Top 15 Robert J. Shiller Quotes (2024 Update)

Robert J. Shiller Quote: “The ability to focus attention on important things is a defining characteristic of intelligence.”

1. “The ability to focus attention on important things is a defining characteristic of intelligence.”

— Robert J. Shiller

Robert J. Shiller Quote: “It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.”

2. “It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.”

— Robert J. Shiller

Robert J. Shiller Quote: “Money management has been a profession involving a lot of fakery – people saying they can beat the market, and they really can’t.”

3. “Money management has been a profession involving a lot of fakery – people saying they can beat the market, and they really can’t.”

— Robert J. Shiller

Robert J. Shiller Quote: “Some of the best theorizing comes after collecting data because then you become aware of another reality.”

4. “Some of the best theorizing comes after collecting data because then you become aware of another reality.”

— Robert J. Shiller

Robert J. Shiller Quote: “Somehow, talking to young students brings you back to reality – it should, anyway.”

5. “Somehow, talking to young students brings you back to reality – it should, anyway.”

— Robert J. Shiller

Robert J. Shiller Quote: “Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”

6. “Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”

— Robert J. Shiller

Robert J. Shiller Quote: “The word bubble creates a mental picture of an expanding soap bubble, which is destined to pop suddenly and irrevocably. But speculative bubbles are not so easily ended; indeed, they may deflate somewhat, as the story changes, and then reflate.”

7. “The word bubble creates a mental picture of an expanding soap bubble, which is destined to pop suddenly and irrevocably. But speculative bubbles are not so easily ended; indeed, they may deflate somewhat, as the story changes, and then reflate.”

— Robert J. Shiller

Robert J. Shiller Quote: “How errors of human judgment can infect even the smartest people, thanks to overconfidence, lack of attention to details, and excessive trust in the judgments of others, stemming from a failure to understand that others are not making independent judgments but are themselves following still others – the blind leading the blind.”

8. “How errors of human judgment can infect even the smartest people, thanks to overconfidence, lack of attention to details, and excessive trust in the judgments of others, stemming from a failure to understand that others are not making independent judgments but are themselves following still others – the blind leading the blind.”

— Robert J. Shiller

Robert J. Shiller Quote: “In the end, for all of us who strive to achieve, whether in business or in other walks of life, the end of life is a disappointment. The personal pleasure over a lifetime was mostly in the striving and in one’s friendships and interactions. The pinnacle of achievement does not bring happiness, but at best the reflection that the striving achieved some benefit for others, unappreciative and unrelated though those others may.”

9. “In the end, for all of us who strive to achieve, whether in business or in other walks of life, the end of life is a disappointment. The personal pleasure over a lifetime was mostly in the striving and in one’s friendships and interactions. The pinnacle of achievement does not bring happiness, but at best the reflection that the striving achieved some benefit for others, unappreciative and unrelated though those others may.”

— Robert J. Shiller

Robert J. Shiller Quote: “If we exaggerate the present and future value of the stock market, then as a society we may invest too much in business start-ups and expansions, and too little in infrastructure, education, and other forms of human capital.”

10. “If we exaggerate the present and future value of the stock market, then as a society we may invest too much in business start-ups and expansions, and too little in infrastructure, education, and other forms of human capital.”

— Robert J. Shiller

Robert J. Shiller Quote: “We need to incorporate the contagion of narratives into economic theory. Otherwise, we remain blind to a very real, very palpable, very important mechanism for economic change, as well as a crucial element for economic forecasting. If we do not understand the epidemics of popular narratives, we do not fully understand changes in the economy and in economic behavior.”

11. “We need to incorporate the contagion of narratives into economic theory. Otherwise, we remain blind to a very real, very palpable, very important mechanism for economic change, as well as a crucial element for economic forecasting. If we do not understand the epidemics of popular narratives, we do not fully understand changes in the economy and in economic behavior.”

— Robert J. Shiller

Robert J. Shiller Quote: “In the future, we will surely have even bigger such bubbles, each built up around its new and different new era story, and we will have to invent new names for them.”

12. “In the future, we will surely have even bigger such bubbles, each built up around its new and different new era story, and we will have to invent new names for them.”

— Robert J. Shiller

Robert J. Shiller Quote: “I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.”

13. “I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.”

— Robert J. Shiller

Robert J. Shiller Quote: “Just what is a speculative bubble? The Oxford English Dictionary defines a bubble as “anything fragile, unsubstantial, empty, or worthless; a deceptive show. From 17th c. onwards often applied to delusive commercial or financial schemes.” The problem is that words like show and scheme suggest a deliberate creation, rather than a widespread social phenomenon that is not directed by any central impresario.”

14. “Just what is a speculative bubble? The Oxford English Dictionary defines a bubble as “anything fragile, unsubstantial, empty, or worthless; a deceptive show. From 17th c. onwards often applied to delusive commercial or financial schemes.” The problem is that words like show and scheme suggest a deliberate creation, rather than a widespread social phenomenon that is not directed by any central impresario.”

— Robert J. Shiller

Robert J. Shiller Quote: “Trying to understand major economic events by looking only at data on changes in economic aggregates, such as gross domestic product, wage rates, interest rates, and tax rates, runs the risk of missing the underlying motivations for change. Doing so is like trying to understand a religious awakening by looking at the cost of printing religious tracts.”

15. “Trying to understand major economic events by looking only at data on changes in economic aggregates, such as gross domestic product, wage rates, interest rates, and tax rates, runs the risk of missing the underlying motivations for change. Doing so is like trying to understand a religious awakening by looking at the cost of printing religious tracts.”

— Robert J. Shiller

Robert J. Shiller Quote: “I also hope to challenge financial thinkers to improve their theories by testing them against the impressive evidence that suggests that the price level is more than merely the sum of the available economic information, as is now generally thought to be the case.”

16. “I also hope to challenge financial thinkers to improve their theories by testing them against the impressive evidence that suggests that the price level is more than merely the sum of the available economic information, as is now generally thought to be the case.”

— Robert J. Shiller

Robert J. Shiller Quote: “People who thought there was a bubble, and that prices were too high, find themselves questioning their own earlier judgments, and start to wonder whether fundamentals are indeed driving the price increase.”

17. “People who thought there was a bubble, and that prices were too high, find themselves questioning their own earlier judgments, and start to wonder whether fundamentals are indeed driving the price increase.”

— Robert J. Shiller

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