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STAMFORD -- In 2000, when the mood was heady and the so-calledwisdom of the stock market was trusted implicitly, even by seasonedeconomists, Robert J. Shiller , Ph.D, published a book called "Irrational Exuberance," whichexamined financial bubbles and coined a catchphrase. Shiller, co-developer of Case Shiller Home Price Indices, New York Times columnist and professor of economics at Yale University , has since predicted the subsequent sub-prime mortgage crisis, andpenned several more books on finance. The latest, "Finance and the Good Society " was published in April 2012 and outlines ideas about the value offinancial institutions in society, points that Shiller will includein his June 21 presentation to the Connecticut chapter of the American Association of Individual Investors. Shiller argues that financial institutions have been evolving andstrengthening the economy, despite the poor view society has takenof them following the crisis in 2008 and the rise of the Occupy Wall Street movement. "I present a favorable view," Shiller said. "I think we have toimprove the situation, but I'm not in an angry mode so much. Weshouldn't equate finance with nastiness as some people seem to do.Stories that depict bad behavior among financiers sell very well.What I try and tell my students is that there are important reasonsthat we have financial capitalism." Walter Dolde , a finance professor at UConn Stamford who is familiar withShiller's ideas, said he agrees to a certain extent. "He's right in that you can't have the kind of modern, high-incomeeconomy without complex financial institutions," Dolde said. "Butwe need financial regulation, more than we've had." One of the salient points Shiller makes in his book is the need toemphasize philanthropy rather than greed, to encourage the legacyof the Rockefeller Foundation , Andrew Carnegie and, more recently, Warren Buffett and Bill Gates . "Financial capitalism works best if people who make money also giveit away," Shiller said. "They're massive philanthropists and thisis the sort of thing that can happen in financial capitalism. Theseare not that common, these people. There's some tendency for peoplewho make a lot of money to regard it selfishly. But I thinkfinancial capitalism makes most sense when people do things likethat." Robert Shiller will speak at CTAAII's meeting beginning at 6 p.m.,June 21 at the Water's Edge at Giovanni's II, 2748 Post Road,Stamford. For information, call 203-245-1211. The e-commerce company in China offers quality products such as Stainless Steel Flat Bars Manufacturer , Surface Finishing Stainless Steel, and more. For more , please visit Stainless Steel Sheets today!
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