Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Shiller hammered away on this point in the ‘80s, and in fact Fama also published some of the same observations. It feels like it’s got a little bit of Kahneman and Tversky in it. Instead what he says is let’s have financial innovation that is actually helpful. They tend to be followed by declining prices.
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