Lean in with Shiller

Kiki He

I know it may sound a little bit dramatic or exaggerated, but I do feel Shiller’s sadness and loneness after reading the preface and the speech from his book. His sadness comes from the disappointment he has towards current financial professionals as well as financial institutions. He is lonely because he seems to be the only person who keeps putting individual efforts to influence the money-driven financial systems we have nowadays. I even have an imaginary picture in my mind - A tiny boat is floating on rough water and Shiller is standing on the boat, frowning with worries and uncertainties shown on his face.

Many people would describe Shiller as being overly optimistic. However, I personally do not think so. All he is doing is simply expressing his ideas of how finance people and organizations should do for the society. Some parts of his preface make me feel like he is almost begging those finance people to help the lower middle class people and to make the society a better place. I appreciate his braveness and persistence. He is absolutely an expert in Finance so he knows how hard his task is more than any other people do, but he still choose to write the book, to speak out and to give it a try.

Finance is always a hot topic here at Notre Dame. I still remember last year on Keenan Revue, people made fun of the socialization culture in business school. It is a stereotype but it is so true. Last semester I went to an information session held by Bank of America. I was totally overwhelmed by those business students around me. I was overwhelmed by those big tall boys and their loud voice. People were so active, trying their best to get the recruiters' attentions. I was interrupted several times and got so frustrated at the end of the event. As Shiller mentioned in his speech for college graduates, your dreams to work in Wall Street and to make tons of money are totally understandable and justified. However, that should not be your ultimate goal. What you can do is more than making money and becoming the wolf of  Wall Street, and your life is more than spending money on luxuries. Your life can be much more meaningful if you can do something for the society. 

Or we can say, your life can be much more meaningful if you are WILLING to do something for the society.
Even if your ability and influence are very limited, as long as you are putting efforts, Shiller will no longer be as lonely as he is now.

Comments

  1. jdoutFebruary 13, 2018 at 10:19 AM

    Thank you, Kiki. What I find most appalling about Shiller's book is its pragmatism and pessimism. He presents the mindset that breeds the pathology of ever-growing desire and greed as a "natural fact" that is, "the way things are." Why? Because that is what his research sources promote. Note his sources. They include the work of biologists, ethologists (who study ape behavior), and nihilists (Nietzsche is frequently quoted). This is partly why Shiller's weak spot is so glaring: he neglects to mention the potential that human beings have for self-control, community-building, and compassion for others. There is no heroism in wealth-accumulation; and he is wrong to promote it. Heroism exists and it lies elsewhere. Where are the good examples for young people to follow in this book? Moreover, Shiller should update the book, because certain of the regulations he mentions are now defunct or will be so soon. Just check out "Dodds-Frank Act" via Google and you will see what I mean. Shiller has reason to be even sadder today.

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