Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.
Robert J. ShillerRead
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Interpretation
What this quote means
People affected by economic inequality often see government help as belittling rather than supportive.
In this quote, Robert J. Shiller articulates the sentiment among those experiencing the negative effects of rising economic inequality. He highlights that many individuals in this situation do not desire government intervention that appears as handouts or redistribution, as it may carry a stigma of failure and diminish their dignity. They prefer policies that promote fairness and opportunities rather than those that label them as dependent on the government.
Themes
InequalityGovernmentRedistributionDignityEconomic
In practice
Example use cases
Discussing economic policies at a community forum.
More from Robert J. Shiller
All quotes →That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
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Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
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If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme.
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I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately.
Robert J. ShillerRead
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