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Title: The New Financial Order: Risk in the 21st Century by Robert J. Shiller ISBN: 0691091722 Publisher: Princeton Univ Pr Pub. Date: 02 April, 2003 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 3.22
Rating: 1
Summary: The New Financial Order
Comment: Dr. Shiller proved that the word "Irrational" should appear in the title of all of his books. He said in the introduction that the book was neither political or utopian, but it was both.
To think that one can "insure" (really tax) everyone into mediocrity and at the same time have them permit government intrusion to a greater extent than ever seen outside of a dictatorship in order to get a lower rate is right out of Orwell.
I was incredibly disappointed having had my expectations raised by his last book, "Irrational Exuberance."
Rating: 5
Summary: Thinking Outside the Box
Comment: Robert Shiller has the remarkable ability to think independently and the courage to propose ideas that to middlebrow thinkers may sound speculative.
Think of what your reaction would have been had someone discussed risk sharing (insurance) before it became popular. A lunacy people would have thought. Most risk management is like that: we think backwards with the benefit of past history and find these ideas obvious. They were not at the time.
Throughout his career Shiller stood for unpopular ideas and was proven right (his 1981 paper on volatility, his 2000 discussion of the bubble). I would read and re-read this book.
Rating: 1
Summary: Overall not very convincing
Comment: Whether it is home value insurance or other improvements that Shiller offers to fix the market, the one question that Shiller never deals with is why those policies don't already exist. He simply assumes that he is smarter than the market and that others have made mistakes in not offering these options. Might there be moral hazard problems in home value insurance? No discussion is offered. This approach of simply asserting an "optimal" arrangement without really asking why it doesn't exist if it is so "optimal" is something that infects a lot of economics, but you would think that if a service is so valuable the first question would be "why doesn't the market already provide this?" Instead Shiller's presumption that he is so smart.
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Title: Irrational Exuberance by Robert J. Shiller ISBN: 0767907183 Publisher: Broadway Books Pub. Date: 10 April, 2001 List Price(USD): $15.95 |
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Title: Tomorrow's Gold: Asia's Age of Discovery by Marc Faber ISBN: 9628606727 Publisher: CLSA Pub. Date: 12 November, 2002 List Price(USD): $35.95 |
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Title: Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life by Nassim Nicholas Taleb ISBN: 1587990717 Publisher: Texere Pub. Date: October, 2001 List Price(USD): $27.95 |
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Title: A Mathematician Plays the Stock Market by John Allen Paulos ISBN: 0465054803 Publisher: Basic Books Pub. Date: 13 May, 2003 List Price(USD): $25.00 |
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Title: Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity by Raghuram G. Rajan, Luigi Zingales ISBN: 0609610708 Publisher: Crown Publishing Group Pub. Date: 18 February, 2003 List Price(USD): $29.95 |
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