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 read this book.
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