Replay: In conversation with Professor Robert Shiller
Nobel Prize winning economist Professor Robert Shiller talks Coronavirus, Artificial Intelligence and narrative economics.
- A lot of people mistrust models, but that’s the way we have to think about epidemics.
- Sometimes narratives go viral too.
- Covid-19 is a big surprise. But reaction in markets isn't necessarily rational. Fear and panic is driving markets.
- We have a lot of problems making long-term predictions. Economists are famously not good at it. Predicting narratives is like predicting the next hit movie.
- Were we to be in a recession by election day, history would suggest that Trump should lose.
- It is also not just the economy that matters. It's public discourse. Even the most ardent supporters must be getting the message about his mishandling of the coronavirus.