Narrative economics : how stories go viral & drive major economic events / Robert J. Shiller.
Shiller, Robert J., author.
2019
HB74.P8 S47 2019eb
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Title Narrative economics : how stories go viral & drive major economic events / Robert J. Shiller.
Author Shiller, Robert J., author.
ISBN 9780691189970 (electronic book)
0691189978 (electronic book)
9780691182292
Published Princeton, New Jersey : Princeton University Press, [2019]
Language English
Description 1 online resource (xxii, 377 pages) : illustrations.
Call Number HB74.P8 S47 2019eb
Dewey Decimal Classification 330
Summary "Economists have long based their forecasts on financial aggregates such as price-earnings ratios, asset prices, and exchange rate fluctuations, and used them to produce statistically informed speculations about the future--with limited success. Robert Shiller employs such aggregates in his own forecasts, but has famously complemented them with observations about the influence of mass psychology on certain events. This approach has come to be known as behavioral economics. How can economists effectively capture the effects of psychology and its influence on economic events and change? Shiller attempts to help us better understand how psychology affects events by explaining how popular economic stories arise, how they grow viral, and ultimately how they drive economic developments. After defining narrative economics in the book's preface with allusions to the advent of both the Great Depression and to World War II, Shiller presents an example of a recent economic narrative gone viral in the story of Bitcoin. Next, he explains how narrative economics works with reference to how other disciplines incorporate narrative into their analyses and also to how epidemiology explains how disease goes viral. He then presents accounts of recurring economic narratives, including the gold standard, real estate booms, war and depression, and stock market booms and crashes. He ends his book with a blueprint for future research by economists on narrative economics"-- Provided by publisher.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Description based on print version record.
Available in Other Form Narrative economics.
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Preface: what is narrative economics?
Part I: The beginnings of narrative economics
The bitcoin narratives
An adventure in consilience
Contagion, constellations, and confluence
Why do some narratives go viral?
The Laffer curve and Rubik's Cube go viral
Diverse evidence on the virality of economic narratives
Part II: The foundations of narrative economics
Causality and constellations
Seven propositions of narrative economics
Part III: Perennial economic narratives
Recurrence and mutation
Panic versus confidence
Frugality versus conspicuous consumption
The gold standard versus bimetallism
Labor-saving machines replace many jobs
Automation and artificial intelligence replace almost all jobs
Real estate booms and busts
Stock market bubbles
Boycotts, profiteers, and evil business
The wage-price spiral and evil labor unions
Part IV: Advancing narrative economics
Future narratives, future research
Appendix: Applying epidemic models to economic narratives.

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