Robert Shiller gives a lecture on the topic of his more recent book Finance and the Good Society.
"Mr. Shiller argues convincingly that the good society requires an effective financial sector, and the way to extend the good life to more people is not to shrink the sector nor 'restrain financial innovation but instead to release it.' That does not mean that fraudsters and others who broke the law during the bubble years should go unpunished, of course, and Mr Shiller rightly calls for financial innovation to take place in a 'way that supports the stewardship of society's assets,' a philosophical underpinning that Wall Street's financial innovators seem to have been steadily forgetting since the 1980s.'
For those too cheap to buy, or too lazy too read the book.....here is the Shiller lecture.
"Mr. Shiller argues convincingly that the good society requires an effective financial sector, and the way to extend the good life to more people is not to shrink the sector nor 'restrain financial innovation but instead to release it.' That does not mean that fraudsters and others who broke the law during the bubble years should go unpunished, of course, and Mr Shiller rightly calls for financial innovation to take place in a 'way that supports the stewardship of society's assets,' a philosophical underpinning that Wall Street's financial innovators seem to have been steadily forgetting since the 1980s.'
For those too cheap to buy, or too lazy too read the book.....here is the Shiller lecture.
