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Narrative Economics: How Stories Go Viral and Drive Major Economic Events
by
From Nobel Prize-winning economist and New York Times bestselling author Robert Shiller, a new way to think about how popular stories help drive economic events
In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize-winning economist and N ...more
In a world in which internet troll farms attempt to influence foreign elections, can we afford to ignore the power of viral stories to affect economies? In this groundbreaking book, Nobel Prize-winning economist and N ...more
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Hardcover, 400 pages
Published
October 1st 2019
by Princeton University Press
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Start your review of Narrative Economics: How Stories Go Viral and Drive Major Economic Events
The author claims there is a need on economic theory to understand not only metrics, but narratives that create reality and affect economic decisions. I think this is the only point where we agree.
The first red flag for me is lack of references for Dawkins’ Memetics, nor Network and Web Science literature. Yes, epidemiology has been working on this for a long time, but there are at many other disciplines that have made important contributions to similar problems. The dismissal of tho ...more
The first red flag for me is lack of references for Dawkins’ Memetics, nor Network and Web Science literature. Yes, epidemiology has been working on this for a long time, but there are at many other disciplines that have made important contributions to similar problems. The dismissal of tho ...more
Sep 16, 2019
Owlseyes inside Notre Dame, it's so strange a 15-hour blaze and...30-minutes wait to call the firemen...and
marked it as to-read
Shelves:
economy-stories-gone-viral
"I don’t know how he takes bad news; I think he denies it, he claims it’s a lie. I don’t know what he’ll do if the stock market were to crash now. What could he do? He would blame the Federal Reserve, that’s for sure.”
https://www.fnlondon.com/articles/rob...
https://news.yahoo.com/economist-robe...
https://www.fnlondon.com/articles/rob...
https://news.yahoo.com/economist-robe...
Good if you haven't already read Shiller's many other books, such as Irrational Exuberance, where this information is already covered. Needs to take the next step and ground this hypothesis in some empirical testing. But as someone who has studied BOTH linguistics AND economics in grad school, I find the premise intriguing and well worth further research.
Falls short of expectations considering all the hype it received before it was released.
It is good, but its is behind Irrational Exuberance and probably on par with Animal Spirits
It is good, but its is behind Irrational Exuberance and probably on par with Animal Spirits
The author invites us to look at major US economic events from the past two centuries not just as a simple mix of economic policies and indicators, but also in the light of prevailing economic narratives that spread virally throughout the population. The author establishes a link between the spread of economic narratives and epidemiology – the science of how diseases spread –, and a significant part of the book is dedicated to the historical analysis of the spread and various mutations of popula
...more
An exploration of how common narratives relate to economic events and trends.
The book reviews narratives that coincided with economic upturns, downturns, wars, and hyperinflation. Several of the insights are quite interesting and show some of the differences between what we hear after the fact and what people were thinking at the time. As logical as these insights are they tend to be a little anticlimactic.
The book is intended to promote the idea of further study into connections bet ...more
The book reviews narratives that coincided with economic upturns, downturns, wars, and hyperinflation. Several of the insights are quite interesting and show some of the differences between what we hear after the fact and what people were thinking at the time. As logical as these insights are they tend to be a little anticlimactic.
The book is intended to promote the idea of further study into connections bet ...more
This book is an important addition to the literature of behavorial economics.
We all remember our parents telling us, "that may have not been what you intended, but ultimately, 'perception becomes reality'". The seeds of a story (impression, interpretation, speculation, etc.) can metastasize into Shiller's "narratives" and influence or even drive macroeconomic events. Likening the spread of economic narratives to medical contagion, Dr. Shiller helps us understand better their transmission, recov ...more
We all remember our parents telling us, "that may have not been what you intended, but ultimately, 'perception becomes reality'". The seeds of a story (impression, interpretation, speculation, etc.) can metastasize into Shiller's "narratives" and influence or even drive macroeconomic events. Likening the spread of economic narratives to medical contagion, Dr. Shiller helps us understand better their transmission, recov ...more
The concept of narratives driving the market is great (though I was thinking this way prior to reading this book so I am biased). On the other hand, the book didn't point out how to tell which narratives will spread/be important. For example, while it talked extensively about bitcoin it didn't cover how to tell whether talk about other crypto-currencies will take off leading to a new narrative and lower bitcoin prices
What to say. If it wasn’t for Robert Shiller, we wouldn’t understand why the world works the way it does.
Fun, fascinating and very interesting. Expands economics in a very fruitful, but also destabilizing way, which is not a bad thing.
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“We need to incorporate the contagion of narratives into economic theory. Otherwise, we remain blind to a very real, very palpable, very important mechanism for economic change, as well as a crucial element for economic forecasting. If we do not understand the epidemics of popular narratives, we do not fully understand changes in the economy and in economic behavior.”
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