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Currency
May 2006
On Sale: May 9, 2006
336 pages
ISBN: 0767923634
EAN: 9780767923637
Trade Size (reprint)
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Non-Fiction
In this timely and prescient update of his celebrated 2000
bestseller, Robert Shiller returns to the topic that gained
him international fame: market volatility. Having predicted
the stock market collapse that began just one month after
the first edition was published, he now expands the book to
cover other markets that have become volatile, particularly
the recently red-hot housing market. He includes a full
chapter on domestic and international housing prices in
historical perspective. Shiller amasses impressive evidence to support his argument
that the recent housing market boom bears many similarities
to the stock market bubble of the late 1990s, and may
eventually be followed by declining home prices for years to
come. After stocks plummeted when the bubble burst in 2000,
investors moved their money into housing. This precipitated
the inflated real estate prices not only in America but
around the world, Shiller maintains. Hence, irrational
exuberance did not disappear—it merely reappeared in other
settings. Building on the original edition, Shiller draws out the
psychological origins of volatility in financial markets,
this time folding real estate into his analysis. He broadens
the evidence that investing in capital markets of all kinds
in the modern free-market economy is inherently
unstable—subject to the profoundly human influences captured
in Alan Greenspan’s now-famous phrase, “irrational
exuberance.” As was true of its predecessor, the second
edition of Irrational Exuberance is destined to be widely
read, discussed, and debated.
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