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Robert Schiller: “In 100 years will remember with gratitude CRISIS ‘… wonder WHEN HUNGER IS SUCH BASTARDOS???

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(Title)  called him one of the 100 leading economists living on the planet. American Robert Schiller is a ‘guru’ of macroeconomic behavioral science that supports the
unseen hand pulling the strings of the world economy is human psychologia.Par all “up” only recently the general public and even Greek through oral Mr. Papandreou, when Prime Minister made reference to his views about the economy in order to explain the reluctance of foreign markets
against Greece A professor of Economics at Yale says flattered, discusses the fundamental role played by “brutish instincts” in the economy and makes a … giant historic leap. In 100 years from now, says Greeks of the 22nd century will remember the current crisis with gratitude.

«I believe that the Greek Government has done wisely to cooperate with the International Monetary Fund (IMF). This gives greater authority to strict measures had to be taken, but greater assurance that the government will be able to implement them. The prime function of the IMF is to be a positive force towards an “enlightened” financial policy “tells” Step “Dr. Schiller, fully support the decision of the Greek government to” bow “in the troika.

The forecasts are surprisingly positive. “The recent strike by truck owners is the latest sign that the fragile political balance remains in Greece, but I’m optimistic. I believe the crisis will mean both a positive turn for your country that a century from now the Greeks will remember with gratitude ‘estimates.

«What drives more than anything else the economy in one direction or the other is psychological. In modern makrooikonomiao why has never recognized the ultimate cause of fluctuations in the economy is because economists are usually looking only for logical or rational grounds and objective data, “adds Dr. Schiller, revealing the influence held by John Maynard Keynes. The British economist, was the first who had supported the theory that instincts guide people’s behavior and the economy.

Just this view is summarized in the perceptive book that has subscribed to the eminent economist, Nobel Laureate in Economics Professor of Princeton George Akerlof, entitled “Animal spirits, how human psychology drives the economy and why it is important for global capitalism” (published by Focus, 2009), which after his petition to Mr. Papandreou was temporarily “disappear” from the Greek bookstores.

According to 64chrono teacher variables such as confidence in the markets, the concept of law relating to wages and prices, corruption, our understanding of money and human stories that put forward by Press explain and fill the void left by the mathematical models used for assessing the state of world economy and anticipating crises. For Mr. Schiller “capitalist economies are fundamental instabilities and that is something that should never be underestimated. We must move with excessive zeal towards free markets. ” Propose a rule that looks like a strict but fair father and says that “the role of government is to find the right balance between exploiting the productive brutish instincts of capitalism and to hold when they become too wild».

THE VIEWS …

The trust and the mechanisms that mediate between it and make the economy the cornerstone of the theory of “brutish instincts».

Our desire for “fair prices and fair wages” may lead to wrong decisions affecting the financial interests us.

The awareness of corruption and drag us from this may contribute to depression . 4 Our failure to observe the effects of changes in inflation and confusing apsychologites behaviors. 4 Our personal feeling is influenced by what we hear. Stereotypes like “land prices will always rise” could have unforeseen consequences.

– Psychologically, what is the biggest danger on the road to recovery;

«The reaction all citizens in a crisis, whether or megaloependytes SMEs, fear, greed, lack of composure and pessimism from which we can conquer complicates the situation. These difficult path to recovery. Notably, however, the herd mentality is a fundamental reason for the loss of economic confidence, a key component of a thriving economy. The gregarious behavior can be either rational or irrational. I think the absurd that ormatai by emotions, is as important as the rationale for the state economy ».

Pinch TV
8-8-2010

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