“Physicists have a bias to aspire to be "seers" like Einstein rather than "craftspeople" who do simple and practical research. I have seen that in economics departments. The same must be true to some extent in other departments.” SimpleResearchEconomicsPracticalsBeing TrueDepartmentBiasAspirePhysicistSeers Author:Robert J. Shiller
“The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology.” PsychologyMovementBehaviorApproachNewsModelsResearchEconomicsInsightRationalMathematicalGood NewsRespectfulEclecticMathematical Models Author:Robert J. Shiller
“My clinical psychologist wife of 40 years has always had a close intellectual influence on me. When I was beginning to talk openly in the economics profession about irrationality in decision-making, I received a lot of criticism. Ginny would support my views and remind me that a whole other profession - psychology - studies people's irrational sides.” PeopleYearsWholeSidesDecisionViewsSupportStudyPsychologyWifeInfluenceIntellectualEconomicsCriticismProfessionDecision MakingIrrationalPsychologistIrrationalityClinicalsClinical Psychologists Author:Robert J. Shiller
“Economics is (now) about emotion and psychology.” ChallengesEmotionPsychologyInspireEconomicsProvoking Author:Robert J. Shiller
“Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.” WorldStoriesHappensFocusPureModelsExpectationsEconomicsFundamentalsStupidityDrivenRationalFinanceConspiracyEconomistExaggeratedAdmittingMisinformationInattention Author:Robert J. Shiller
