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December 24, 2024
 

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Robert J. Shiller
COMMENTARY / World
Sep 29, 2013
Best, brightest and least productive?
Financial traders and speculators help to allocate society's resources to the most promising businesses. But these people's activities also impose costs on the rest of us.
COMMENTARY / World
Jun 6, 2013
The link between austerity and demoralization
High unemployment in Europe, the U.S. and elsewhere is also tragic because of the emotional cost to the jobless of not being part of working society.
COMMENTARY / World
Aug 2, 2012
Speculative bubbles without financial markets
A speculative bubble is a social epidemic whose contagion is mediated by price movements.
COMMENTARY / World
Mar 29, 2012
EU can live on without the euro
Great significance — probably too much — has been attached to a possible breakup of the eurozone. Many believe that such a breakup — if, say, Greece abandoned the euro and reintroduced the drachma — would constitute a political failure that would ultimately threaten Europe's stability. Speaking...
COMMENTARY / World
Jan 25, 2012
Does austerity promote economic growth?
In his classic "Fable of the Bees: or, Private Vices," Publick Benefits (1724), Bernard Mandeville, the Dutch-born British philosopher and satirist, described — in verse — a prosperous society (of bees) that suddenly chose to make a virtue of austerity, dropping all excess expenditure and extravagant...
COMMENTARY / World
Jul 25, 2011
Toadies to the debt-to-GDP ratio
Economists like to talk about thresholds that, if crossed, spell trouble. Usually there is an element of truth in what they say, but the public often overreacts to such talk.
COMMENTARY / World
Jan 26, 2011
Economics for the people
NEW HAVEN, Conn. — We are in the midst of a boom in popular economics: books, articles, blogs, public lectures, all followed closely by the general public.
COMMENTARY / World
Sep 29, 2010
Seven more years of hard economic times?
NEW HAVEN, Conn. — Much of the talk emerging from the August 2010 Jackson Hole Economic Symposium, attended by many of the world's central bankers and economists, has been about a paper presented there that gave a dire long-run assessment of the future of the world's economies.
COMMENTARY / World
Jul 28, 2010
Safeguarding financial stability
NEW HAVEN, Conn. — Central bankers around the world failed to see the current financial crisis coming before its beginnings in 2007. Martin Cihak of the International Monetary Fund reported in July 2007 that, of 47 central banks found to publish financial stability reports (FSRs), "virtually all" gave...
COMMENTARY / World
Nov 18, 2009
Ghost in the recovery machine
NEW HAVEN, Conn. — The International Monetary Fund's October World Economic Outlook proclaimed that "Strong public policies have fostered a rebound of industrial production, world trade, and retail sales." The IMF, along with many national leaders, seem ready to give full credit to these policies for...
COMMENTARY / World
Sep 18, 2009
Economists banked too much on rationality
NEW HAVEN, Conn. — The widespread failure of economists to forecast the financial crisis that erupted in 2008 has much to do with faulty models, which meant that economic policymakers and central bankers got no warning of what was to come.
COMMENTARY / World
May 17, 2009
A story line to push the economy
NEW HAVEN, Conn. — Since hitting bottom in early March, the world's major stock markets have all risen dramatically. Some, notably in China and Brazil, reached lows last fall and again in March, before rebounding sharply, with Brazil's Bovespa up 75 percent in May compared to late October 2008, and...
COMMENTARY / World
Nov 18, 2008
Coaxing a turnabout in our 'animal spirits'
NEW HAVEN, Conn. — The world's fundamental economic problem today is a staggering loss of business confidence. Commercial banks, investment banks and hedge funds all owe their ongoing trouble to its decline, which in turn is jeopardizing the plans of companies and entrepreneurs to launch enterprises...
COMMENTARY / World
Sep 15, 2008
Bailout raises moral issues
NEW HAVEN, Conn. — The United States government's takeover of mortgage giants Fannie Mae and Freddie Mac constitutes a huge bailout of these institutions' creditors, whose losses have ballooned as house prices continue to plummet. With the government now fully guaranteeing Fannie's and Freddie's debts,...
COMMENTARY / World
Jul 25, 2008
Do images of scarcity drive prices higher?
NEW HAVEN, Conn. — Could the television image of the Greenland ice cap crumbling into the ocean because of global warming — indirectly and psychologically — be partly responsible for high oil and other commodity prices? The usual explanation of today's scarcity and high prices focuses on explosive...
