Monday, May 19, 2008
Feelings, not markets!
Read the whole thing. I'm with Yves, I'm amazed Shiller could even make this argument.
Shiller is an interesting guy. He makes very well-supported arguments about asset valuations and puts together very useful long-term data series, but he seems determined to clothe them in the weirdest demeanor, least compelling presentation style and, in this case, bizarre tangential arguments. He's very idealistic, and it tends to lend a sort of surreal air to his empirical analysis.
btw, I still think the key chart to IE is presented in misleading scale. It was compelling enough without the exaggeration.
Shiller is an interesting guy. He makes very well-supported arguments about asset valuations and puts together very useful long-term data series, but he seems determined to clothe them in the weirdest demeanor, least compelling presentation style and, in this case, bizarre tangential arguments. He's very idealistic, and it tends to lend a sort of surreal air to his empirical analysis.
btw, I still think the key chart to IE is presented in misleading scale. It was compelling enough without the exaggeration.
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