Description
Nobel Prize–winning economist Robert J. Shiller examines the psychological forces behind asset-price bubbles.
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.
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 read this book.
Why the irrational exuberance of investors hasn't disappeared since the financial crisis