Finance and the Good Society

Finance and the Good Society

4.0 1
by Robert J. Shiller
     
 

"Finance and the Good Society is a provocative call for understanding, then reinventing finance as a force that could create inclusive prosperity. Shiller acknowledges the excesses, inequalities, and unfortunate incentives to sleaziness in the current financial system but says it doesn't have to be that way. An important book for those who seek change."—

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Overview

"Finance and the Good Society is a provocative call for understanding, then reinventing finance as a force that could create inclusive prosperity. Shiller acknowledges the excesses, inequalities, and unfortunate incentives to sleaziness in the current financial system but says it doesn't have to be that way. An important book for those who seek change."—Rosabeth Moss Kanter, Harvard Business School Professor and author of SuperCorp: How Vanguard Companies Create Innovation, Profit, Growth, and Social Good

"Drawing from history, economic theory, and keen observation of our economy, Robert Shiller brings a fresh perspective to a big issue—the role of finance in our society. He urges us to overcome the popular misperception that all finance is sleazy and to think broadly about how we can harness its power for the benefit of society as a whole."—Darrell Duffie, Graduate School of Business, Stanford University

"Many MBA students are fascinated by the world of finance but wary of entering it because they perceive it as declining and marred by unethical behavior. This book will show them why finance is and should be a vital part of the good society's solution, rather than its problem. No other book does this with more authority or credibility."—Shlomo Maital, professor emeritus, Technion-Israel Institute of Technology

"This is an overflowing feast of ideas and facts—from Adam Smith to neuroscience to casino design—that will convince intelligent readers who think of finance as an arcane subject that it is not just interesting but even entertaining."—Robert Wade, London School of Economics and Political Science

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Product Details

ISBN-13:
9780691154886
Publisher:
Princeton University Press
Publication date:
03/20/2012
Pages:
304
Sales rank:
743,379
Product dimensions:
6.40(w) x 9.30(h) x 1.20(d)

Table of Contents

Preface vii

Introduction: Finance, Stewardship, and Our Goals 1

Part One: Roles and Responsibilities

1. Chief Executive Offi cers 19

2. Investment Managers 27

3. Bankers 37

4. Investment Bankers 45

5. Mortgage Lenders and Securitizers 50

6. Traders and Market Makers 57

7. Insurers 64

8. Market Designers and Financial Engineers 69

9. Derivatives Providers 75

10. Lawyers and Financial Advisers 81

11. Lobbyists 87

12. Regulators 94

13. Accountants and Auditors 100

14. Educators 103

15. Public Goods Financiers 107

16. Policy Makers in Charge of Stabilizing the Economy 111

17. Trustees and Nonprofi t Managers 119

18. Philanthropists 124

Part Two: Finance and Its Discontents

19. Finance, Mathematics, and Beauty 131

20. Categorizing People: Financiers versus Artists and Other Idealists 135

21. An Impulse for Risk Taking 139

22. An Impulse for Conventionality and Familiarity 143

23. Debt and Leverage 151

24. Some Unfortunate Incentives to Sleaziness Inherent in Finance 159

25. The Signifi cance of Financial Speculation 168

26. Speculative Bubbles and Their Costs to Society 178

27. Inequality and Injustice 187

28. Problems with Philanthropy 197

29. The Dispersal of Ownership of Capital 209

30. The Great Illusion, Then and Now 219

Epilogue: Finance, Power, and Human Values 231

Notes 241

References 257

Index 273

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