How Human Psychology Drives the Economy by Robert J. Shiller on Free Online Video

In this conversation with Robert J. Shiller, the noted economist discusses his personal theories about what underlies the 2008 subprime mortgage crisis, and why human psychology might be the prime motivator of economic activity. Going against the common wisdom that there are larger economic forces that are barely controllable, Shiller has devoted much of his work to a study called вЂњbehavioral economicsвЂќ. In his view, our confidence in the market (or lack thereof) can often become a self-fulfilling prophecy; in other words, if we all believe in one mass that the stock-market is going to crash, it will probably crash in reality. This вЂњherd-mentalityвЂќ model provides useful insight into what really may be driving the market up or down at any given time.

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