Robert J. Shiller

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

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.

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.

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

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.

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

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

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.