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Risk in the 21st Century
Princeton University Press
July 2004
On Sale: July 6, 2004
384 pages
ISBN: 0691120110
EAN: 9780691120119
Paperback
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Non-Fiction
In his best-selling Irrational Exuberance, Robert Shiller
cautioned that society's obsession with the stock market was
fueling the volatility that has since made a roller coaster
of the financial system. Less noted was Shiller's admonition
that our infatuation with the stock market distracts us from
more durable economic prospects. These lie in the hidden
potential of real assets, such as income from our
livelihoods and homes. But these ''ordinary riches,'' so
fundamental to our well-being, are increasingly exposed to
the pervasive risks of a rapidly changing global economy.
This compelling and important new book presents a fresh
vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern
information technology and advanced financial theory to
temper basic risks that have been ignored by risk management
institutions--risks to the value of our jobs and our homes,
to the vitality of our communities, and to the very
stability of national economies. Informed by a comprehensive
risk information database, this new financial order would
include global markets for trading risks and exploiting
myriad new financial opportunities, from inequality
insurance to intergenerational social security. Just as
developments in insuring risks to life, health, and
catastrophe have given us a quality of life unimaginable a
century ago, so Shiller's plan for securing crucial assets
promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a
powerful means to convert our ordinary riches into a level
of economic security, equity, and growth never before seen.
And once again, what Robert Shiller says should be read and
heeded by anyone with a stake in the economy.
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