Robert Shiller thinks that economics are not an exact science.
Asset prices are driven by people, and humans have "ego involvement" in making decisions.
Shiller doesn't understand the mainstream view that people will always behave irrationally. He thinks people/investors are very irrational and this is why giant asset bubbles are created.
Of course, it is also why patient, value focused investors can outperform the market.
Today Shiller thinks there are property values in many parts of the world. He thinks up to 10 or 15 places in the world currently have property bubbles.
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