Synopsis
In his best-selling Irrational Exuberance, Robert Shiller cautioned that society`s obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ordinary riches, so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. About The Author: Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. He is author of The Financial Order: Risk in the 21st Century (Princeton) and Market Volatility and Macro Markets, which won the 1996 Paul A. Samuelson Award. Table of Contents PART I: ECONOMIC RISKS IN AN ADVANCING WORLD What the World Might Have Looked Like since 1950 The Hidden Problem of Economic Risk Why New Technology Creates Risks Forty Thieves: The Many Kinds of Economic Risks PART II: HOW SCIENCE AND TECHNOLOGY CREATE NEW OPPORTUNITIES IN FINANCE New Information Technology: Applied to Risk Management The Science of Psychology: Applied to Risk Management The Nature of Invention in Finance PART III:SIX IDEAS FOR A NEW FINANCIAL ORDER Insurance for Livelihoods and Home values Macro Markets: Trading the Biggest Risks Income-Linked Loans: Reducing the Risks of Hardship and Bankruptcy Inequality Insurance: Protec
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