tag:blogger.com,1999:blog-2098432983500045934.post8139869594503529267..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: Robert Shiller fleshes out Expectations with Narrative Economics. Meanwhile ...The Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2098432983500045934.post-75011964177804566262018-02-01T09:04:39.368-05:002018-02-01T09:04:39.368-05:00Twice today -- first Antonio Fatas and then Reddit...<br />Twice today -- first <a href="http://antoniofatas.blogspot.com/2018/01/the-narrative-of-high-debt-and-powerful.html" rel="nofollow">Antonio Fatas</a> and then <a href="https://www.reddit.com/r/Economics/comments/7uczoo/economics_and_the_human_instinct_for_storytelling/" rel="nofollow">Reddit</a> I came upon Robert Shiller on "narratives" again"<br /><a href="http://review.chicagobooth.edu/economics/2017/article/economics-and-human-instinct-storytelling" rel="nofollow">Economics and the human instinct for storytelling</a><br />So I read the damn thing.<br /><br />Okay. Shiller tells a good tale to explain the depression of 1920-21. Does he have the right explanation? I don't know; he might. However, as a rule, it must be conditions that lead to expectations -- and conditions that lead to narratives, even when the narratives are wrong. The present-day narrative about the Federal debt as the cause of our economic troubles is a perfect example of the latter.<br /><br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com