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Narrative Economics
Report

Narrative Economics

Robert J. Shiller
Yale UP, 2017
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Editorial Rating

9

Qualities

  • Analytical
  • Innovative
  • Overview

Recommendation

The field of economics lags considerably behind other social sciences, such as history, anthropology and sociology, in understanding the ways narratives affect human thoughts and actions. Noted economist Robert J. Shiller explains the large-scale ramifications and detailed nuances of “narrative economics,” and how stories about an economic event – perhaps tales of the Great Depression or accounts of asset bubbles – may contribute to financial disruption. getAbstract recommends his erudite report to economists and historians interested in a sweeping discussion of the arc of narrative and its impact on economies. 

Take-Aways

  • The discipline of “narrative economics” provides an approach by which economists can understand how human stories affect economies. 
  • Due to the “affect heuristic,” individuals who are feeling anxious or fearful tend to extrapolate that emotion to other situations, such as their financial assessments. 
  • Narratives spread through an economic system via person-to-person contact, just as disease travels throughout a population. The Internet and social media often amplify these storylines.

About the Author

Nobel laureate Robert J. Shiller is a professor of economics and finance at Yale University.

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