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Finance and the Good Society
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Finance and the Good Society

Robert J. Shiller
Princeton UP, 2012

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Editorial Rating

7

Qualities

  • Innovative

Recommendation

What’s so good about finance and the financial sector? Plenty, according to noted economist Robert J. Shiller. Even though much of society is furious over the financial industry’s excesses and wrongdoings, Shiller’s voice rings out in a reasoned, yet passionate – though solitary – defense of the value finance brings to society. True, he says, rogues may crop up in the industry – but most of the sector boasts intelligent, honest, hardworking men and women who contribute to advancing society and the economy for the benefit of all, not just the wealthiest. While Shiller makes good points about the way finance usually contributes to society, his straightforward presentation tends to gloss over some egregious recent examples of corporate greed and mischief. Though he cites some examples of dubious behavior, he dubs investment bankers “keepers of the peace.” Well, maybe you wouldn’t go that far, but getAbstract suggests Shiller’s lucid exposition of financiers’ responsibilities to those who welcome a commonsense approach to the reforms needed to drive the global financial engine forward.

Take-Aways

  • Financial capitalism, “an economic system dominated by financial transactions as opposed to industry or trade,” plays an important role in furthering society’s goals.
  • Making financial products – pensions, insurance and mortgages – more democratic has improved life for millions.
  • Seeing the financial industry solely as an evil monolith discounts those who are responsible for shepherding civilization’s important financial goals:

About the Author

Yale economics professor Robert J. Shiller wrote the bestseller Irrational Exuberance and is the co-author of Animal Spirits.

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    X. Y. 1 decade ago
    Financial intermediaries play critical roles in our society since the beginning of time, no question about it; it's hard to argue against that view from a theoretical perspective. This book should have given more weights to the behavioral part of finance on which Shiller has leading expertise.