Robert Shiller

Robert Shiller, um dos três vencedores do Prémio Nobel de Economia, é famoso pela análise das bolhas especulativas. Avisou sobre a bolha da Internet no mercado de acções e, posteriormente, sobre a bolha imobiliária. "As maioria das pessoas que consideram os mercados ineficientes não são anti-mercado", afirmou Alex Tabarrok. "Shiller’s solution to market problems, however, is more markets! The housing market, for example, has traditionally had two problems. Since each house is unique there has been no market index of housing prices so that people couldn’t easily see bubbles and if they could see them on the ground there was no easy way to short the market (to try to profit from the bubble in a way that would moderate the bubble). Moreover, because there haven’t been good housing indexes a very large amount of each average person’s wealth has been tied up with an asset that can fluctuate substantially in price. Most house buyers, in other words, are putting all their eggs in one basket and crossing their fingers that the basket doesn’t go bust. In recent years, that has been a very unfortunate bet".