Robert J. Shiller

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Money management has been a profession involving a lot of fakery — people saying they can beat the market, and they really can't.

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The desperately poor may accept handouts, because they feel they have to. For those who consider themselves at least middle class, however, anything that smacks of a handout is not desired. Instead, they want their economic power back.

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Hesitation is often like procrastination. One may have vague doubts and feel a need to mull things over; meanwhile, other issues intrude on thought, and no decision is taken. Ask people why they procrastinate, and you probably won't get a crisp answer.

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That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.

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Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode — the aftereffects of which still linger — has led many to question whether the economics profession contributes anything significant to society.

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We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.

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The future is always coming up with surprises for us, and the best way to insulate yourself from these surprises is to diversify.

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Finance is not merely about making money. It's about achieving our deep goals and protecting the fruits of our labor. It's about stewardship and, therefore, about achieving the good society.

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