! It's those naturally occurring ponzi processes. They get me every time. And now...(exhale)...they got me that one time too many." This book has a lot of information you don't know you need to know, explained clearly. Even if you have no money, and the taxman doesn't talk to you about poetry, it's good to be mindful of the steps in a random walk.
  • (5/5)
    The rarest of beasts: a book by an academic economist that's approachable, clear and polymathic. Shiller weaves a narrative that includes social trends, psychology, history, behaviour theory, business fundamentals and government policy. Peppered with terrific insights and anecdotes, he makes a clear case for why 'efficient market theory' in investment is just plain wrong. A genuinely illuminating and entertaining read.
  • (4/5)
    It is good to be right. An exceptional book that provided me with a different mathematical model with which to look at the stock market. The author successfully integrates arguments from history, psychology, and economics to demonstrate how the "New Economy" was neither new nor economically viable. An excellent example of an academic creating an accessible book that becomes a best seller without resorting to excessive journalistic tendancies.