Nobel award recognizes efficiency and effervescence
- 11 years ago
There were lots of congratulations, and a little market scare, when the Nobel Prize for economics was awarded Monday.
Recipient Yale Professor Robert Shiller, speaking about the looming debt default:
SOUNDBITE: 2013 NOBEL ECONOMIC PRIZE WINNER ROBERT SHILLER (ENGLISH) SAYING:
"I'm thinking that this crisis will likely be resolved. We won't see a default. Even if we do it will be for one day, or something like that and even if it's longer I think it's not- it's not the end of the world and the markets might drop 7% on some day and then come back up. I should add, however, I do not know the future and I could be wrong."
He added that the Fed's economic stimulus and growing market speculation were creating a bubbly property boom- in markets around the world.
Shiller is well known for his high profile calls- the stock market crash of 2000 and the most recent housing market bubble.
As is typical among economists- his views are in stark contrast to his fe
Recipient Yale Professor Robert Shiller, speaking about the looming debt default:
SOUNDBITE: 2013 NOBEL ECONOMIC PRIZE WINNER ROBERT SHILLER (ENGLISH) SAYING:
"I'm thinking that this crisis will likely be resolved. We won't see a default. Even if we do it will be for one day, or something like that and even if it's longer I think it's not- it's not the end of the world and the markets might drop 7% on some day and then come back up. I should add, however, I do not know the future and I could be wrong."
He added that the Fed's economic stimulus and growing market speculation were creating a bubbly property boom- in markets around the world.
Shiller is well known for his high profile calls- the stock market crash of 2000 and the most recent housing market bubble.
As is typical among economists- his views are in stark contrast to his fe