Irrational prosperity

Author: Robert J. Shiller (USA), translated by Liao Li et al.
Publisher:
Publish Date: 2001-04-01
Features: Greenspan has been working hard to make the stock market move according to his wishes. If someone thinks it's easy, they should read Professor Shiller's Irrational Exuberance. In this book, Shiller not only argues that the current stock market is a speculative bubble but also points out that investors' herd mentality is so strong that it is difficult to control and influence. Significant deviations in market pricing can persist for years or even decades. This book presents a comprehensive study of the unprecedented prosperity of the current stock market, based on numerous published research reports and historical facts. Although the book is based on the current market situation, it treats this situation merely as part of the broader phenomenon of stock market prosperity. At the same time, the book offers specific policy recommendations for addressing these prosperity phenomena. From the title of Shiller's book, you can guess the content it refers to. He powerfully argues that the recent surge in the stock market is merely a large-scale Ponzi scheme in progress, destined to end in tragedy.