COMMENTARY / World
Jan 23, 2008
Build that nest egg with government help
NEW HAVEN, Conn. — People are fascinated by wealth. They enjoy watching the wealthy, savoring the thought of their fine homes, luxurious vacations, fancy cars, and gourmet dining. But if you infer from this that people spend a lot of time planning the lifetime accumulation of their own wealth, you...
COMMENTARY / World
Sep 20, 2007
Worldwide bubble trouble
NEW HAVEN, Connecticut — The future of the housing boom, and the possible financial repercussions of a substantial price decline in coming years, are a matter of mounting concern among governments around the world.
COMMENTARY / World
Aug 19, 2007
Something's up as 'buy' confidence slips
NEW HAVEN, Connecticut — The sharp drop in the world's stock markets on Aug. 9 — after BNP Paribas announced that it would freeze three of its funds — is just one more example of the markets' recent downward instability or asymmetry. The markets have been more vulnerable to sudden large drops than...
COMMENTARY / World
Jul 20, 2007
That hazy, crazy bubbly feel of liquidity
NEW HAVEN, Connecticut — We increasingly hear that "the world is awash with liquidity," and that this justifies expecting asset prices to continue rising. But what does such liquidity mean, and is there really reason to expect that it will sustain further increases in stock and real estate prices?...
COMMENTARY / World
Apr 24, 2007
The taming of 'speculative capitalism'
NEW HAVEN, Conn. -- Nicolas Sarkozy, the leading contender in the French presidential election, recently lashed out against what he called "speculative capitalism," and says he wants to "moralize the financial zone" created by the euro. What does Sarkozy mean by "speculative capitalism?" Something immoral,...
Bankruptcies and suicides rise as Japanese struggle with mounting debt
Lawyers estimate that personal bankruptcies in Japan are on track to reach the highest since 2012 this year.
Japan accuses Google of violating antimonopoly law
The Japanese antitrust watchdog said that Google forced smartphone makers to preinstall its search app on their devices, sources say.
Okinawa people stage rally against sexual assaults by U.S. servicemen
Sorane Sakihama, a 22-year-old college student, speaks at a rally in the city of Okinawa on Sunday protesting against sexual assaults by U.S. soldiers.
Zelenskyy to replace Ukraine ambassador to Japan
Ukrainian Ambassador to Japan Sergiy Korsunsky delivers a speech during a handover ceremony of Self-Defense Force vehicles to Ukraine, at the Defense Ministry in Tokyo, in May last year.
Is Japan finally ready to tap its abundant geothermal energy potential?
Steam rises from a geothermal plan in Yuzawa, Akita Prefecture. Despite its long history and potential, geothermal provided just 0.3% of Japan's overall energy mix in the fiscal year from April 2023
A brief history of ‘osechi ryōri,' Japan's edible tradition for the new year
Japan's traditional New Year cuisine has a long history, though modern developments have led to slight changes in the way things work.
Casual workouts, cool living, ‘complete’ food: Japan’s health trends of 2024
In 2024, efficiency trumped effort among Japan's fitness-focused aspirants.
Is Japan finally ready to tap its abundant geothermal energy potential?
Steam rises from a geothermal plan in Yuzawa, Akita Prefecture. Despite its long history and potential, geothermal provided just 0.3% of Japan's overall energy mix in the fiscal year from April 2023
Japanese officials inspect Yokota Air Base over PFAS concerns
The Yokota Air Base in western Tokyo in September 2019. An inspection of the base by Japanese government officials on Friday came amid public pressure to investigate suspected links between the use of PFAS-containing firefighting foam by the U.S. base and contamination of soil and groundwater in western Tokyo.
North Korea aiding Russia where it needs it most, Canadian general says
North Korean special forces soldiers march and shout slogans during a military parade marking the 105th birth anniversary of the country's founding father, Kim Il Sung, in Pyongyang in April 2017.

Podcast

One of the many entrances to the Kabukicho neighborhood in Tokyo’s Shinjuku Ward.
Kabukicho: Tokyo’s ‘stadium of desire’

Longform

Visitors to Kyoto walk along a street near Kiyomizu Temple in April. A popular tourist spot, Kyoto has seen what locals feel to be an overwhelming amount of tourists in 2024.
Is Japan ready for 60 million tourists?
By Kathryn Wortley

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