Irrational Exuberance: Revised and Expanded Third Edition

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Description

In this revised, up to date, 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 develop into 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, in order that the book now addresses the entire major investment markets. It is also up to date data all through, in addition to Shiller’s 2013 Nobel Prize lecture, which places the book in broader context. Along with 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. Nobody whose future depends on a retirement account, a house, or other investments can manage to pay for not to read this book.

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