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Title: The Report of the Twentieth Century Fund Task Force on Market Speculation and Corporate Governance: Who's Minding the Store by Robert J. Shiller, Century Fund, Tas Twentieth ISBN: 0-87078-330-0 Publisher: Twentieth Century Fund Pub. Date: November, 1992 Format: Paperback Volumes: 1 List Price(USD): $9.95

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Average Customer Rating: 5 (1 review)

Rating: 5
Summary: Essential criticism.
Comment: This small book is a plea for a long term corporate strategy against the actual short term vision of the business officers, who are hounded by financial analysts only interested by short-term capital gains.
The task force gives some excellent recommendations, although it admits that it will be difficult to change the actual mentality.

The report also contains a very good analysis of the state of the US economy and of the real challenges: sluggish productivity, decline in real wages for four-fifths of American workers, poverty, unequal income distribution, deteriorating savings, poor education.

It reminds us of Pigou's fundamental analysis of the irrationality of the human behavior: 'human society tends to place too high a discount rate on everything, due to an irrational impatience, a foolish desire for pleasure now relative to the future.' (p. 97)

A small but important book and a must read for every economist.