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Review of The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It. By Robert J. Shiller

  • The Quarterly Journal of Austrian Economics
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Tags Booms and BustsGlobal EconomyBusiness Cycles

07/30/2014David HowdenPhilipp Bagus

Volume 12, No. 1 (2009)

 

It is with great trepidation and anticipation that we review Robert Shiller’s new book, The Subprime Solution. Trepidation as to the causes of the problem, which were expected to take a behavioral spin. Anticipation that, with gushing reviews from Austrian friendly writers such as Nassim Taleb, there would be a plethora of new insights into the current crisis. However, while the former proved to become reality, the latter was not to be. In fact, Shiller’s two central theses defy all conventional Austrian wisdom concerning the causes and cures of the current financial juncture.

Authors:

Contact David Howden

David Howden is Chair of the Department of Business and Economics and professor of economics at St. Louis University's Madrid Campus, and Academic Vice President of the Ludwig von Mises Institute of Canada.

Contact Philipp Bagus

Philipp Bagus is professor at Universidad Rey Juan Carlos. He is a Fellow of the Mises Institute, an IREF scholar, and the author of numerous books including In Defense of Deflation and The Tragedy of the Euro, and is coauthor of Blind Robbery!, Small States. Big Possibilities.: Small States Are Simply Better!, and Deep Freeze: Iceland's Economic Collapse.

Cite This Article

Howden, David. "Review of The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It by Robert J. Shiller." The Quarterly Journal of Austrian Economics 12, No. 1 (2009): 81–87.

 

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