Narrative Economics: How Stories Go Viral and Drive Major Economic Events

Narrative Economics: How Stories Go Viral and Drive Major Economic Events

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Author: Shiller, Robert J.

Brand: Princeton University Press

Binding: Hardcover

Number Of Pages: 400

Publisher: Princeton University Press

Release Date: 01-10-2019

Details: Product Description From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events―and why financial panics can spread like epidemic viruses In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize–winning economist and New York Times bestselling author Robert Shiller offers a new way to think about the economy and economic change. Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior―what he calls "narrative economics"―has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events. Spread through the public in the form of popular stories, ideas can go viral and move markets―whether it's the belief that tech stocks can only go up, that housing prices never fall, or that some firms are too big to fail. Whether true or false, stories like these―transmitted by word of mouth, by the news media, and increasingly by social media―drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. But despite the obvious importance of such stories, most economists have paid little attention to them. Narrative Economics sets out to change that by laying the foundation for a way of understanding how stories help propel economic events that have had led to war, mass unemployment, and increased inequality. The stories people tell―about economic confidence or panic, housing booms, the American dream, or Bitcoin―affect economic outcomes. Narrative Economics explains how we can begin to take these stories seriously. It may be Robert Shiller's most important book to date. Review "Shiller is one of the world’s most original economists. . . . Stories allow human beings to make sense of an uncertain world. But they also drive economies into booms and busts. Armed with this understanding, we gain a far richer understanding of how economies behave." ---Martin Wolf, Financial Times " [A] highly readable introduction to narrative economics . . . . Readers can readily identify with the examplesgiven in this book and will gain a much better understanding of the role of stories, especially in view of the speed of modern contagions." ---David Lorimer, Paradigm Explorer "What’s surprising, perhaps, is that the gearheads in academic economics departments may finally be getting wind of all this. If they are, much of the credit must go to Robert J. Shiller, the Yale economist who won the Nobel Prize in his field in 2013. Shiller’s iconoclastic new book, Narrative Economics, ranges across disciplines to explore the role of narratives in explaining (as the subtitle has it) 'how stories go viral and drive major economic events'." ---Daniel Akst, Strategy+Business "Mind-opening Business Books of 2019" "The book is . . . good fun to read. It is full of amusing and apposite quotations, and interesting detail." ---Charles Goodhart, Central Banking Journal "Provocative . . . . Especially timely in the current social media-obsessed era, because narratives―both real and false―can spread globally with just a few swipes, affecting not just economic activity, but ultimately the balance of geopolitical power." ---Matt Schifrin, Forbes "A Project Syndicate Best Read in 2019" " Shiller has none of the salesman-like bluster of the stock pickers clamouring for attention on businessTV news . . . . As it is, he has only 40-odd years of being freakishly right about things. It will have to do." ---David Morris, Financial News "Excellent." ---Gillian Tett, Financial Times "This book alone should be enough to convince readers that assumptions about “given” preferences and “rational” utility-maximizing actor

Package Dimensions: 9.2 x 6.1 x 1.3 inches

Languages: English