Audiobooks by Robert J. Shiller

Irrational Exuberance: Revised and Expanded Third Edition

"In this revised, updated, 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 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. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. 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 listen to this book."

Robert J. Shiller (Author), Mike Chamberlain (Narrator)

Audiobook

Too Big to Save? How to Fix the U.S. Financial System

"Many people have suffered from the current financial crisis losing homes and jobs, while seeing their retirement accounts drop steeply. They are asking four main questions: U.S. mortgage problems turn into a global financial crisis and can we fix these mortgage problems? Have we found effective ways to limit the adverse impact of the financial crisis on the stock and bond markets? How has the Bailout Act worked so far and what more needs to be done to resolve the current financial crisis? What steps should we take, in the U.S. and abroad, to prevent another financial crisis in the future? This book answers these questions, providing readers a decisive look into the future. Part I explains how the U.S. housing market became globalized through the securitization of mortgages, where the public and private players in the securitization process went wrong, and what needs to be done to fix the securitization process. Part II explains how the deleveraging of financial institutions led to sharp price declines in the securities markets, the success of some measures to unfreeze the bond markets, and the perverse effects of other measures intended to calm investors. Part III reflects on the three main strategies contained in the Bailout Act buying troubled assets, recapitalizing banks and limiting executive compensation. Part IV discusses the implications of the financial crisis for the future structure of regulation and accounting in the U.S. and internationally. "

Robert J. Shiller, Robert Pozen (Author), Richard M. Davidson (Narrator)

Audiobook

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

"An audiobook narrated by esteemed BBC television journalist and anchor Susan Orman, with an introduction read by the author himself—Nobel Prize-winning economist and bestselling writer Robert Shiller In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize–winning economist and New York Times bestselling author Robert Shiller offers a new way to think about the economy and economic change. Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior—what he calls 'narrative economics'—has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events. Spread through the public in the form of popular stories, ideas can go viral and move markets—whether it's the belief that tech stocks can only go up, that housing prices never fall, or that some firms are too big to fail. Whether true or false, stories like these—transmitted by word of mouth, by the news media, and increasingly by social media—drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. But despite the obvious importance of such stories, most economists have paid little attention to them. Narrative Economics sets out to change that by laying the foundation for a way of understanding how stories help propel economic events that have had led to war, mass unemployment, and increased inequality. The stories people tell—about economic confidence or panic, housing booms, the American dream, or Bitcoin—affect economic outcomes. Narrative Economics explains how we can begin to take these stories seriously. It may be Robert Shiller's most important book to date."

Robert J. Shiller (Author), Susan Osman (Narrator)

Audiobook

Finance and the Good Society

"The reputation of the financial industry could hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance--he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals. Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers--from CEO, investment manager, and banker to insurer, lawyer, and regulator--can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole. Ultimately, Shiller shows how society can once again harness the power of finance for the greater good."

Robert J. Shiller (Author), Walter Dixon (Narrator)

Audiobook

Irrational Exuberance

"With a new Afterword on the current state of the stock market, the ongoing debate over the “new economy,” and the larger implications of “irrational exuberance.” In this controversial, hard-hitting account of today’s explosive market, Robert J. Shiller, a leading expert on market volatility, evokes Alan Greenspan’s infamous 1996 reference, “irrational exuberance,” to explain the alternately soaring and declining stock market. Shiller’s unconventional yet persuasive argument credits an unprecedented confluence of events with driving stocks to uncharted heights, and he analyzes the structural, cultural, and psychological factors behind these levels of growth not reflected in any other sector of the economy. Now more relevant than ever, this analysis is both chilling and convincing—a must-read for the individual investor, the policy maker, and the investment professional."

Robert J. Shiller (Author), Robert J. Shiller (Narrator)

Audiobook