Irrational Exuberance
Categories: Business & Money
Yale economist Robert J. Shiller argues that stock and housing markets are often driven by psychology rather than by economic fundamentals. First published just before the dot-com crash, the book explains how news, cultural factors, herd behavior and investors' overconfidence create speculative bubbles. This edition extends the analysis to the housing market, warning of the dangers of irrational exuberance for investors and for the wider economy.
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- Shane Parrish: “A cult-classic at the time it was written.”