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

Robert J. Shiller

$54.99

Hardback

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Princeton University Press
01 October 2019
Social, group or collective psychology; Business & Economics; Economics; Behavioural economics; Finance
From Nobel Prize-winning economist and New York Times bestselling author Robert Shiller, a new way to think about how popular stories help drive economic events 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.
By:   Robert J. Shiller
Imprint:   Princeton University Press
Country of Publication:   United States
Dimensions:   Height: 235mm,  Width: 155mm, 
ISBN:   9780691182292
ISBN 10:   0691182299
Pages:   384
Publication Date:   01 October 2019
Audience:   General/trade ,  ELT Advanced
Format:   Hardback
Publisher's Status:   Active

Robert J. Shiller is a Nobel Prize-winning economist, the author of the New York Times bestseller Irrational Exuberance, and the coauthor, with George A. Akerlof, of Phishing for Phools and Animal Spirits, among other books (all Princeton). He is Sterling Professor of Economics at Yale University and a regular contributor to the New York Times. He lives in New Haven, Connecticut. Twitter @RobertJShiller

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

Ambitious and absorbing, Narrative Economics takes seriously the possibility that stories may have an economic life of their own, spreading through communities like epidemics, and it makes an extremely compelling case that studying such stories is important. The book is also a joy to read-lively, engaging, and accessible. -Rajiv Sethi, Barnard College, Columbia University This is a fascinating and important book, written in an engaging style and packed with intriguing examples. -Diane Coyle, University of Cambridge


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