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

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From Nobel Prize–successful economist and New York Times bestselling writer Robert Shiller, a groundbreaking account of how tales assist drive financial occasions―and why monetary panics can unfold like epidemic viruses

Stories individuals inform―about monetary confidence or panic, housing booms, or Bitcoin―can go viral and powerfully have an effect on economies, however such narratives have historically been ignored in economics and finance as a result of they appear anecdotal and unscientific. In this groundbreaking ebook, Robert Shiller explains why we ignore these tales at our peril―and how we are able to start to take them severely. Using a wealthy array of examples and knowledge, Shiller argues that learning in style tales that affect particular person and collective financial habits―what he calls “narrative economics”―could vastly enhance our potential to foretell, put together for, and reduce the injury of monetary crises and different main financial occasions. The result’s nothing lower than a brand new manner to consider the economic system, financial change, and economics. In a brand new preface, Shiller displays on a number of the challenges going through narrative economics, discusses the connection between illness epidemics and financial epidemics, and suggests why epidemiology could maintain classes for preventing financial contagions.

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