“A major boom in real stock prices in the US after Black Tuesday brought them halfway back to 1929 levels by 1930. This was followed by a second crash, another boom from 1932 to 1937, and a third crash. Speculative bubbles do not end like a short story, novel, or play. There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.” KnowsWorldRealEndsPlayStoriesBlackLevelsNovelMajorsThirdsFinalsConclusionNarrativeReal WorldShort StoryBubblesCrashImpressiveHalfway1930sTuesdayStrandsStock PriceDenouement Author:Robert J. Shiller
“News media stimulate bubbles, since stories about them boost their audience.” StoriesAudienceMediaNewsBubblesBoostNews Media 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
