The reputation of the financial industry could hardly be worse than it is today
in the painful aftermath of the 2008 financial crisis.New York Times best-sellin
g economist Robert Shiller is no apologist for the sins of finance--he is probab
ly the only person to have predicted both the stock market bubble of 2000 and th
e real estate bubble that led up to the subprime mortgage meltdown. But in this
important and timely book, Shiller argues that, rather than condemning finance,
we need to reclaim it for the common good. He makes a powerful case for recogniz
ing that finance, far from being a parasite on society, is one of the most power
ful tools we have for solving our common problems and increasing the general wel
l-being. We need more financial innovation--not less--and finance should play a
larger role in helping society achieve its goals.
