“The award was for their work on the pricing of financial assets. Together they concluded that predicting the price of stocks and bonds in the short term is virtually impossible. But they showed it is possible to forecast the broad course of prices over longer periods, such as the three to five years.Shiller was among those who warned in the 1990s that the run-up in stock prices as part of the Internet stock bubble was the result of "irrational exuberance."Last decade, Shiller made similar warnings about the run-up in U.S. home prices. That proved to be correct when the housing bubble burst and plunged the nation into the worst economic downturn since the Great Depression.”
http://money.cnn.com/2013/10/14/news/economy/shiller-nobel-economics/index.html?iid=s_mpm
Our expectations and standards of economics and economists really has reached an all-time low when we hand out Nobel prizes for work on how to improve one’s gambles in the financial market and for predicting failures in our economic system.
While we still haven’t mastered basic resource management, whereby we ensure that everyone has got access to those resources which safeguard human subsistence – we rather place value and importance on the speculative side of economics which only cares about profit and unsubstantiated growth at the expense of issues of real importance, such as eradicating poverty and starvation.
We entertain ourselves with the fringe side of economics while we haven’t even got the basics in place. Resource inequality and living standards disparity are skyrocketing. We’ve never had this many people living in poverty and we’ve never had this much wealth and ‘know how’ in the world.
And still, even though we have everything in place to create a world where everyone lives a life of comfort and dignity, we’re not moving the puzzle pieces in place to bring a better world into being.
And still, even though we have everything in place to create a world where everyone lives a life of comfort and dignity, we’re not moving the puzzle pieces in place to bring a better world into being.
Economics as a discipline has failed us in every way. Economics should be disqualified as a field from receiving any form of recognition of praise until we have put into place the basics as a foundation where everyone is able to secure their life. This should be the primary focus of economics, and so long primary structures and logistics are not in place to support life on earth – we shouldn’t bother indulging ourselves in fictional economics pertaining gamble and speculation.
If we really want to do something worthwhile in the name of economics, we would start with providing a safety net such as a Living Income Guaranteed, which practically ensures that everyone is provided with the means to live their life, without being deprived of basic necessities and living in a survival state of being - the way life is supposed to be lived.
To find out more about the Living Income Guaranteed, visit:
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