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The New Financial Order
384 pages, 2003
In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system.
Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes.
But these ordinary riches, so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions.
In The New Financial Order, Robert J. Shiller emphasizes the importance of risk management in our lives. He suggests that we should not only focus on maximizing profits but also on minimizing risks. This is a crucial lesson for anyone looking to make sound financial decisions.
Shiller explores how technology can revolutionize the financial industry. He believes that technology can help us manage risks better and create a more stable financial system. If you're interested in the intersection of finance and technology, this book is a must-read.
One of the key ideas in the book is the concept of Macro Markets. Shiller suggests that these markets can help spread risks associated with income fluctuations across the globe. This is a fascinating concept that could reshape the way we think about global finance.
Shiller argues that financial innovation is crucial for managing risks and creating a more stable economy. He provides several examples of how new financial instruments can help us deal with economic uncertainties. If you're interested in financial innovation, you should definitely check out this book.
The book makes a compelling case for a new financial order. Shiller believes that by managing risks better and leveraging technology, we can create a more equitable and stable financial system. If you're curious about what the future of finance could look like, this book will give you plenty to think about.
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