From the Publisher
As Robert Shiller's new 2009 preface to his prescient classic on
behavioral economics and market volatility asserts, the irrational
exuberance of the stock and housing markets "has been ended by an
economic crisis of a magnitude not seen since the Great Depression
of the 1930s." As we all, ordinary Americans and professional
investors alike, crawl from the wreckage of our heedless bubble
economy, the shrewd insights and sober warnings, and hard facts
that Shiller marshals in this book are more invaluable than ever.
The original and bestselling 2000 edition of Irrational
Exuberance evoked Alan Greenspan's infamous 1996 use of that
phrase to explain the alternately soaring and declining stock
market. It predicted the collapse of the tech stock bubble through
an analysis of the structural, cultural, and psychological factors
behind levels of price growth not reflected in any other sector of
the economy. In the second edition (2005), Shiller folded real
estate into his analysis of market volatility, marshalling evidence
that housing prices were dangerously inflated as well, a bubble
that could soon burst, leading to a "string of bankruptcies" and a
"worldwide recession." That indeed came to pass, with consequences
that the 2009 preface to this edition deals with.
Irrational Exuberance is more than ever a cogent,
chilling, and astonishingly far-seeing analytical work that no one
with any money in any market anywhere can afford not to read-and
heed.
From the Jacket
"Robert Shiller has done more than any other economist of his
generation to document the less rational aspects of financial
markets." - Paul Krugman
"A modern classic of 'serious' economics that demands to be read,
and can be enjoyed, by the interested nonspecialist." -The
Economist
"A dose of realism that serious investors will ignore at their
peril." -The Wall Street Journal
"The point of Irrational Exuberance is not to help
investors dump their houses before the current exuberance fades. It
is to deepen our understanding of the events we are watching as one
bubble gives birth to another." -The International Herald
Tribune
"Irrational Exuberance [is] a dazzling, richly textured,
provocative book . . . offering a cogent statement of the bears'
view of events to come. Shiller is not merely a bear-he is a
grizzly." -BusinessWeek
About the Author
Robert J. Shiller is the Stanley B. Resor Professor of Economics at
Yale University. He is the recipient of the 2000 Commonfund Prize,
awarded for Best Contribution to Endowment Management Research, for
Irrational Exuberance. He is also the author of
Market Volatility and Macro
Markets, which won the 1996 Paul A. Samuelson Award.
Format: Trade Paperback
Published: May 9, 2006
Publisher: Crown Publishing Group
Language: English
The following ISBNs are associated with this title:
ISBN - 10: 0767923634
ISBN - 13: 9780767923637
